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BUREAU OF FINANCIAL INSTITUTIONS
Department of Professional and Financial Regulation
State of Maine
November 1, 2012

BULLETIN #17 EMERGENCY CLOSINGS

To the Chief Executive Officer Addressed:

Under legislation signed into law effective June 5, 1997, the statutory guidelines that required a financial institution notifying the Bureau when a banking office must be closed for all or part of a day due to emergency conditions were repealed. Under the provisions of Title 9-B MRSA Chapter 14-A, a financial institution may, at its discretion, establish days and hours for its offices, including opening offices for business on holidays and weekends. Under this provision, a financial institution may temporarily close any of its offices for good cause, including, but not limited to, emergency weather conditions and community events. Such closing may not become effective until the financial institution posts a conspicuous notice of the closing at all points of public access to the closed offices.

In light of the fact that neither written nor oral notification of emergency closing are now required under the statute, the Bureau issued a revised Bulletin #17 on August 4, 1997. This newly revised Bulletin #17 reflects the changes of Superintendent and Deputy Superintendent for notification purposes. In the event a financial institution wishes to reach a member of Bureau senior staff after business hours or during an emergency situation, you may do so by contacting the following:

Cell phone direct line
Lloyd P. LaFountain III, Superintendent 592-0972 624-8575
John A. Barr, Deputy Superintendent 441-0377 624-8561
Robert B. Studley, Deputy Superintendent 462-2393 624-8573

 

This bulletin replaces Bulletin #17 issued September 11, 2012.

/s/ Lloyd P. LaFountain III

Superintendent

NOTE: This bulletin is intended solely for informational purposes. It is not intended to set forth legal rights, duties or privileges nor is it intended to provide legal advice. Readers are encouraged to consult applicable statutes and regulations and to contact the Bureau of Banking if additional information is needed.

Last Updated: June 5, 2013