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Home > Agendas > 2005-2006 > P&FR > Bureau of Financial Institutions

2005-2006 Regulatory Agendas

02-029
Bureau of Financial Institutions

AGENCY UMBRELLA-UNIT NUMBER: 02-029
AGENCY NAME: Department of Professional & Financial Regulation, Bureau of Financial Institutions

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 2005-2006 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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions and their customers.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions and holding companies.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions and consumers of financial services.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions and consumers of financial services.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions and consumers of financial services.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 119: Alternative Mortgage Transactions. (Office of Consumer Credit Chapter 250)
STATUTORY AUTHORITY: 9-B M.R.S.A. §§ 111, 215, and 241; 9-A M.R.S.A. §6-104
PURPOSE: This joint rule sets forth the guidelines for regulating alternative mortgage transactions entered into by financial institutions and supervised lenders. The Bureau and the Office of Consumer Credit Regulation may amend the rule to keep pace with changes in industry and secondary market standards for sale of mortgages.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers of financial services, state-chartered financial institutions and other licensed creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions and consumers of financial services.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 123: Insurance 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 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, 2005.
AFFECTED PARTIES: State-chartered financial institutions and consumers of financial services.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 126: Guaranty Association Lines Of Credit (Bureau Of Insurance 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: 2005-2006.
AFFECTED PARTIES: All financial institutions and Maine insurance company members of the Maine Insurance Guaranty Association.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 129: Financial Institutions and Broker-Dealers Engaging in Third Party Brokerage Arrangements (Office of Securities Chapter 506).
STATUTORY AUTHORITY: 9-B M.R.S.A. §§ 111, 241, and 416
PURPOSE: This joint rule provides the regulatory framework for financial institutions and licensed broker-dealers to enter into arrangements for the sale of securities. The Bureau and the Office of Securities may amend this rule to keep pace with federal law and/or the regulated industry.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions and consumers of non-deposit products.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 or federal law.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions and consumers of non-deposit products.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 131: Assessments – Financial Institutions
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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered mutual and cooperative financial institutions
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered credit unions and their members.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 134: Credit Union Service Corporations.
STATUTORY AUTHORITY: 9-B M.R.S.A. §§ 111, 131(37), 215, and 828
PURPOSE: This rule 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: 2005-2006.
AFFECTED PARTIES: All state-chartered credit unions and their members.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 135: Permissible Tie-In Arrangements.
STATUTORY AUTHORITY: 9-B M.R.S.A §§ 111, 215, and 243
PURPOSE: This rule 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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 136: Deposit Production Offices.
STATUTORY AUTHORITY: 9-B M.R.S.A. §241
PURPOSE: This rule 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: 2005-2006.
AFFECTED PARTIES: Maine consumers and businesses and all financial institutions authorized to do business in this state.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 137: Interstate Branch Assessment.
STATUTORY AUTHORITY: 9-B M.R.S.A §214
PURPOSE: This rule establishes a reasonable fee which must be paid to the Bureau by out of state, state chartered and foreign banks that operate interstate branches in Maine. The Bureau may amend this rule to keep pace with changes in the industry.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Any financial institution operating an interstate branch.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 138: Truth-In Lending Regulation Z-2 (Office of Consumer Credit Regulation Chapter 240)
STATUTORY AUTHORITY: 9-A M.R.S.A. §6-104 and §8-104
PURPOSE: This joint 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: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions, supervised lenders, and consumers.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 139: Sale Of Insurance Products By Financial Institutions And Supervised Lenders. (Office of Consumer Credit Regulation Chapter 400 and Bureau of Insurance Regulation Chapter 880)
STATUTORY AUTHORITY: 9-B M.R.S.A. §448
PURPOSE: This tripartite 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 rule with Bureau of Insurance and Office of Consumer Credit Regulation to keep pace with changes in the industry and regulatory arena.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers and state-chartered financial institutions
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 140: Student Loan Disclosures. (Office of Consumer Credit Regulation Chapter 245)
STATUTORY AUTHORITY: 9-A M.R.S.A. §8-104(1); Title 10 M.R.S.A. §363(8) (A)
PURPOSE: This joint rule establishes disclosure and procedural requirements for student loan products offered by lenders and issuers and funded by an allocation of the state’s bond ceiling. The Bureau may amend this joint rule with the Office of Consumer Credit Regulation to keep pace with changes in the industry.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: All lenders and issuers of student loan products and consumers borrowing under those programs.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 141: Annual Assessments – Nondepository Trust Companies, Uninsured Banks, and Merchant Banks
STATUTORY AUTHORITY: 9-B M.R.S.A. §§ 214 and 215
PURPOSE: This rule addresses assessments paid by state-chartered nondepository trust companies, uninsured banks, and merchant banks. The Bureau will amend this rule to implement changes in the underlying statutory authority.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered limited purpose financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER 142: Charges Permitted for Prepayment of Certain Consumer Loans
STATUTORY AUTHORITY: 9-A M.R.S.A. §2-509
PURPOSE: This rule addresses reasonable charges that a bank or credit union may assess for the prepayment of a consumer loan.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered financial institutions and Maine consumers.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: 143: Multiple of the Federal Minimum Wage (Office of Consumer Credit Regulation Chapter 120)
STATUTORY AUTHORITY: 9-A M.R.S.A. §§1-301(2), 5-105(2)(C) and 9-B M.R.S.A.
§215
PURPOSE: To establish a method for calculating the maximum earnings subject to garnishment when an individual debtor is not paid on a weekly basis.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers, financial institutions, non-bank lenders, and general creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: All state-chartered credit unions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A § 111 and 1015
PURPOSE: New rule to address applications processing protocol.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: All state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Maine businesses and consumers of financial services and all state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. §367-A
PURPOSE: New rule to address the process for establishing and implementing a receivership or conservatorship in a Maine financial institution.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine businesses and consumers of financial services and all state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Consumers of financial services and all state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Consumers of financial services and any financial institution providing services through agency agreements.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 in state/federal law and in the financial services industry.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers and businesses and state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. §469
PURPOSE: New rule defining a change in the composition of all or substantially all of a financial institution’s assets and setting forth the factors to consider in determining what constitutes a fundamental change in assets.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A §475
PURPOSE: New rule to address trust activities of financial institutions.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A §814
PURPOSE: New rule to address conversion of a credit union field of membership to a community based field of membership.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered credit unions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A §832
PURPOSE: New rule to address credit union transfers to the guaranty fund. ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered credit unions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A §844
PURPOSE: New rule to address duties of a credit union Supervisory Committee.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered credit unions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A §854
PURPOSE: New rule to address credit union lending limitations.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: State chartered credit unions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 9-B M.R.S.A. §§ 1213-A, 1223-A, and
PURPOSE: New rule to implement the asset pledge requirement for Maine chartered limited purpose banks.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine businesses and consumers of financial services and all state-chartered financial institutions.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 Chapter 121.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Non-depository trust companies.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 Chapter 122.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Merchant banks.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 Chapter 123.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Uninsured banks.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Maine consumers, financial institutions, non-bank lenders, and general creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Maine consumers, financial institutions, non-bank lenders, and general creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Maine consumers in credit transactions and creditors offering consumer credit on a precomputed basis.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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 plans to follow upon discovery of certain violations of the Maine Consumer Credit Code.
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers, financial institutions, non-bank lenders, and general creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

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: 2005-2006.
AFFECTED PARTIES: Maine consumers, financial institutions, non-bank lenders, and general creditors.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated

CHAPTER: New Rule
STATUTORY AUTHORITY: 10 M.R.S.A. §1495
PURPOSE: Engage in joint rulemaking, as appropriate, with the Office of Consumer Credit Regulation to promulgate a rule regarding payroll processing companies
ANTICIPATED SCHEDULE: 2005-2006.
AFFECTED PARTIES: Maine consumers and businesses.
CONSENSUS-BASED RULE DEVELOPMENT: not contemplated