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The Maine Legislature enacted a new Probate Code that will impact how your credit union establishes single-party and multiple-party accounts. The new rules originally were set to take effect July 1, 2019, but the Legislature extended the deadline to September 1, 2019. This extension allows additional time for credit unions to comply with the new law!
Once in effect, all Maine credit unions will be required to complete a form that explicitly designates survivorship rights when opening a single-party or multiple-party account. Synergent, your League’s service subsidiary, has created a form – at no cost to any Maine credit union – to help you comply with the law.
Because the new reporting form is already available, credit unions can begin utilizing the form now or wait until the September deadline. For those credit unions on Synergent’s hosted Symitar® Episys® core processing platform, forms will be archived within Episys once they are downloaded into the system.
To remain compliant with the new law, you must replace other forms you have been using to open new accounts no later than September 1, 2019. Synergent and the League’s Governmental Affairs team are available to answer any questions you have concerning the new Probate Code and its implementation.
Downloadable Form: Single-Party or Multiple-Party Account Form