Maine Revised Statutes Title 9-B Sec. 817 – Community development credit unions
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1. Designation. A credit union may apply to the superintendent in writing for designation as a community development credit union for the purposes of promoting economic revitalization and community development by providing financial services primarily to low-income individuals.
[PL 1997, c. 108, §6 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 817
- Community development credit union: means a credit union, as defined in subsection 12, of which a majority of the field of membership meets the definition of low-income in subsection 24?A. See Maine Revised Statutes Title 9-B Sec. 131
- Credit union: means a cooperative, nonprofit corporation organized pursuant to Part 8, or under corresponding provisions of any earlier law, and subject to the conditions and limitations as shall be set forth in Part 8. 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
- Low-income: means earning less than 80% of the average income for all wage earners as established by the United States Department of Labor, Bureau of Labor Statistics or having an annual household income that falls at or below 80% of the median household income for the nation as established by the United States Department of Commerce, Bureau of the Census or as otherwise defined by order of the superintendent. See Maine Revised Statutes Title 9-B Sec. 131
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Shares and deposit accounts of nonmembers. A community development credit union may accept payments representing shares from nonmembers if the shares are of a type approved by the National Credit Union Administration and deposit accounts from nonmembers if the deposit accounts are of a type approved by the superintendent; however, nonmember shares and deposit accounts may not exceed the greater of $1,500,000 or 20% of total shares without the prior approval of the superintendent.
[PL 1997, c. 108, §6 (NEW).]
3. Assistance from Community Development Credit Union Revolving Loan Fund. Upon prior notice to the superintendent, a community development credit union may apply for and receive assistance from the Community Development Credit Union Revolving Loan Fund administered by the National Credit Union Administration. Assistance from the fund may take the form of:
A. Financial assistance through equity investments, credit union shares, loans or grants; or [PL 1997, c. 108, §6 (NEW).]
B. Technical assistance directly or through grants. [PL 1997, c. 108, §6 (NEW).]
[PL 1997, c. 108, §6 (NEW).]
4. Application of other provisions. Except as otherwise provided in this section, a community development credit union is subject to the provisions of this Title and all rules issued under this Title that are applicable to credit unions.
[PL 1997, c. 108, §6 (NEW).]
5. Removal of community development credit union designation. If a majority of a community development credit union’s field of membership no longer meets the definition of low-income set forth in section 131, subsection 24?A, the community development credit union designation is removed. The superintendent shall notify a community development credit union when the community development credit union designation is removed.
[PL 1997, c. 108, §6 (NEW).]
SECTION HISTORY
PL 1997, c. 108, §6 (NEW).