CHAPTER 207
S.P. 49 - L.D. 159
Emergency preamble. Whereas, Acts of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, while Maine law encourages parity between state and federally chartered financial institutions, it is unclear whether current parity provisions would permit state-chartered financial institutions the same powers as are accorded federally chartered financial institutions; and
Whereas, the majority of Maine's banking assets are in state-chartered financial institutions, and it is essential to the economy of Maine that state-chartered financial institutions have the same powers and abilities as federally chartered financial institutions; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §416, as enacted by PL 1975, c. 500, §1, is amended to read:
§416. Powers of federally chartered institutions
To the extent authorized by the superintendent pursuant to regulations Notwithstanding any other provisions of law, a financial institution shall have has the power to engage in any activity which that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government may hereafter be authorized to engage in by federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to financial institutions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Sec. 2. 9-B MRSA §828, as enacted by PL 1975, c. 500, §1, is amended to read:
§828. Powers of federally chartered credit unions
To the extent authorized by the superintendent pursuant to regulations Notwithstanding any other provisions of law, a credit union shall have has the power to engage in any activity which that a credit union chartered by or otherwise subject to the jurisdiction of the Federal Government may hereafter be authorized to engage in by Federal federal legislation or regulations issued pursuant to such legislation. In the event any law of this State is preempted or declared invalid pursuant to applicable federal law, by a court of competent jurisdiction or by the responsible federal chartering authority with respect to any power that may be exercised by a credit union chartered by or otherwise subject to the jurisdiction of the Federal Government, that law is invalid with respect to credit unions authorized to do business in this State. The superintendent may adopt rules to ensure that such powers are exercised in a safe and sound manner with adequate consumer protections. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Sec. 3. 24-A MRSA §212-A is enacted to read:
§212-A. Parity for insurance agents and brokers
Notwithstanding any other provision of law, to the extent authorized by the superintendent by rule, a licensed agent or broker has the power to engage in any insurance activity that financial institutions chartered by or otherwise subject to the jurisdiction of the Federal Government are authorized to engage in pursuant to federal law or regulation or by a court of competent jurisdiction. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter II-A.
Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.
Effective May 16, 1997.
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