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STATE OF MAINE

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF FINANCIAL INSTITUTIONS

NOTICE TO INTERESTED PARTIES

 

Please find below a link where you will find the final adopted rule that repeals and replaces the previous iteration of the Tangible Net Benefit Rule so that it no longer applies to supervised financial organizations.  For this reason, this rule is no longer a joint rule administered by both the Bureau of Consumer Credit Protection and the Bureau of Financial Institutions, but only the Bureau of Consumer Credit Protection.  The effective date of this rulemaking is December 5, 2011.  However, as set forth in the Basis Statement, it is the Bureau’s view that supervised financial organizations were no longer subject to the Tangible Net Benefit Rule upon the effective date (September 28, 2011) of Public Law 2011, Chapter 427, “An Act to Amend the Maine Consumer Credit Code To Conform with Federal Law.”  Copies of this rulemaking are also available from the Bureau of Financial Institutions, 36 State House Station, Augusta, ME 04333-0036.

http://www.maine.gov/pfr/financialinstitutions/regulations/reg44_partialrepeal.htm

 

John A. Barr

Deputy Superintendent

Gardiner, Maine

December 7, 2011

 

Last Updated: June 5, 2013