Sec. K-1. 9-B MRSA §214, sub-§2-B is enacted to read:
2-B. Assessment on nondepository trust companies. Nondepository trust companies that are not affiliated with a financial institution shall pay an annual assessment of not less than $2,000 or an amount determined by the superintendent not to exceed 6¢ for every $10,000 of fiduciary assets under its management, custody or care. These assessments must be paid annually by February 15th of each year on fiduciary assets outstanding December 31st of the prior year.
Sec. K-2. 9-B MRSA §222, sub-§2, as amended by PL 1979, c. 429, §1, is repealed.
Sec. K-3. 9-B MRSA §252, sub-§1, as enacted by PL 1975, c. 500, §1, is amended to read:
1. Definition. "Decision-making" is that process by which the superintendent determines whether an application for a charter, branch, merger, acquisition, conversion, subsidiary formation, change of name or other similar request submitted to the bureau should be approved or disapproved, but shall does not include applications for a change in a financial institution's articles of incorporation or bylaws organizational documents, changes in the capital structure of any institution, conversions of investor ownership pursuant to section 345-B or such other matters of a similar nature as the superintendent may determine, unless otherwise provided in this Title.
Sec. K-4. 9-B MRSA §252, sub-§2-A is enacted to read:
2-A. Preliminary review. Prior to the filing of an application pursuant to subsection 2, a potential applicant may request a preliminary review of the prospective application. If the review is undertaken, the bureau may assess the prospective applicant a fee in accordance with the bureau's fee schedule. A fee paid for the preliminary review may be credited to the application fee if and when an application is filed within a reasonable time.
Sec. K-5. 9-B MRSA §252, sub-§6, as repealed and replaced by PL 1977, c. 694, §161, is amended to read:
6. Decision. After consideration of all relevant matters presented in the application, in any written comments, in an investigation conducted by the bureau to examine and evaluate facts related to the application to the extent necessary to make an informed decision and at the hearing, if any, the superintendent shall promulgate, in accordance with the Maine Administrative Procedure Act, the final order. Within 5 days of promulgation, notice of the final order setting forth the name of the applicant, the nature of the application and the superintendent's action thereon, together with a statement that copies of the order are available to the public at cost, shall must be published by the superintendent in those newspapers in which the notice required by subsection 2 was published. Unless the superintendent shall specify specifies a later date in the final notice relating thereto, the effective date of the final order shall be is 30 days after its promulgation. The superintendent may waive all or part of the 30-day waiting period following promulgation of the final order, if the superintendent determines that extraordinary or unusual conditions exist which that warrant that action. The superintendent shall set forth in writing the circumstances and reasons for his waiving all or part of the 30-day waiting period, provided, however, the superintendent shall, within 60 days of the close of the comment period or within 60 days of the conclusion of the hearing if such was held, whichever period is greater, promulgate the final order either approving or disapproving the application.
Sec. K-6. 9-B MRSA §253, first ¶, as enacted by PL 1975, c. 500, §1, is amended to read:
The superintendent shall take into account, but shall is not be limited to, the criteria set forth in this section in considering applications to change name, branch, merge, consolidate or consummate an acquisition; or to engage in any closely-related or incidental activity; or to obtain a charter, or to convert from an existing to a different charter; or to invest in a subsidiary corporation filed pursuant to section 252.
Sec. K-7. 9-B MRSA Pts. 5 to 7, as amended, are repealed.
Sec. K-8. 9-B MRSA §875, as enacted by PL 1975, c. 500, §1, is amended to read:
§875. Conversion: change in type of state charter
A credit union subject to the laws of this State may convert its charter to do business as a credit union into a charter to do business as a savings bank, trust company or savings and loan association as a mutual financial institution under the laws of this State; provided that organized under chapter 32 if any plan of conversion authorized by this section shall be is adopted and approved in accordance with the requirements of section 343.
Sec. K-9. 9-B MRSA §1014, sub-§1, as amended by PL 1987, c. 90, §2, is further amended to read:
1. Permissible activities. A Maine financial institution holding company shall not may engage in any closely related activity or any other activity other than managing or controlling financial institutions, except such activities as are deemed permissible by the superintendent with the prior permission of the superintendent. The superintendent shall adopt rules specifying which activities are permissible. Except to the extent that certain activities are prohibited or limited by state law, these rules shall authorize activities which are no more restrictive than those permitted under the United States Bank Holding Company Act of 1956, Public Law 511, or the United States National Housing Act, Public Law 479, Section 408. Those rules may establish different permissible activities dependent upon the type of financial institutions controlled by a Maine financial institution holding company. The superintendent shall establish procedures for applications by individual companies for approval to engage in those activities in Maine.
Sec. K-10. 9-B MRSA §1015, sub-§1, as amended by PL 1997, c. 22, §25, is further amended to read:
1. Requirements. Except as provided in subsection 4 5, approval of the superintendent must be obtained for the following actions:
A. Acquisition by a person or company of control of a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution, or establishment by a person or company of a Maine financial institution or Maine financial institution holding company;
B. Acquisitions by a financial institution or financial institution holding company of interests in a Maine financial institution or any financial institution or financial institution holding company controlling, directly or indirectly, a Maine financial institution in excess of 5% of the voting shares of such financial institution or financial institution holding company;
C. Acquisition or establishment by a Maine financial institution holding company of a financial institution outside of the State of Maine in excess of 5% of the voting shares of such institution;
D. Authority for a Maine financial institution holding company to engage in a closely-related activity, or acquisition or establishment of acquire or establish a subsidiary to engage in a closely-related closely related activity or any other activity; or
E. Authority for any financial institution holding company controlling a Maine financial institution to engage in a closely-related closely related activity in Maine, or acquisition or establishment of a subsidiary in Maine to engage in a closely-related closely related activity.
Sec. K-11. 9-B MRSA §1015, sub-§4, as enacted by PL 1997, c. 22, §26, is repealed.
Sec. K-12. 9-B MRSA §1015, sub-§5 is enacted to read:
5. Exceptions for closely related and other activities. Notwithstanding subsection 1, a Maine financial institution holding company may acquire or establish a subsidiary to engage in any activity and a financial institution holding company controlling a Maine financial institution may acquire or establish a subsidiary in Maine to engage in any activity without the prior approval of the superintendent subject to the following conditions.
A. If the assets of the company being acquired are less than 15% of the financial institution holding company's total consolidated assets and the company being acquired is not a financial institution or financial institution holding company, approval or notice is not required.
B. If the assets of the company being acquired are between 15% and 50% of the holding company's total consolidated assets, the holding company must notify the superintendent at least 10 days prior to consummating the transaction. The superintendent may require that an application be filed pursuant to section 252 if the following conditions are not satisfied and, based on a preliminary analysis, the superintendent concludes that the transaction may have a material adverse effect on the financial condition of the financial institution holding company and its ability to act as a source of strength to the financial institution:
(1) Before and immediately after the proposed transaction, the acquiring financial institution and financial institution holding company are well capitalized, as determined by the superintendent; and
(2) At the time of the transaction, the acquiring financial institution and financial institution holding company are well managed, as defined in section 446-A.
C. If the assets of the company being acquired are greater than 50% of the financial institution holding company's total consolidated assets, the holding company must file an application pursuant to section 252.
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