CHAPTER 36
H.P. 130 - L.D. 171
An Act To Clarify the Authority of the Superintendent of Financial Institutions Regarding a Credit Union's Conversion of Its Field of Membership
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-B MRSA §814, sub-§1, ¶A, as enacted by PL 1995, c. 101, §2, is amended to read:
A. When determining whether a credit union's proposed field of membership meets the requirements of this section, the superintendent shall consider all relevant guidelines established by the National Credit Union Administration that address the issues of common bond, overlapping fields of membership, expansions or conversions of field of membership and the documentation required for amending a field of membership, except that the superintendent is not required to adhere to those guidelines.
Sec. 2. 9-B MRSA §814, sub-§1, ¶A-1 is enacted to read:
A-1. Notwithstanding any federal law or guideline established by the National Credit Union Administration, the superintendent is authorized to permit a credit union that converts its field of membership to become a community-chartered credit union to retain in its field of membership, after such conversion, one or more groups or portions of groups that were included in the credit union's field of membership prior to the conversion. The superintendent may adopt rules in accordance with section 251 to implement this section. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Effective September 13, 2003, unless otherwise indicated.
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