This bill makes several changes to the banking laws in the Maine Revised Statutes, Title 9-B.

1. The bill amends the definitions of "savings account" and "service corporation."

2. The bill clarifies that the Superintendent of Financial Institutions may restrict withdrawal of funds to protect investors.

3. The bill clarifies that both initial and subsequent capital contributions to organize a financial institution must be in the form of cash, unless otherwise approved by the Superintendent of Financial Institutions.

4. The bill enacts language establishing a certificate that is evidence of conversion from a federal to a state charter that will be filed with the Secretary of State.

5. The bill changes the current notification procedure for issuance of new bank capital to an approval process.

6. The bill replaces the terms "capital stock" and "preferred stock" in several sections of the banking laws with the term "equity interest," which is a defined term in the banking laws.

7. The bill clarifies that a credit union may organize or invest in a service corporation regardless of its business structure so long as it is structured to limit the credit union's exposure to loss.

8. The bill clarifies the law governing the use of the restricted term "credit union," bringing the law into conformance with the provisions governing use of other restricted terms: "bank," "savings" and "trust."

9. The bill incorporates a provision that requires only those Maine financial institution holding companies that do not have to file notice with the United States Securities and Exchange Commission to first receive approval of the superintendent before issuance of equity interest or capital notes.

10. The bill clarifies the authority of the superintendent to examine a holding company of a nondepository trust company or merchant bank, including its subsidiaries and affiliates.