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Financial Services Law Insights and Observations

Maine Bureau of Financial Institutions issues guidance on temporary office closures

State Issues Maine Consumer Finance Covid-19

State Issues

On March 16, the Maine Department of Professional and Financial Regulation, Bureau of Financial Institutions, issued guidance encouraging financial institutions to reduce disruptions to their customers, provide alternative service options when practical, and reopen affected facilities when safe to do so. The guidance notes that Maine law permits a financial institution to temporarily close its branch and office locations for cause if a conspicuous notice of the closing is posted at all points of public access to the closed offices. Notice of a financial institution’s facilities and the availability of any alternative service options should be provided to the bureau as soon as practical.