02-029 C.M.R. ch. 136, § - DEPOSIT PRODUCTION OFFICES (REG. 36)

  1. § 029-136-I - AUTHORITY
  2. § 029-136-II - PURPOSE
  3. § 029-136-III - DEFINITIONS
  4. § 029-136-IV - GENERAL PROVISIONS
  6. § 029-136-VI - EFFECTIVE DATE


Public Law 2005, chapter 83, effective May 10, 2005, changed the definition of a deposit production office and amended 9-B M.R.S.A. §241(8) 's prohibition against the operation of a deposit production office to more closely align it with federal law. As amended, the definition of a deposit production office, 9-B M.R.S.A. §131(12-B), is broadened to focus on the credit needs of all Maine communities, rather than the community where a branch is located. The Bureau of Financial Institutions amends Regulation 36 to incorporate the statutory changes, which will result in a State rule that more closely parallels the federal law.

Regulation 36 establishes guidelines that are generally comparable to the federal rules. It also provides a safe harbor provision, so that a financial institution authorized to do business in this State that holds less than two percent (2%) of total Maine deposits would be considered to be in compliance with 9-B M.R.S.A. §241(8). This de minimis threshold percentage recognizes that institutions that hold less than 2% of total Maine deposits are predominantly community financial institutions that operate offices only in Maine and, therefore, almost exclusively serve residents of the State. Numerous alternative non-financial institution lenders have steadily reduced the reliance on financial institutions for credit, thereby lessening the impact an individual community financial institution may have on the availability of funds for lending in Maine. Therefore, an institution that falls within the safe harbor will not be deemed to be a deposit production office.

Regulation 36 reduces reporting requirements for Maine financial institutions and credit unions, by eliminating the annual Branch Loan and Deposit/Share Survey. As an alternative, the Bureau will rely on aggregate loan and deposit data contained in Call Reports prepared by financial institutions for their primary federal regulator and, for institutions that operate interstate branches, on aggregate Maine loan and deposit data, identical to that already being reported on a quarterly basis to the Bureau.


02-029 C.M.R. ch. 136, §
February 23, 1997
October 17, 2005, filing 2005-414

State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.

No prior version found.