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02-029
Department of Professional and Financial Regulation
Bureau of Financial Institutions

2001-2002 Regulatory Agenda

UMBRELLA-UNIT NUMBER: 02-029
AGENCY: Department of Professional and Financial Regulation, Bureau of Financial Institutions (formerly Bureau of Banking)

The following is the Bureau of Financial Institutions 2001-2002 Regulatory Agenda prepared in accordance with Title 5 MRSA 8060. The Bureau does not plan to employ consensus-based rule development in the implementation of the following regulatory agenda.

CONTACT PERSON: Colette L. Mooney, Deputy Superintendent, 36 State House Station, Augusta, ME 04333-0036. Tel: (207) 624-8574

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

EXPECTED 2001-2002 RULEMAKING ACTIVITY:

CHAPTER 101: Retention of Records - Financial Institutions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 225
PURPOSE: This rule sets forth the minimum time frames under which a financial institution must retain its customer transaction records. The Bureau may amend this rule to keep pace with changes in the industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions and consumers of financial Institutions.

CHAPTER 107: Activities Permissible for Financial Institution Holding Companies.
STATUTORY AUTHORITY: 9-B M.R.S.A. 1014
PURPOSE: This rule identifies permissible closely related activities in which a financial institution may engage either directly or through a subsidiary of a financial institution holding company. The Bureau may amend this rule to keep pace with changes in authorizing state statute, federal rules in this area and the evolution of the financial services industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions and financial institution holding companies.

CHAPTER 108: Loans Secured by a First Mortgage on Residential Real Estate Payable on Demand.
STATUTORY AUTHORITY: 9-B M.R.S.A. 241
PURPOSE: This rule prohibits the use of demand mortgages for most consumer transactions. The Bureau may amend this rule to keep pace with changes in industry and secondary market standards for sale of mortgages.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of financial services and state-chartered financial institutions.

CHAPTER 109: Advertising by Financial Institutions, Credit Unions, Bank Holding Companies, and Service Corporations.
STATUTORY AUTHORITY: 9-B M.R.S.A. 215, 241, and 242
PURPOSE: This rule provides guidance for advertising by financial institutions. The Bureau may amend this rule to keep pace with changes in state/federal rules governing this area.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of financial services and all state-chartered financial institutions.

CHAPTER 118: Deposit Account Disclosures.
STATUTORY AUTHORITY: 9-B M.R.S.A. 241
PURPOSE: This regulation sets forth minimum standards for disclosure of policies and fees charged customers of financial institutions in conjunction with the maintenance and operation of deposit accounts. The Bureau may amend this rule to keep pace with changes in the industry and/or federal rules.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of financial services and state-chartered financial institutions.

CHAPTER 119: Alternative Mortgage Transactions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 215, and 241; 9-A M.R.S.A. 6-104
PURPOSE: This joint regulation sets forth the guidelines for regulating alternative mortgage transactions entered into by financial institutions and supervised lenders. The Bureau may amend rule to keep pace with changes in industry and secondary market standards for sale of mortgages.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of financial services and state-chartered financial institutions.

CHAPTER 122: Securities Activities of Subsidiaries of Financial Institutions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 131, and 416
PURPOSE: This rule provides the regulatory framework for financial institutions to engage in certain securities brokerage activities. The Bureau may amend rule to keep pace with changes in industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions and Maine consumers of financial services.

CHAPTER 123: Insurance Activities in Financial Institutions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 241, and 416.
PURPOSE: This rules provides the regulatory framework for financial institutions to enter into lease arrangements with an insurance producer for the distribution of insurance products. The Bureau may amend rule to keep pace with changes in state law and the regulated industry.
ANTICIPATED SCHEDULE: October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions and Maine consumers of financial services.

CHAPTER 126: Guaranty Association Lines of Credit (Bureau of Insurance Rule Chapter 570).
STATUTORY AUTHORITY: 9-B M.R.S.A 215 and 24-A M.R.S.A. 212 and 4435
PURPOSE: This joint rule was issued to establish the terms, conditions, standards, and form of any line of credit extended to the Maine Insurance Guaranty Association, Maine Life and Health Insurance Guaranty Association, or any of their member insurers, for purposes of facilitating the prompt payment of covered claims against insolvent insurers. The Bureau may amend this rule to keep pace with changes in the industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All financial institutions and Maine insurance company members of the Maine Insurance Guaranty Association.

CHAPTER 127: Minimum Capital Standards.
STATUTORY AUTHORITY: 9-B M.R.S.A. 412-A
PURPOSE: This regulation sets forth minimum capital requirements for Maine chartered financial institutions. The Bureau may amend this rule to keep pace with changes in federal law and/or the regulated industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions.

CHAPTER 128: Loans to One Borrower Limitations.
STATUTORY AUTHORITY: 9-B M.R.S.A. 439-A
PURPOSE: This regulation establishes the basis for determining the legal lending limit for all Maine chartered financial institutions, including their subsidiaries. The Bureau may amend this rule to keep pace with changes in federal law and/or the regulated industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions.

CHAPTER 129: Securities Activities in Financial Institutions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 241, and 416
PURPOSE: This rule provides the regulatory framework for financial institutions and licensed broker-dealers to enter into arrangements for the sale of securities on the premises of the financial institution. The Bureau may amend this rule to keep pace with federal law and/or the regulated industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of non-deposit products and all state-chartered financial institutions.

CHAPTER 130: Distribution of Annuities Through Financial Institutions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 443
PURPOSE: This regulation establishes the framework within which a financial institution may sell, or arrange for the sale of, annuities purchased from a licensed insurance company. The Bureau may amend this rule to keep pace with state/federal law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers of non-deposit products and all state-chartered financial institutions.

CHAPTER 131: Semiannual Assessments.
STATUTORY AUTHORITY: 9-B M.R.S.A 214
PURPOSE: This regulation establishes the assessment rate to be applied to Maine chartered financial institutions in order to provide for a reasonable flow of revenue to support Bureau operations. The Bureau may amend this rule to keep pace with changes in the regulated industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions.

CHAPTER 132: Mutual Holding Companies.
STATUTORY AUTHORITY: 9-B M.R.S.A. 1055
PURPOSE: This rule provides the regulatory framework to permit a mutual financial institution to reorganize into a subsidiary stock savings bank and form a mutual holding company. The Bureau may amend this rule to keep pace with state/federal law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered mutual and cooperative financial institutions

CHAPTER 133: Leasing of Personal Property by State-Chartered Credit Unions.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 215, and 828
PURPOSE: This rule provides the regulatory framework to permit state-chartered credit unions to lease personal property to their members. The Bureau may amend this rule to keep pace with federal law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Members of state-chartered credit unions and all state-chartered credit unions.

CHAPTER 134: Credit Union Service Corporations.
STATUTORY AUTHORITY: 9-B M.R.S.A. 111, 131(37), 215, and 828
PURPOSE: This regulation authorizes state-chartered credit unions to invest in service corporations that may engage in any activity permissible for a service corporation owned by a federally chartered credit union. The Bureau may amend this rule to keep pace with federal law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Members of state-chartered credit unions and all state-chartered credit unions.

CHAPTER 135: Permissible Tie-In Arrangements.
STATUTORY AUTHORITY: 9-B M.R.S.A 111, 215, and 243
PURPOSE: This regulation permits a financial institution authorized to do business in Maine to tie certain products/services to those of affiliates as permitted under federal law. The Bureau may amend this rule to keep pace with federal law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions.

CHAPTER 136: Deposit Production Offices.
STATUTORY AUTHORITY: 9-B M.R.S.A. 241
PURPOSE: This regulation sets forth the factors that the Superintendent will consider in determining whether a financial institution or credit union authorized to do business in this State is operating a deposit production office. The Bureau may amend this rule to keep pace with changes on state/federal level.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers and businesses and all financial institutions authorized to do business in this state.

CHAPTER 137: Interstate Branch Assessment.
STATUTORY AUTHORITY: 9-B M.R.S.A 214
PURPOSE: This regulation establishes a reasonable fee and timing for assessment of interstate branches. The Bureau may amend this rule to keep pace with changes in the industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Any financial institution operating an interstate branch.

CHAPTER 138: Truth-in Lending Regulation Z-2
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104 and 8-104
PURPOSE: This rule adopts the Federal Truth-in-Lending regulations by reference so as to implement Article VIII of the Maine Consumer Credit Code. The Bureau may engage in joint rulemaking with the Office of Consumer Credit Regulation to amend this rule to keep pace with changes at the federal level and maintain Maine's exemption from Reg. Z.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions, supervised lenders, and consumers.

CHAPTER 139: Sale of Insurance Products by Financial Institutions and Supervised Lenders
STATUTORY AUTHORITY: 9-B M.R.S.A. 448
PURPOSE: This rule establishes the requirements with respect to signage, physical location and identification of insurance agencies, producers and consultants in connection with the sale of insurance products by financial institutions, etc. The Bureau may amend this joint rule with Bureau of Insurance and Office of Consumer Credit Regulation to keep pace with changes in the industry and regulatory arena.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers and state-chartered financial institutions

CHAPTER 140: Student Loan Disclosures
STATUTORY AUTHORITY: 9-A M.R.S.A. 8-104(1); Title 10 M.R.S.A. 363(8)(A)
PURPOSE: New joint rule to establish disclosure and procedural requirements regarding the terms and conditions for student loan products offered by lenders and issuers and funded by an allocation of the state's bond ceiling.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All lenders and issuers of student loan products that are funded under an allocation of the state's bond ceiling and consumers borrowing under those programs.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 842 and 828
PURPOSE: New rule to address powers and duties of the Board of Directors of credit unions.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered credit unions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A 111 and 1015
PURPOSE: New rule to address applications processing protocol.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: All state-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 214
PURPOSE: New rule to address annual assessments paid by state-chartered nondepository trust companies, uninsured banks, and merchant banks.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: State chartered limited purpose financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 215
PURPOSE: New rule to address safety and soundness issues essential to the supervision of state-chartered financial institutions.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine businesses and consumers of financial services and all state-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 416
PURPOSE: New rule to address safety and soundness and consumer protection issues relating to powers granted through parity.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Consumers of financial services and all state-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 418
PURPOSE: New rule to expand the activities in which a financial institution may engage under agency agreement.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Consumers of financial services and any financial institution providing services through agency agreements.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A 131(6-A), 446-A, and 1014
PURPOSE: New rule expanding the list of closely related activities to keep pace with changes state/federal law and in the financial services industry.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers and businesses and state-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 468
PURPOSE: New rule to define or further define instructions on transactions with affiliates.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: State-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A 475
PURPOSE: New rule to address trust activities of financial institutions.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: State-chartered financial institutions.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A 1216
PURPOSE: New rule to address activities of non-depository trust companies and implement provisions of newly enacted Chapter 121.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Non-depository trust companies.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 1227
PURPOSE: New rule to address activities of merchant banks and implement provisions of newly enacted Chapter 122.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Merchant banks.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. 1238
PURPOSE: New rule to address activities of uninsured banks and implement provisions of newly enacted Chapter 123.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Uninsured banks.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104(1)(E), 6-104(4)(A)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule governing agency organization, administration and procedures.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 5-105(2)(C); 6-104
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule that establishes the method by which an employee's wages may be garnished when the employee is paid other than weekly pursuant to the limitations of the Maine Consumer Credit Code.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 4-301(4); 6-104
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule which prohibits dual coverage of insurance on items related to credit transactions.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A 2-510(3), 8-104(1)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule which authorizes the use of rate tables for calculating unearned interest on certain precomputed transactions and establishes certain standards that the tables must meet.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine consumers in credit transactions and creditors offering consumer credit on a precomputed basis.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104(1)(E), 1-301(25), and 6-409
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule that establishes fees collected from consumers for filing purposes are not "Official Fees" under the Maine Consumer Credit Code unless such fees are prescribed by law.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers and Maine creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104(1)(E), 8-104(1), and 8-108(3)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule that establishes the procedures the Bureau intends to follow upon discovery of certain violations of the Maine Consumer Credit Code.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104(1)(E)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule that defines "refinancing" and "consolidation" as those terms are used in the Maine Consumer Credit Code and establishes a formula to be used in refinancing multiple transactions.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 6-104
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to repeal the rule that adjusts certain dollar limitations in the Maine Consumer Credit Code to keep pace with the consumer price index.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER : New Rule
STATUTORY AUTHORITY: 9-A M.R.S.A. 2-501
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule addressing permissible charges for benefits conferred upon the consumer.
ANTICIPATED SCHEDULE: Prior to October, 2002.
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.



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