AUGUSTA, Maine–An update to laws for state-chartered credit unions in Maine has been signed into law by Maine Gov. Janet Mills.
According to the Maine Credit Union League, the bill, sponsored by Senate President Troy Jackson, was brought forward the MCUL to modernize some of the language and powers of state-chartered credit unions.
Three Provisions
There are three major provisions of which state-chartered credit unions should pay attention, according to the league:
- State-chartered credit unions will be permitted to lend to credit unions headquartered in other states rather than just to credit unions located in Maine.
- The grounds for expulsion have been expanded to include a member who demonstrates dangerous, threatening, or abusive behavior. The law asks credit unions to adopt a written expulsion policy by 2025.
- Following negotiations between the Bureau of Financial Institutions and the league, the legislature adopted a provision that would allow state-chartered credit unions to request fewer than 12 board meetings in a year “for good cause.” “Representatives from the Bureau asserted that good cause could range in reasons from natural disasters or emergencies to credit unions who have good management with strong examination results,” the league said.
The bill will go into effect 90 days from the adjournment of the legislature and will become effective no earlier than July 16, 2024.
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