Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 141 - ASSESSMENTS - NONDEPOSITORY TRUST COMPANIES, UNINSURED BANKS, AND MERCHANT BANKS (REG. 41)
Section 029-141-III - DEFINITIONS
Current through 2024-13, March 27, 2024
For purposes of this regulation, the following terms have the following meanings:
A. "Assets subject to assessment" means the monthly total of fiduciary assets under management, custody, or care averaged for the three months in that calendar quarter.
B. "Calendar quarter" means a period of three consecutive calendar months ending on March 31, June 30, September 30, or December 31.
C. "Fiduciary assets under management, custody, or care" means those items reported as Managed Assets, Non-Managed Assets, and Custody and Safekeeping Account Assets on the institution's Report of Fiduciary and Related Services filed with the Bureau (currently FFIEC Schedule RC-T).
D. "Financial institution" has the same meaning as Title 9-B M.R.S. §131(17).
E. "Merchant bank" means a financial institution that is organized under the provisions of Title 9-B M.R.S. Chapter 122.
F. "Nondepository trust company" means a financial institution that is organized under the provisions of Title 9-B M.R.S. Chapter 121.
G. "Predominately engaged in the business of a nondepository trust company" means that the sum of fiduciary assets under management, custody, or care held by an uninsured bank or merchant bank, as reported on its quarterly Report of Fiduciary and Related Services filed with the Bureau (currently FFIEC Schedule RC-T), is greater than the total assets of the uninsured bank or merchant bank as reported on its quarterly Balance Sheet filed with the Bureau of Financial Institutions.
H. "Uninsured bank" means a financial institution that is organized under the provisions of Title 9-B M.R.S. Chapter 123.
