C.M.R. 02, 029, ch. 133 - LEASING OF PERSONAL PROPERTY BY STATE CHARTERED CREDIT UNION

  1. § 029-133-I - AUTHORITY
  2. § 029-133-II - PURPOSE
  3. § 029-133-III - DEFINITIONS
  4. § 029-133-IV - GENERAL PROVISIONS OF THE REGULATION
  5. § 029-133-V - FEDERAL/STATE REGULATIONS
  6. § 029-133-VI - EFFECTIVE DATE

Summary The Superintendent has the statutory authority to promulgate regulations granting state-chartered credit unions the power to engage in activities authorized by federal law or regulation for credit unions chartered by, or otherwise subject to the jurisdictions of, the federal government. This authority is granted with the intent of maintaining parity between federally-chartered and state-chartered credit unions. This regulation is being promulgated to provide the framework for credit unions to engage in the leasing of personal property to their members, provided the leases are the functional equivalent of secured loans for personal property. It closely follows National Credit Union Administration ("NCUA") Interpretive Ruling and Policy Statement Number 83-3, effective November 17, 1983.

Notes

C.M.R. 02, 029, ch. 133
EFFECTIVE DATE (ELECTRONIC CONVERSION): May 11, 1996
NON-SUBSTANTIVE CORRECTIONS: August 23, 1996 - Correction in chapter title from "Probate" to "Property"; change from plural to singular of "regulations" in the first line of III, Definitions; addition of the word "Maine" in first line of V, Federal/State Regulations; additions of header and electronic conversion note.

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