LD 429
pg. 2
Page 1 of 2 An Act to Change the Name of the Bureau of Banking in Order to Accurately Refle... LD 429 Title Page
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LR 1180
Item 1

 
4. Bureau. "Bureau" means the Bureau of Banking Financial
Institutions.

 
Sec. 5. 9-B MRSA §131, sub-§40, as enacted by PL 1975, c. 500, §1, is
amended to read:

 
40. Superintendent. "Superintendent" means the Superintendent
of the Bureau of Banking Financial Institutions.

 
Sec. 6. 9-B MRSA §161, sub-§1, śC, as enacted by PL 1977, c. 416, is
amended to read:

 
C. "Supervisory agency" means:

 
(1) The Federal Deposit Insurance Corporation;

 
(2) The Federal Savings and Loan Insurance Corporation;

 
(3) The Federal Home Loan Bank Board;

 
(4) The National Credit Union Administration;

 
(5) The Federal Reserve Board;

 
(6) The United States Comptroller of the Currency;

 
(7) The Maine Bureau of Banking Financial Institutions;
and

 
(8) The Maine Bureau of Consumer Protection.

 
Sec. 7. 9-B MRSA §211, sub-§1, as repealed and replaced by PL 1987,
c. 769, Pt. A, §40, is amended to read:

 
1. Appointment; term; qualifications. The activities of the
bureau shall be are directed by a superintendent who shall be is
appointed by the Governor and subject to review by the joint
standing committee of the Legislature having jurisdiction over
banking and insurance financial institutions and to confirmation
by the Legislature. The superintendent shall hold office for a
term of 5 years, or until his the superintendent's successor is
appointed and qualified. The superintendent may be removed from
office for cause by impeachment or by the Governor on the address
of both branches of the Legislature, and Title 5, section 931,
subsection 2, shall does not apply. Any A person appointed as
superintendent shall must have the knowledge of, or experience
in, the theory and practice of banking financial institutions.

 
Sec. 8. 10 MRSA §1126, sub-§1, as amended by PL 1995, c. 309, §17 and
affected by §29, is further amended to read:

 
1. Certification. A supervised lender or lessor, or any trade
organization or association acting on behalf of supervised
lenders or lessors, may submit any proposed form of agreement to
the Office of Consumer Credit Regulation or, in the case of forms
of agreement from supervised financial organizations, the Bureau
of Banking Financial Institutions. Within 45 days, the office or
bureau shall either certify the form as complying with the
requirements of section 1124 or refuse to certify the form as
complying, setting forth written reasons for its refusal.
Failure by the office or bureau to act under this section within
45 days is considered a certification of the form's compliance.
A certification of compliance under this section is an absolute
bar to any legal proceeding by the director or superintendent for
failure to comply with the requirements of section 1124.

 
Sec. 9. 10 MRSA §8001, sub-§1, as amended by PL 1995, c. 397, §4, is
further amended to read:

 
1. Bureau of Financial Institutions. Bureau of Banking
Financial Institutions;

 
Sec. 10. 10 MRSA §8003, sub-§5, as amended by PL 1999, c. 547, Pt. B,
§78 and affected by §80 and amended by c. 687, Pt. C, §7, is
further amended by amending the first paragraph to read:

 
5. Authority of bureaus, offices, boards or commissions. In
addition to authority otherwise conferred, unless expressly
precluded by language of denial in its own governing law, each
bureau, office, licensing board and commission within or
affiliated with the department may take one or more of the
following actions, except that this subsection does not apply to
the Bureau of Banking Financial Institutions.

 
Sec. 11. Maine Revised Statutes amended; revision clause. Wherever in the
Maine Revised Statutes the words "Bureau of Banking" appear or
reference is made to those words, they are amended to read and
mean "Bureau of Financial Institutions" and wherever in the Maine
Revised Statutes the words "Superintendent of Banking" appear or
reference is made to those words, they are amended to read and
mean "Superintendent of Financial Institutions" and the Revisor
of Statutes shall implement the revisions when updating,
publishing or republishing the statutes.

 
Sec. 12. Transition provisions. All existing supplies, forms,
letterheads and similar items bearing the name of or referring to
the Bureau of Banking or to the Superintendent of Banking may be
utilized by the Bureau of Financial Institutions or the
Superintendent of Financial Institutions until existing supplies
of these items are exhausted.

 
SUMMARY

 
The bill changes the name of the Bureau of Banking to the
Bureau of Financial Institutions and the name of the
Superintendent of Banking to the Superintendent of Financial
Institutions.


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