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Consumer Credit Protection
OTHER PFR AGENCIES
Streamlining Maines's Foreclosure Prevention Program, submitted pursuant to Public Law 2011, chapter 427 (LD 1338) December 7, 2011 Memo
Report to the Legislature: Streamlining Maine's Foreclosure Prevention Program Report
Credit Reporting by Debt Collectors - Required Study December 2011
Advisory Ruling #120
Re: Your request for an advisory ruling whether the Bureau of Consumer Credit Protection is a "judicial body" (read more)
Superintendent's Notice to Interested Parties
The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently proposed rulemaking for Regulation Z-3. After considering comments, the Bureaus recently adopted this rule with no substantive chanages. The effective date of Regulation Z-3 is today, October 15, 2013.
Please note that the mandatory compliance dates for the federal truth-in-lending requirements incorporated by reference Regulation Z-3 are, or will be, the same as the federal mandatory compliance dates for these federal Regulation Z rulemakings.
Attached is the link to Regulation Z-3 with an effective date of October 15, 2013.
William N. Lund, Esq., Superintendent
Repeal of Bureau Regulation 240, Truth-in-Lending; Regulation Z-2
Memoradum -The intent of the Legislature is that creditors and consumers can now rely on the language and interpretations of federal law and regulations, together with the state-specific enhancements that apply to the making of residential mortgage transactions by non-bank lenders.
Rule - Repeal of Bureau Regulation 240, Truth-in-Lending; Regulation Z-2
SUPERINTENDENT'S NOTICE TO INTERESTED PARTIES
Pursuant to Public Law 2011, Chapter 427, "An Act to Amend the Maine Consumer Credit Code to Conform with Federal Law," supervised lenders are mandated to comply with federal Regulation Z and Regulation M, including final regulations issued through July 21, 2011, making Regulation Z-2 out of date and duplicative. As a result, the Bureaus are proposing to repeal Regulation Z-2. (read more)
Re: Closed-end credit disclosures: Compliance guidance in light of the Federal Reserve's Interim TIL Rule published September 25, 2010 (75 Fed. Reg. 58470).
NEW - Mortgage Loan Originators Order Governing NMLS Licensing Procedures
The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection's proposed re-promulgation of Regulation Z-2 incorporating the phase 3 credit card rules
The Bureau of Consumer Credit Protection and Bureau of Financial Regulation
Washington Hancock County Housing Counselor Added to Program
Homeowners with Concerns Encouraged to Attend one of the Session,
Consumers and Professionals to Benefit
The attached document contains theRule, together with the basis statement, a summary of the comments received, and the Bureaus' responses.
Please note that the effective date of this regulation is August 1, 2010.
FOR IMMEDIATE RELEASE
LEGISLATIVE REPORTS - Fall 2009
Quarterly Foreclosure Report - PL402
JOINT ADVISORY RULING #117
Emergency legislation signed by the Governor June 3, 2009 equitably allocates regulatory costs among licensed entities.
Eric Murphy Jr.and Murphy Home Loans - License Revoked
LEGISLATIVE REPORTS -
State Regulators Warn Against “Westbrook Lending” ScamFebruary 19, 2008
Bureau of Consumer Credit Protection ReportStatus of Mortgage Lending in Maine January 15, 2009
State Agencies Highlight New Maine Law Intended to Protect Real Estate Buyers and SellersAugust 4, 2008
Proposed mortgage volume fee rule change -Public hearing scheduled August 22, 2008; Comment period open until September 3, 2008PROPOSED VOLUME FEE RULE
Click HERE for notice to interested parties.
JOINT RULE ON STUDENT LOANS
ADVISORY RULING #116
High-Rate High-Fee Mortgage Counselors
JOINT ADVISORY RULING #115
MAINE MORTGAGE LENDING FREQUENTLY-ASKED QUESTIONS
JOINT ADVISORY RULING #114
Changes to the Bureau of Financial Institutions Regulation 44 and Bureau of Consumer Credit Protection Chapter 550, “Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay” and the “tangible net benefit” form as the result of recent amendments to the Act to Protect Maine Homeowners from Predatory Lending
Released: January 17, 2008
2008 Amendments to Predatory Lending Law -- Maine's predatory mortgage lending law, which became effective January 1, 2008, was amended January 8, 2008 with provisions that are retroactive back to January 1st. The primary change is to exempt "prime" loans from the anti-flipping (reasonable tangible net benefit) test. See the recently-enacted amendments at http://janus.state.me.us/legis/ros/lom/LOM123rd/123R2/PUBLIC471.aspJOINT ADVISORY RULING 113
Loan Officer Information
Educational Requirement Section
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