Maine Revised Statutes Title 9-B Sec. 1231 – General authority and purpose
Current as of: 2023 | Check for updates
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Terms Used In Maine Revised Statutes Title 9-B Sec. 1231
- deposits: includes credit union share accounts. See Maine Revised Statutes Title 9-B Sec. 131
- FDIC: means the Federal Deposit Insurance Corporation or its successors. See Maine Revised Statutes Title 9-B Sec. 131
- Financial institution: means a universal bank or limited purpose bank organized under the provisions of this Title, and a trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State. See Maine Revised Statutes Title 9-B Sec. 131
- Nondepository trust company: means any financial institution organized under chapter 121 with powers generally limited to trust or fiduciary matters. See Maine Revised Statutes Title 9-B Sec. 131
A financial institution engaged in the business of banking that does not accept retail deposits and for which insurance of deposits by the FDIC is not required may be organized pursuant to chapter 31. Unless otherwise indicated in this chapter, an uninsured bank has all the powers, rights, duties and obligations as a financial institution under this Title. An uninsured bank is not a nondepository trust company or a merchant bank. [PL 2023, c. 30, §7 (AMD).]
SECTION HISTORY
PL 1997, c. 398, §J2 (NEW). PL 2023, c. 30, §7 (AMD).