CHAPTER 539
S.P. 875 - L.D. 2283
An Act to Realign Capital Requirements for Specialty Bank Charters
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §1213, as enacted by PL 1997, c. 398, Pt. J, §2, is amended to read:
A nondepository trust company shall maintain minimum capital must have initial paid-in capital in accordance with chapter 31 and shall maintain capital in accordance with section 412-A and any rules adopted under these provisions section 412-A, except the superintendent may provide for a establish different amount capital maintenance requirements for nondepository trust companies by order or rule than those required for other financial institutions organized under this Title.
Sec. 2. 9-B MRSA §1223, sub-§1, as enacted by PL 1997, c. 398, Pt. J, §2, is repealed.
Sec. 3. 9-B MRSA §1223, sub-§2, as enacted by PL 1997, c. 398, Pt. J, §2, is amended to read:
2. Capital. A merchant bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or any rules adopted under that section 412-A. The superintendent may establish different capital maintenance standards for merchant banks than for other financial institutions organized under this Title. The minimum capital maintenance standards for a merchant bank may not be less than a level equal to 150% of the tier 1 risk-based capital and 150% of total risk-based capital established from time to time by the Board of Governors of the Federal Reserve System for a well-capitalized bank.
Sec. 4. 9-B MRSA §1233, as enacted by PL 1997, c. 398, Pt. J, §2, is amended to read:
An uninsured bank must have initial paid-in capital in accordance with chapter 31 and shall maintain minimum capital in accordance with section 412-A or rules adopted under section 412-A, except that the superintendent may establish different capital maintenance requirements for uninsured banks than those required for insured financial institutions organized under this Title.
Effective August 11, 2000, unless otherwise indicated.
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