Maine Revised Statutes Title 9-B Sec. 917 – Superintendent’s authority
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1. Supervision and examination. An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2.
[PL 1975, c. 500, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-B Sec. 917
- Industrial bank: means a company organized under chapter 91 or having the powers possessed by companies so organized. See Maine Revised Statutes Title 9-B Sec. 131
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Superintendent: means the Superintendent of Financial Institutions. See Maine Revised Statutes Title 9-B Sec. 131
2. Interest rate ceilings. The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid by an industrial bank on certificates of investment and other deposit accounts offered by such company. Regulations promulgated by the superintendent establishing such ceilings shall seek to maintain competitive equality among all financial institutions in this State.
[PL 1975, c. 500, §1 (NEW).]
SECTION HISTORY
PL 1975, c. 500, §1 (NEW).