. . . . . . NEWS

MAINE BUREAU OF CONSUMER CREDIT PROTECTION

35 SHS, Augusta, Maine 04333


Phone:	207-624-8527
Fax:	207-582-7699
Consumers-only toll-free:	1-800-DEBT-LAW (1-800-332-8529)

Proposed "Tangible Net Benefit Rule" and Announcement of hearing

September 26, 2007

Please find attached the Bureau of Financial Institution's and the Bureau of Consumer Credit Protection's proposed rule delineating the concepts of "reasonable, tangible net benefit" and "ability to pay" as set forth in an Act to Protect Maine Homeowners from Predatory Lending.

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The hearing for this proposed rule will be at 10:00 a.m. on Wednesday, October 17th at the Gardiner Annex, 124 Northern Avenue, Gardiner Maine, in the Central Conference Room.

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Proposed Tangible Net Benefit Rule

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If you would like the Bureau to send you a paper copy of the proposed rule, please contact Julie Haefele at 624-8539 or via e-mail at Julie.F.Haefele@maine.gov.

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The Maine Bureau of Consumer Credit Protection was established in 1975 to enforce a variety of credit-related consumer laws. The Office licenses lenders, creditors and collectors; conducts periodic examinations of creditors to determine compliance with state laws; and responds to consumer complaints and inquiries. The Office also conducts educational seminars and provides speakers to advise consumers and creditors of their legal rights and responsibilities.