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SUPERINTENDENT’S NOTICE

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federal Regulation Z and Regulation M, including final regulations issued through July 21, 2011, making Regulation Z-2 out-of-date and duplicative.  
  
Attached are links to the notices of proposed rulemaking, the proposed rules and their small business impact statements.  The comment deadline for both proposed rules is October 31, 2011.

Regulation #38 - Truth-in-Lending, Regulation Z-2

http://www.maine.gov/pfr/financialinstitutions/regulations/doc/Reg38_MAPA3_2011.doc

http://www.maine.gov/pfr/financialinstitutions/regulations/reg38_proposedrepeal.htm

http://www.maine.gov/pfr/financialinstitutions/notices/repealz2impact.htm

 

Regulation #44 - Mortgage Lending Guidelines for Determining Reasonable, Tangible Net Benefit

http://www.maine.gov/pfr/financialinstitutions/regulations/doc/reg44_mapa3_2011.doc

http://www.maine.gov/pfr/financialinstitutions/regulations/reg44_proposedpartialrepeal.htm

http://www.maine.gov/pfr/financialinstitutions/notices/repealtangiblenetbenefitimpact.htm

 

Lloyd P. LaFountain III

Superintendent of Financial Institutions

Gardiner, Maine

September 27, 2011

 

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