02-029-118 Me. Code R. § III

Current through 2024-51, December 18, 2024

Section 029-118-III - PROVISIONS OF THE REGULATION

A.Definitions

1. "Business day" means a business day as defined by Title 9-B MRS §145(1).

2. "Credit union" means a credit union authorized to do business as defined by Title 9-B MRS §131(12-A).

3. Financial institution" means a financial institution authorized to do business as defined in Title 9-B MRS §131(17-A).

B.Funds Availability

Financial institutions and credit unions shall comply with the applicable provisions of Federal Regulation CC ( 12 CFR, Part 229, January 1, 2014) and related appendices, which are incorporated herein by reference.

The following provisions of Federal Regulation CC are not adopted:

1. The definition of "business day" in 12 CFR 229.2(g) to the extent that it differs from the definition of "business days" in Section 145 of Title 9-B MRS.

2. The enforcement and liability provisions found in 12 CFR 229.3 to the extent that Chapters 22, 23 and 24 of Title 9-B MRS provide for enforcement authority to administer, and liability under, this Regulation 18.

C.Truth in Savings

Financial institutions and credit unions shall comply with the provisions of Federal Regulation DD ( 12 CFR, Part 1030 (January 1, 2014) and National Credit Union Administration Board, Truth in Savings provisions ( 12 CFR Part 707 (January 1, 2014)) including all their appendices which are incorporated herein by reference.

The following provisions of Federal Regulation DD and 12 CFR Part 707 are not adopted:

1. The definition of "business day" in 12 CFR 1030.2(g) to the extent that it differs from the definition of "business days" in Section 145 of Title 9-B MRS.

2. The enforcement and liability provisions found in 12 CFR 1030.9 and 12 CFR 707.9 to the extent that Chapters 22, 23 and 24 of Title 9-B MRS provide for enforcement authority to administer, and liability under, this Regulation 18.

D.Complaint Resolution Procedure

The schedule of account charges or other literature that is used to convey information on fees assessed in conjunction with the operation of an account shall contain a notice to account holders regarding the procedure to be followed in resolving disputes. The following notice contains model language that may be used:

For the purposes of Subpart IV(C) of this regulation, "schedule of account charges" means a listing of fees and charges relating to the maintenance and operation of an account which may be imposed by the financial institution or credit union on its account holder for using an account of a financial institution or credit union. It does not include a listing of fees for ancillary services such as safe deposit boxes, traveler's checks, night deposit bags, check printing, fax fees, photocopies or similar charges not directly related to the maintenance or operation of an account.

"If you have a dispute with your financial institution or credit union regarding your account, you may contact the financial institution or credit union and attempt to resolve the problem directly. If the financial institution or credit union fails to resolve the problem, communicate the problem and the resolution you are seeking to:

Maine Bureau of Financial Institutions

36 State House Station

Augusta, Maine 04333-0036

To file a complaint electronically, you may contact the Maine Bureau of Financial Institutions at the following Internet address:

http://www.maine.gov/pfr/financialinstitutions/complaint.htm

When your complaint involves a federally-chartered financial institution or credit union, the Maine Bureau of Financial Institutions will refer it to the appropriate federal supervisory agency."

Financial institutions that post the model complaint resolution language on their web sites are encouraged to establish a link to the referenced URL on the Bureau's web site.

02-029 C.M.R. ch. 118, § III