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DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
Repeal of Regulation Z-2
Statement of Impact on Small Business
Prepared pursuant to 5 MRSA §8052, sub-§5-A
The types of small businesses subject to the proposed repeal of Regulation Z-2 are mortgage lenders, mortgage brokers, banks and credit unions. The estimated number of non-bank creditors subject to the proposed repeal with 20 or fewer employees is 375. The estimated number of banks and credit unions subject to the proposed repeal with 20 or fewer employees is four.
The proposed repeal of Regulation Z-2 will not require any additional record-keeping or administrative costs. To the extent that the proposed repeal provides uniformity to small businesses regarding truth-in-lending requirements, record-keeping and other administrative costs will likely be reduced.
The proposed repeal will provide uniformity in truth-in-lending requirements thereby easing compliance burdens and having a positive impact on small businesses.
Last Updated: October 21, 2010
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