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Barbara Reid Alexander (207)289-3731
Offices located at:
Harry W. Giddinge Central Building
DEPUTY SUPERINTENDENT Hallowell Annex
DEPARTMENT OF BUSINESS REGULATION
BUREAU OF CONSUMER CREDIT PROTECTION
STATE HOUSE STATION 35
AUGUSTA, MAINE 04333
ADVISORY RULING #67
JUNE 24, 1982
June 24, 1982
You have asked whether costs incurred in filing a motion for relief from the automatic stay provision of the U.S. Bankruptcy Code are prohibited by Section 2-507 of the Consumer Credit Code. In keeping with the Bureau's interpretation of "collection costs," court costs, such as filing fees, are not prohibited. All other costs, such as attorney's fees or document preparation fees, are within the purview of the rule and, therefore, not allowed. See Advisory Ruling #52 and Section 3-402 of the Consumer Credit Code.
This result is not contradicted by the Bankruptcy Code. Section 506(b) allows recovery of costs to the extent the agreement or contract allows. Agreements drafted to comply with the Maine Consumer Credit Code do not allow attorney's fees for supervised loans, but do allow for reasonable expenses incurred in realizing on the collateral. Filing fees to secure a relief from stay might be reasonably included in the "expenses of retaking, holding, preparing for sale, and sale." The Bureau is not, of course, prepared or authorized to give you an official interpretation of the Bankruptcy Code.
I hope this responds to your request.
/s/ Barbara R. Alexander
Barbara R. Alexander