Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 134 - CREDIT UNION SERVICE CORPORATIONS
Section 029-134-III - DEFINITIONS

Universal Citation: 02 ME Code Rules ยง 029-134-III

Current through 2024-13, March 27, 2024

For purposes of this regulation, the following terms have the following meanings:

A. "Affiliated credit union" means a credit union that has invested, either directly or indirectly through an intermediary, in a service corporation.

B. "Credit union" means a credit union as defined in 9-B M.R.S.§131(12) or a credit union organized under the laws of the United States or another state.

C. "Invest" means any advance of funds, including the purchase of securities and the making of a loan, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment.

D. "Net worth" has the same meaning as set forth in 9-B M.R.S.§831(3).

E. "Organize a service corporation" means to make the initial investment in a service corporation.

F. "Service corporation" has the same meaning as set forth in 9-B M.R.S.§131(37).

G. "State credit union service corporation" means a service corporation in which a state-chartered credit union has invested.

H. "State-chartered credit union" means a credit union as defined in 9-B M.R.S.§131(12).

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