Maine § 9-B §422 Insurance of deposits or accounts

Maine Statutes

§ 9-B §422 — Insurance of deposits or accounts

Maine § 9-B §422

Title 9-BFINANCIAL INSTITUTIONS

Part 4POWERS AND DUTIES OF FINANCIAL INSTITUTIONS

Ch. 42DEPOSITS IN GENERAL

This text of Maine § 9-B §422 (Insurance of deposits or accounts) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §422 (2026).

Text

1.Requirement. A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC.

2.Transition period.

3.Failure to obtain insurance.

4.Applicable law. A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, dut

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1.
Requirement.
A financial institution organized under the laws of this State or a branch of an out-of-state financial institution authorized to do business in this State shall take any action necessary to have its deposits or accounts insured by the FDIC. For purposes of this section, a branch of an out-of-state financial institution does not include a branch of a foreign bank that is not eligible for insurance of accounts by the FDIC.
2.
Transition period.
3.
Failure to obtain insurance.
4.
Applicable law.
A financial institution that has its deposits or accounts insured pursuant to this section shall comply with all statutes and regulations governing the insurance of deposits or accounts by the FDIC. This section may not be construed as repealing, modifying or impairing any powers, duties, rights or responsibilities under the provisions of this Title of the superintendent or of the financial institution so insured.
5.
Exception.
A financial institution organized pursuant to Part 12 is not required to have its deposits or accounts insured by the FDIC.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1975, c. 670 (AMD). PL 1977, c. 621 (AMD). PL 1981, c. 155, §1 (AMD). PL 1995, c. 628, §22 (AMD). PL 1997, c. 398, §I13 (AMD).