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DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
Proposed partial repeal of the Tangible Net Benefit Rule
Statement of Impact on Small Business
Prepared pursuant to 5 MRSA §8052, sub-§5-A
The types of small businesses subject to the proposed amended joint rule are mortgage lenders, mortgage brokers, banks and credit unions. The estimated number of non-bank creditors subject to the proposed amended joint rule with 20 or fewer employees is 375. Banks and credit unions will no longer be subject to this proposed partial repeal.
This proposed partial repeal will not require any additional record-keeping or administrative costs. It extricates supervised financial institutions from its requirements.
This proposed partial repeal of the rule will have a positive impact on small businesses to the extent that banks and credit unions with 20 or fewer employees will no longer be subject to its requirements.
Last Updated: June 5, 2013
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