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Bill > LD2072

ME LD2072

ME LD2072
An Act to Make Changes to the Laws Governing Financial Institutions and to Eliminate Certain Administrative Fees Paid by Banks and Credit Unions Under the Maine Consumer Credit Code

summary

Introduced
12/15/2025
In Committee
12/15/2025
Crossed Over
02/24/2026
Passed
03/03/2026
Dead

Introduced Session

Potential new amendment
132nd Legislature

Bill Summary

This bill extends the deadline by which the Department of Professional and Financial Regulation, Bureau of Financial Institutions must publish a notice of a final order in a newspaper during the decision-making process on an application for a charter, branch, merger, acquisition, conversion, subsidiary formation or other similar request. Additionally, the bill eliminates certain administrative fees charged to financial institutions based on their volume of consumer loans. The bill also eliminates the alternative approval process that allows the board of directors of a mutual financial institution, subject to written approval of the Superintendent of Financial Institutions, to fix the rate of the directors' own compensation. The bill provides that when a credit union chartered in this State participates in a loan, the borrower must be a member of any one of the participating credit unions and any real estate securing the loan need not be located in this State. The bill aligns the laws that permit the disclosure of financial records to the Office of the Attorney General or a law enforcement agency when a financial institution or credit union has reasonable cause to believe that a disbursement requested by certain individuals may result in financial exploitation of an individual with the provisions in the Maine Revised Statutes, Title 9-B, section 245 by clarifying that the required age of such an individual is 65 years of age or older and that individuals protected under the Adult Protective Services Act are included. The bill changes the definition of "supervisory agency" for the laws governing confidential financial records by adding the federal Consumer Financial Protection Bureau and providing that any successor agency to an agency listed in the definition is considered to be a supervisory agency.

AI Summary

This bill makes several changes to Maine's financial institution laws, primarily focusing on administrative procedures, fees, and regulatory definitions. The bill extends the publication deadline for final orders from 5 to 14 days when the Bureau of Financial Institutions makes decisions about financial institution applications. It eliminates certain administrative fees for financial institutions and removes the previous option for mutual financial institution boards to independently set their own directors' compensation, instead requiring such compensation to be set by corporators or members. The bill expands credit unions' ability to participate in loans by allowing them to work with borrowers who are members of any participating credit union, and permits these loans to be secured by real estate located outside of Maine. Additionally, the bill updates the definition of "supervisory agency" to include the federal Consumer Financial Protection Bureau and any successor agencies. It also modifies provisions related to disclosing financial records in cases of potential financial exploitation, changing the age threshold from 62 to 65 years old and explicitly including individuals protected under the Adult Protective Services Act. The changes are intended to streamline administrative processes and provide more flexibility for financial institutions while maintaining consumer protections.

Committee Categories

Health and Social Services

Sponsors (1)

Last Action

Sent for concurrence. ORDERED SENT FORTHWITH. (on 03/05/2026)

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