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TO INTERESTED PARTIES
As a result of Public Law 2011, Chapter 427 “An Act To Amend the Maine Consumer Credit Code to Conform with Federal Law,” supervised financial organizations (state-chartered banks and credit unions) will no longer be required to comply with Chapter 44: Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit, effective September 28, 2011. The Bureaus are thus proposing to partially repeal this rule so that it no longer applies to supervised financial organizations.
Also, as a result of Public Law 2011, Chapter 427, the Bureaus are proposing to repeal Regulation Z-2. Pursuant to Public Law 2011, Chapter 427, supervised financial organizations 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federal Regulation Z and Regulation M, including final regulations issued through July 21, 2011, making Regulation Z-2 out-of-date and duplicative.
Regulation #38 - Truth-in-Lending, Regulation Z-2
Regulation #44 - Mortgage Lending Guidelines for Determining Reasonable, Tangible Net Benefit
Lloyd P. LaFountain III
Superintendent of Financial Institutions
September 27, 2011
Last Updated: October 21, 2010
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