The bill clarifies that state law governing requirements for retention of records applies to banks and credit unions authorized to do business in this State to the extent that those requirements do not contravene existing federal law.

The bill clarifies the Superintendent of Financial Institutions' authority to report violations of the Maine banking laws to the Attorney General's office for prosecution on behalf of the State.

The bill makes a technical change to the law restricting the use of names of Maine financial institutions on credit cards to make it applicable to credit cards underwritten by state and federally chartered credit unions in the same fashion that the law is applicable to state and federally chartered banks.

The bill clarifies that those provisions in the banking laws governing the conservation, liquidation and insolvency of a financial institution supersede any other state statute.

The bill removes outdated language governing participation in electronic funds transfer systems and the opening, relocating, closing or operation of a branch by a state chartered credit union.

The bill clarifies that a credit union that has been designated a community development credit union under state law may impress and enforce a lien on shares and dividends of a nonmember to the same extent that the credit union may impress and enforce a lien on shares and dividends of a member.

The bill amends state law to apply general protections to accounts held by credit unions.

The bill gives the superintendent the authority to waive all or part of the guaranty fund requirements for individual credit unions. It adds rule-making authority with which to further implement that provision and maintain parity with federal credit union law.

The bill amends outdated laws governing credit union payment