Decision-making of the bureau shall conform to the requirements of this section. [1975, c. 500, §1 (NEW).]
"Decision-making" is that process by which the superintendent determines whether
an application for a charter, branch, merger, acquisition, conversion, subsidiary
formation or other similar request submitted to the bureau should be approved or disapproved,
but does not include applications for a change in a financial institution's 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.
1997, c. 398, Pt. K, §3 (AMD)
2.Application and notice.
A. Upon receipt of an application subject to this section, the superintendent shall
determine whether the application is complete. The superintendent shall have the power
to request modifications in, and additional information relating to, any application
prior to certifying its completeness. [1977, c. 694, §159 (RPR).]
B. As soon as the superintendent determines that the application is complete, he shall
instruct the applicant to provide notice of the application in the manner and form
prescribed in Title 5, section 9052. [1977, c. 694, §159 (RPR).]
C. The superintendent may suspend or postpone action on an application after the first
publication of notice pursuant to paragraph B, upon written request of the applicant
or on his own initiative for good cause shown. The superintendent shall promptly provide
notice of any suspension or postponement in the same manner and in the same publications
in which the original notice of application was provided. If and when action is resumed
on the application, the superintendent shall again provide notice in the same manner
and in the same publications in which the preceding notices were provided. [1977, c. 694, §159 (RPR).]
1977, c. 694, §159 (RPR)
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.
1997, c. 398, Pt. K, §4 (NEW)
3.Application on file.
Applications accepted by the superintendent shall be placed on public file at the
office of the bureau, and shall be made available for public inspection or copying,
at cost; provided that the superintendent shall delete from the public file copy of
an application all confidential information, materials and statements regarding the
1975, c. 500, §1 (NEW)
3-A.Confidential treatment of other state and federal regulatory information.
Any records or information in the possession of any state or federal agency involved
in the regulation of financial institutions or financial institution holding companies
or the affiliates or subsidiaries of financial institutions or financial institution
holding companies that is recognized under state or federal law as confidential remains
confidential if delivered or disclosed to the superintendent or a bureau employee
in the course of a decision-making proceeding under this chapter. The superintendent
may rely upon any records or information considered confidential pursuant to this
subsection as the basis for a decision on an application if these records or information
is disclosed to the applicant and any interested party to the proceeding.
1999, c. 184, §9 (AMD)
4.Submission of written comments.
A. During the comment period set forth in the notice, an interested party or member
of the public may submit written comments on the proposed application. [1975, c. 500, §1 (NEW).]
B. Such comments shall be maintained in the public files of the bureau, and copies
shall be available to the public at cost. [1975, c. 500, §1 (NEW).]
C. The superintendent may, but shall not be compelled to, receive written comments
after the close of the written comment period. [1975, c. 500, §1 (NEW).]
1975, c. 500, §1 (NEW)
Requests for a hearing and the procedures for notice and conducting the hearings
on applications subject to this section shall be governed by the Maine Administrative
Procedure Act, Title 5, chapter 375, subchapter IV.
1977, c. 694, §160 (RPR)
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, must be published by the
superintendent in those newspapers in which the notice required by subsection 2 was
published. Unless the superintendent specifies a later date in the final notice relating
thereto, the effective date of the final order 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 that warrant that action. The superintendent shall set forth in writing
the circumstances and reasons for 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
1997, c. 398, Pt. K, §5 (AMD)
1977, c. 694, §162 (RP)
1975, c. 500, §1 (NEW).
1975, c. 666, §§9-A,10-12 (AMD).
1977, c. 694, §§159-162 (AMD).
1995, c. 521, §1 (AMD).
1997, c. 398, §§K3-5 (AMD).
1999, c. 184, §9 (AMD).
Data for this page extracted on 01/05/2015 11:57:54.
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.