Maine Revised Statutes Title 9-B Sec. 422 – Insurance of deposits or accounts
Current as of: 2023 | Check for updates
|
Other versions
1. Requirement. A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC.
[PL 1997, c. 398, Pt. I, §13 (AMD).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 422
- Branch: means any office of a financial institution, including a credit union, where the business of banking is conducted other than the institution's main office. See Maine Revised Statutes Title 9-B Sec. 131
- 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
- Out-of-state: means a foreign country or a state other than this State. See Maine Revised Statutes Title 9-B Sec. 131
- Out-of-state financial institution: means a financial institution organized under provisions of law of a foreign country or a state other than this State that maintains, or seeks to establish and maintain, a branch in this State. 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. Transition period.
[PL 1981, c. 155, §1 (RP).]
3. Failure to obtain insurance.
[PL 1981, c. 155, §1 (RP).]
4. Applicable law. A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities under the provisions of this Title of the superintendent or of the financial institution so insured.
[PL 1997, c. 398, Pt. I, §13 (AMD).]
5. Exception. A financial institution organized pursuant to Part 12 is not required to have its deposits or accounts insured by the FDIC.
[PL 1997, c. 398, Pt. I, §13 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW). PL 1975, c. 670 (AMD). PL 1977, c. 621 (AMD). PL 1981, c. 155, §1 (AMD). PL 1995, c. 628, §22 (AMD). PL 1997, c. 398, §I13 (AMD).