CHAPTER 82

S.P. 196 - L.D. 587

An Act To Make Changes to the Banking Laws

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 9-B MRSA §131, sub-§32, as repealed and replaced by PL 1975, c. 666, §4, is amended to read:

32. Savings account. "Savings account" or "savings deposit" means a deposit or account in a financial institution in which the depositor is not required by the deposit contract, but may at any time be required by the financial institution, to give notice in writing of an intended withdrawal not less than 30 7 days before such withdrawal is made and which that is not payable on a specified date or at the expiration of a specified time after the date of deposit.

Sec. 2. 9-B MRSA §131, sub-§37, as amended by PL 1997, c. 398, Pt. A, §26, is further amended to read:

37. Service corporation. "Service corporation" means a corporation, limited liability company or limited partnership 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