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STATE OF MAINE

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF FINANCIAL INSTITUTIONS

SUPERINTENDENT’S NOTICE

TO INTERESTED PARTIES

Public Law 2003, Chapter 263, § 1, effective September 13, 2003, amended 9-A M.R.S.A. § 2-509.  The amendment authorizes supervised financial organizations to assess a consumer a reasonable charge related to the prepayment of a consumer loan secured by an interest in land.  That charge must be reasonably calculated to offset only the cost of origination of the loan.  Title 9-A M.R.S.A. § 2-509 as amended requires the Superintendent to adopt rules to implement its provisions.  This rule establishes guidelines to be followed by a supervised financial organization that assesses a charge for full repayment, through refinancing or otherwise, of a consumer loan secured by an interest in land, when repayment occurs prior to the end of the loan’s contractual term.  This rule does not permit a supervised financial organization to assess a prepayment charge or prepayment penalty designed to recover anticipated revenue.

Notice of this proposed Rule is being published by the Secretary of State.  Interested parties may submit written comments or requests for a hearing to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 by January 23, 2003.  Electronic comments or requests for a hearing may be submitted by accessing the Internet Home Page of the Bureau of Financial Institutions at http://www.maine.gov/financialinstitutions .

A copy of the proposed rule is attached.

 /s/ Howard R. Gray, Jr.

Superintendent of Financial Institutions

Gardiner, Maine

December 24, 2003

 

Last Updated: June 5, 2013