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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)

State Announces New Guide to Elder Financial Protection

October 15, 2008

FOR IMMEDIATE RELEASE: Contact: David Leach, Principal Examiner Bureau of Consumer Credit Protection (207) 624-8527

AUGUSTA, MAINE - State officials have announced the release of a new, comprehensive consumer protection resource titled Downeaster Guide to Elder Financial Protection. The first copies were distributed during today’s Blaine House Conference on Aging at the Augusta Civic Center. This free, 32-page publication provides proven strategies and practical financial advice for seniors and their caregivers.

Produced and distributed by the Department of Professional and Financial Regulation’s Bureau of Consumer Credit Protection, this latest in a series of Downeaster Guides covers a broad range of current topics and problems that confront seniors in Maine and across the country, including how to recognize financial and investment scams, stop and report elder financial exploitation, reduce telemarketing calls, avoid identity theft, eliminate junk mail and order free credit reports.

“This booklet was created with input from financial services regulators throughout State government who address elder issues every day,” said David Leach, Principal Examiner at the Bureau of Consumer Credit Protection and the Guide’s co-author. “Elder citizens speak with the Bureau’s staff virtually every day about the subjects covered in this new publication.”

“During outreach events at senior citizen centers and on our consumer hotline, seniors regularly seek guidance to stop unwanted junk mail and telemarketing calls, avoid scams and elder exploitation, and identify the numerous resources available to Maine seniors. Their questions and requests for assistance underscore the urgent need for comprehensive resources that are easy to access and use.”

The Downeaster Guide to Elder Financial Protection is available without cost to Maine residents by calling toll-free 1-800-332-8529 (1-800-DEBT-LAW). It can also be found online at the Bureau of Consumer Credit Protection’s website (www.Credit.Maine.gov) under “Publications.”

“Given ongoing economic worries and uncertainty, it has never been more important for seniors to understand identity theft, to deal effectively with pushy telemarketers and to guard against financial exploitation,” stated William Lund, Superintendent of the Bureau. “These are necessary skills for all Maine people, but especially older residents who are seen as prime targets. The Downeaster Guide contains valuable information that Maine elders can use to protect themselves from scammers who seek to financially harm our State’s growing senior population.”

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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.