Maine Revised Statutes Title 9-B Sec. 213 – Prohibited relationships with supervised institutions
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1. Stockholder; payment from.
A. Neither the superintendent nor any employee of the bureau shall, during his term of office or while employed by the bureau, be an officer, director, corporator, employee, attorney or stockholder in any financial institution or financial institution holding company subject to supervision or regulation by the bureau. [PL 1975, c. 500, §1 (NEW).]
B. The superintendent and employees of the bureau shall not, during their terms of office, receive directly or indirectly any payment or gratuity from any financial institution subject to supervision or regulation by the bureau. The prohibitions contained in this paragraph shall not be construed as prohibiting such person from being a depositor or member in any such financial institution on the same terms as are available to the public generally. [PL 1975, c. 500, §1 (NEW).]
[PL 1975, c. 500, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 213
- Bureau: means the Bureau of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
- Commissioner: means the Commissioner of the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 9-B Sec. 131
- Director: means a member of the governing body of a financial institution. 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
- Financial institution holding company: means any company which is deemed to be a holding company pursuant to the provisions contained in chapter 101. See Maine Revised Statutes Title 9-B Sec. 131
- His: as used in this Title , means "his or her;" while "he" means "he or she. See Maine Revised Statutes Title 9-B Sec. 131
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- Officer: means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. See Maine Revised Statutes Title 9-B Sec. 131
- Person: means an individual, corporation, partnership, joint venture, trust, estate or unincorporated association. See Maine Revised Statutes Title 9-B Sec. 131
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Loans from supervised institutions.
A. If the superintendent, a deputy superintendent, examiner or other professional personnel of the bureau or such person’s spouse or such person’s son or daughter residing at such person’s home obtains a loan from any financial institution subject to supervision or regulation by the bureau, the fact of such loan, together with the terms and conditions thereof, must be disclosed immediately to the superintendent in writing by the person obtaining the loan and by the institution making such loan. If the superintendent is the borrower, such written disclosure must be made to the commissioner. [PL 2017, c. 288, Pt. A, §13 (AMD).]
B. A record of any indebtedness described in paragraph A shall be kept on file in the bureau so long as such indebtedness is outstanding. [PL 1975, c. 500, §1 (NEW).]
C. The superintendent, or the commissioner if the superintendent is the borrower, may make an investigation of such loan to insure that its terms, conditions and amount are reasonable and proper under the circumstances, and that no preferential treatment has been given in the process of granting such loan. [PL 1975, c. 500, §1 (NEW).]
[PL 2017, c. 288, Pt. A, §13 (AMD).]
3. Additional limitations. The provisions of this section shall be in addition to the limitations of Title 5, section 18.
[PL 1979, c. 734, §7 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 666, §5 (AMD). PL 1979, c. 663, §30 (AMD). PL 1979, c. 734, §7 (AMD). PL 2017, c. 288, Pt. A, §13 (AMD).