Maine Revised Statutes Title 9-B Sec. 1319 – Record keeping and reporting
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1. General. A Maine branch, Maine agency or Maine representative office shall comply with applicable record-keeping and reporting requirements that apply to financial institutions organized under this Title and with any additional requirements that may be prescribed by the superintendent. A Maine branch, Maine agency, Maine representative office and the parent foreign bank shall furnish information relating to the affairs of the parent foreign bank and its affiliates that the superintendent may from time to time request. The superintendent may modify record-keeping and reporting requirements if the superintendent determines that circumstances warrant a modification.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 1319
- Agency: means any office or any place of business of a foreign bank located in any state of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent, but at which deposits may not be accepted from persons who are citizens or residents of the United States. See Maine Revised Statutes Title 9-B Sec. 1311
- Branch: means any office or any place of business of a foreign bank located in any state of the United States at which deposits are received. See Maine Revised Statutes Title 9-B Sec. 1311
- capital: means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves; [PL 1997, c. See Maine Revised Statutes Title 9-B Sec. 131
- Maine agency: means an agency of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
- Maine branch: means a branch of a foreign bank located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
- Maine representative office: means a representative office located in this State and established and operating pursuant to the provisions of this chapter. See Maine Revised Statutes Title 9-B Sec. 1311
- Representative office: means any office of a foreign bank that is located in any state and is not a federal branch, federal agency, state branch, state agency or subsidiary of a foreign bank. See Maine Revised Statutes Title 9-B Sec. 1311
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Reports filed with other agencies. The reporting requirements imposed by this section may be complied with by submitting to the superintendent copies of reports prepared for federal regulatory agencies by the institution, which contain the information requested, unless the superintendent requires otherwise.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
3. Maintenance of accounts, books and records. A Maine branch, Maine agency or Maine representative office shall maintain a set of accounts and records reflecting its transactions that are separate from those of the foreign bank and any other branch, agency or representative office. The Maine branch, Maine agency or Maine representative office shall keep a set of accounts and records in English sufficient to permit the superintendent to examine the condition of the branch, agency or representative office and the branch’s, agency’s or representative office’s compliance with applicable laws and rules. The Maine branch, Maine agency or Maine representative office shall promptly provide any additional records requested by the superintendent for examination or supervisory purposes.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
4. More than one Maine branch or Maine agency. A foreign bank with more than one Maine branch or Maine agency shall designate one of those branches or agencies to maintain consolidated asset, liability and capital equivalency accounts for all Maine branches or Maine agencies.
[PL 1997, c. 182, Pt. B, §3 (NEW).]
SECTION HISTORY
PL 1997, c. 182, §B3 (NEW).