Sec. A-1. 9-B MRSA §131, sub-§3, as amended by PL 1995, c. 628, §2, is further amended to read:
3. Branch. "Branch" means any office or facility of a financial institution where the business of banking is conducted other than the institution's main office. A branch includes an office or vehicle that is not permanent and that is capable of being moved or transferred from one location to another.
Sec. A-2. 9-B MRSA §131, sub-§6, as enacted by PL 1975, c. 500, §1, is amended to read:
6. Capital. "Capital account" or "total capital" for a stock financial institution means the sum of its paid-in capital stock, paid-in capital surplus, reduction surplus, if any, undivided profits, capital notes and debentures, and other capital reserves. following:
A. For financial institutions organized as corporations, "capital" means the sum of common stock, paid-in common stock surplus, perpetual preferred stock, undivided profits and other capital reserves;
B. For financial institutions organized as limited liability companies, limited partnerships or limited liability partnerships, "capital" means the sum of members' or partners' contributions and undistributed earnings of the company or partnership; and
C. For financial institutions organized as mutual or cooperative institutions, "capital" means the sum of capital deposits, surplus and undivided earnings.
Sec. A-3. 9-B MRSA §131, sub-§6-A is enacted to read:
6-A. Closely related activities. "Closely related activities" means those activities that are part of the business of banking, are closely related to the business of banking, are convenient and useful to the business of banking, are reasonably related to the operation of a financial institution or are financial in nature. Activities reasonably related to the operation of a financial institution include, but are not limited to, business and professional services, data processing, courier and messenger services, credit-related activities, consumer services, real estate-related services, insurance and related services, securities brokerage, investment advice, securities underwriting, mutual fund activities, financial consulting, tax planning and preparation, community development and charitable activities and any activities reasonably related to these activities. Any activity that is authorized by statute or regulation for financial institutions to engage in as of June 30, 1997 is a closely related activity and any activity permitted under the Bank Holding Company Act of 1956, 12 United States Code, Sections 1841 to 1850 (1997) or the Home Owners' Loan Act, 12 United States Code, Sections 1461 to 1470 (1997) or regulations promulgated under either Act is deemed to be a closely related activity. The list of closely related activities may be expanded by rule or by order of the superintendent.
Sec. A-4. 9-B MRSA §131, sub-§7, as enacted by PL 1975, c. 500, §1, is amended to read:
7. Commercial bank. "Commercial bank" means a trust and banking company organized under prior laws of this State or the laws of another country or state or a national bank.
Sec. A-5. 9-B MRSA §131, sub-§10-A is enacted to read:
10-A. Cooperative financial institution. "Cooperative financial institution" means any financial institution organized pursuant to chapter 32 in which the earnings and net worth of the institution inure to the ultimate benefit of the members.
Sec. A-6. 9-B MRSA §131, sub-§13, as enacted by PL 1975, c. 500, §1, is amended to read:
13. Director. "Director" means a member of the board of directors governing body of a financial institution; and, in the case of a savings bank organized under provisions of prior law relating to savings banks, a member of the board of trustees of said institution.
Sec. A-7. 9-B MRSA §131, sub-§§14-A and 15-A are enacted to read:
14-A. Equity interest. "Equity interest" means common stock, preferred stock, members' or partners' interests or any other type of capital instrument that entitles the holder to vote pursuant to the financial institution's organizational documents.
15-A. FDIC. "FDIC" means the Federal Deposit Insurance Corporation or its successors.
Sec. A-8. 9-B MRSA §131, sub-§17, as amended by PL 1991, c. 670, §1, is further amended to read:
17. Financial institution. "Financial institution" means a universal bank or limited purpose bank organized under the provisions of this Title, trust company, nondepository trust company, savings bank, industrial bank or savings and loan association organized under the prior laws of this State; and each must represent a type of institution. As the term "financial institution" is used in Parts 1 and 2 and in chapter 46, it includes credit unions organized pursuant to the laws of this State.
Sec. A-9. 9-B MRSA §131, sub-§17-A, as amended by PL 1995, c. 628, §§6 and 7, is further amended to read:
17-A. Financial institution authorized to do business in this State. "Financial institution authorized to do business in this State" means a commercial bank, savings bank, industrial bank or savings and loan association:
A. Organized Universal bank or limited purpose bank organized under provisions of this Title;
B. Organized Trust company, savings bank, savings and loan association or industrial bank organized under provisions of prior laws of this State and subject to the provisions of this Title;
C. Organized National bank, federal association or similar institution that is organized under provisions of federal law and maintains this State as its home state;
D. Organized Commercial bank, savings bank, savings and loan association or similar institution that is organized under provisions of federal law or laws of another state and maintains a branch in this State; or
E. Organized Commercial bank, savings bank, savings and loan association or similar institution that is organized under provisions of law of a foreign country and maintains a branch in this State.
Sec. A-10. 9-B MRSA §131, sub-§18-B is enacted to read:
18-B. Governing body. "Governing body" means the body that oversees the affairs of a financial institution. The governing body may also be referred to as the "board of directors," "board of trustees," "board of managers," "partners' committee" or "managing partners' committee," depending upon the ownership structure of the financial institution.
Sec. A-11. 9-B MRSA §131, sub-§19, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-12. 9-B MRSA §131, sub-§22-A, as enacted by PL 1993, c. 492, §1, is repealed.
Sec. A-13. 9-B MRSA §131, sub-§§23-A, 23-B and 23-C are enacted to read:
23-A. Investor. "Investor" means any person who has an ownership interest in a financial institution and is entitled to vote under the institution's organizational documents.
23-B. Investor-owned institution. "Investor-owned institution" means a financial institution organized under chapter 31.
23-C. Limited purpose bank. "Limited purpose bank" or "limited purpose institution" means an institution operating pursuant to Part 12.
Sec. A-14. 9-B MRSA §131, sub-§24, as amended by PL 1993, c. 492, §2, is repealed.
Sec. A-15. 9-B MRSA §131, sub-§26, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-16. 9-B MRSA §131, sub-§27, as enacted by PL 1975, c. 500, §1, is amended to read:
27. Mutual financial institution. "Mutual financial institution" or "mutual institution" means any financial institution organized pursuant to chapter 32, in which the earnings and net worth of the institution inure to the ultimate benefit of the depositors or members.
Sec. A-17. 9-B MRSA §131, sub-§27-A is enacted to read:
27-A. Mutual voter. "Mutual voter" means a corporator or member as described in chapter 32.
Sec. A-18. 9-B MRSA §131, sub-§28-A, as enacted by PL 1991, c. 670, §2, is amended to read:
28-A. Nondepository trust company. "Nondepository trust company" means any financial institution organized under chapter 31 121 with powers expressly restricted or otherwise limited to the conduct of general trust business generally limited to trust or fiduciary matters.
Sec. A-19. 9-B MRSA §131, sub-§29, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-20. 9-B MRSA §131, sub-§§29-C and 29-D are enacted to read:
29-C. Officer. "Officer" means an employee of a financial institution who has been given managerial or other high-level duties by the governing body of the financial institution. Depending upon the ownership structure of the institution, an officer may include a person with the title of chair, president, vice-president, manager, managing partner or partner.
29-D. Organizational document. "Organizational document" means the charter, certificate of organization, articles of incorporation, articles of association, articles of organization, certificate of limited liability partnership, bylaws, operating agreement, partnership agreement or any other similar document required to be filed with and approved by the superintendent pursuant to section 314-A or 323.
Sec. A-21. 9-B MRSA §131, sub-§31, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-22. 9-B MRSA §131, sub-§31-A is enacted to read:
31-A. Real estate-related services. "Real estate-related services" means:
A. Real estate investment and development, pursuant to section 419-A;
B. Maintenance and management of improved real estate;
C. Real estate appraising;
D. Real estate settlement services;
E. Real estate brokerage activities with respect to properties owned by a financial institution authorized to do business in this State, a financial institution holding company, or subsidiaries thereof, regardless of how the property is acquired or for what purpose; or
F. Any real estate-related service authorized by this Title or by rule or order of the superintendent or any real estate-related service authorized for any financial institution chartered by or otherwise subject to the jurisdiction of the Federal Government, pursuant to the authority granted under section 416.
Sec. A-23. 9-B MRSA §131, sub-§33 and 34, as enacted by PL 1975, c. 500, §1, are amended to read:
33. Savings and loan association. "Savings and loan association"," "association" or "loan and building association" means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 7 4, subject to such the conditions and limitations on the exercise of said those powers as shall be set forth therein in Part 4.
34. Savings bank. "Savings bank" or "institute for savings" means a financial institution organized under the prior laws of this State that is authorized to exercise the powers set forth in Part 5 4, subject to such the conditions and limitations on the exercise of said those powers as shall be set forth therein in Part 4.
Sec. A-24. 9-B MRSA §131, sub-§35, as amended by PL 1987, c. 692, §2, is further amended to read:
35. Satellite facility. "Satellite facility" or "off-premise facility" means any facility, automated device or electronic terminal established by a financial institution authorized to do business in this State at which an existing financial institution customer may initiate banking transactions, including, but not limited to, cash deposits to and withdrawals from his that customer's account, cash advances on a preauthorized credit line, transfers between his checking and savings account accounts or payment transfers from his the customer's account to accounts of other financial institution customers. Such a facility is not permanently staffed and is not part of a main office or branch office of a financial institution. Such an off-premise a facility may be part of an electronic funds transfer system. Satellite facilities or off-premise facilities include facilities engaged in soliciting, receiving or accepting money or its equivalent on deposit from new and existing customers. The term satellite facilities or off-premise facilities facility does not include a cash dispensing machine, a point-of-sale terminal, a night depository or an office or facility engaged solely in the solicitation and origination of loans.
Sec. A-25. 9-B MRSA §131, sub-§36, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-26. 9-B MRSA §131, sub-§37, as amended by PL 1997, c. 22, §1, is further amended to read:
37. Service corporation. "Service corporation" means a corporation substantially all the activities of which consist of originating, purchasing, selling and servicing loans and participation interests therein; or clerical, bookkeeping, accounting and statistical or similar functions related to a financial institution or real estate activities; or management, personnel, marketing or investment counseling related to a financial institution or real estate activities; or establishing or operating one or more satellite facilities; or any activity authorized by the superintendent by regulation rule or order that has been authorized under federal law for service corporations owned or controlled by national banks, federally chartered savings and loan associations, federally chartered savings banks or federally chartered credit unions. The purpose of authorizing any such activity is to maintain competitive equality between federally chartered and state-chartered institutions.
Sec. A-27. 9-B MRSA §131, sub-§39, as enacted by PL 1975, c. 500, §1, is repealed.
Sec. A-28. 9-B MRSA §131, sub-§42, as enacted by PL 1975, c. 500, §1, is amended to read:
42. Thrift institution. "Thrift institution" means a savings bank or a savings and loan association organized under the prior laws of this State.
Sec. A-29. 9-B MRSA §131, sub-§45-A is enacted to read:
45-A. Total capital. "Total capital" means the sum of capital, as defined in subsection 6, plus capital notes and debentures, other instruments approved by the superintendent and the allowance for loan losses or other similar reserves.
Sec. A-30. 9-B MRSA §131, sub-§46, as enacted by PL 1975, c. 500, §1, is amended to read:
46. Trust company. "Trust company" or "trust and banking company" means any financial institution organized under the prior laws of this State that is authorized by its articles of incorporation to exercise the powers set forth in Part 6 4, subject to such the conditions and limitations on the exercise of said those powers as shall be set forth therein in Part 4.
Sec. A-31. 9-B MRSA §131, sub-§47 is enacted to read:
47. Universal bank. "Universal bank" means an investor-owned institution or a mutual financial institution authorized by its organizational documents to exercise all the powers granted in Part 4 and includes a trust company, a savings bank and a savings and loan association chartered by special act of the Legislature, established prior to the effective date of this Title or established pursuant to this Title.
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