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Advisory Rulings

The Bureau of Consumer Credit Protection issues advisory rulings clarifying various aspects of the Consumer Credit Code, Fair Credit Reporting Act and the Fair Debt Collection Practices Act.

Consumer Credit Code / Debt Collection / Credit Reporting

Consumer Credit Code

Ruling # Topic DOC version
#1 Single payment notes of $1,000 or less. download
#2 Elimination of 30 and 15 day retro credit insurance plans. download
#3 Consolidation of credit sales; Right to Cure subsequent defaults. download
#4 Whether Right to Cure is required on more than one occasion.  The extent to which consumer loans secured by real estate are covered by the Code. download
#5 Interpretation of "Agricultural Purposes." download
#6 Whether a law firm is subject to Code. download
#7 Whether a licensed collection agency is subject to the Code
#8 - (Repealed - See #58)
#9 - (Repealed - See #58)
#10 - (Repealed - See #58)
#11 - (Repealed - See #58)
download
#12 Security Interests - Consumer Credit Sales. Reference to deficiency judgements and attorney fees in contract forms.
#13 - (Repealed - See #58)
download
#14 Right to Cure Notice, re: Set off actions. download
#15 Qualification for Consolidation Loans.  Applicability of 2-308(3) to loans made prior to enactment of Code. download
#16 Whether or not foreign corporations may be licensed as a "Supervised Lenders." download
#17 Restrictions on Deficiency Judgments. download
#18 Minimum charges permitted for consumer loans. download
#19 Identifying waiver notice under the UCC to avoid confusion with the Notice to Cure under the Code. download
#20 Security interests arising by operation of law - applicability of rescission provisions of T.I.L. to well drillers. download
#21 Clarification of $500 limitation on sale of property insurance. download
#22 Notice of Right to Cure.  Applicability to transactions made prior to the enactment of the Code. download
#23 Repealed See AR #88 download
#24 Advertising relating to simple interest loans. download
#25 5% discounts not a finance charge if granted to cash and credit customers alike if no credit card involved. download
#26 Repossession of automobile when transaction made outside of State. download
#27 Language in contract forms referencing attorney fees if APR below 12 1/4%. download
#28 Whether a creditor can rewrite a single payment note of 12 1/4% or less into an installment note over 12 1/4% and raise the rate by more than 1/4 or 1%. download
#29 Recovery of attorney fees by credit or following default on credit sales. download
#30 Whether or not a cause of action arising under Maine's T.I.L. law prior to June 12, 1975 could be initiated after June 25, 1975. download
#31 Minimum charge - Open End Credit. download
#32 Prejudgment Attachments & Mechanic's Lien. download
#33 (Repealed - See Bureau Rule 02-030-190) download
#34 Rebate Procedures. download
#35 Balloon payments. download
#36 (Repealed - See AR #88) download
#37 of official fees. download
#38 Late charge vs. finance charge regarding credit extended by insurance agencies. download
#39 Skip payment provision in credit contracts constitutes balloon payments. download
#39A Further clarification of letter 39. download
#40 Notice requirements on secured and unsecured transactions. download
#41 (Repealed - See AR #52) download
#42 charges on refinancing. download
#43 (Repealed - See AR #52) download
#43A (Repealed - See AR #52) download
#44 Refinancing single payment Notes. download
#45 Variable rate transactions. download
#46 Automatic late charge increases upon adjustment of dollar amounts. download
#47 Method of assessing finance charges on open-end accounts. download
#48 (Revised - See AR #71) Clarification of right to cure procedures for insurance premium loans. download
#49 (Repealed See AR #88) download
#49A (Repealed See AR #88) download
#50 Imposition of finance charge - merchandise certificates. download
#51 Prohibition of N.S.F. check fees. download
#52 Revocation of AR's 41, 43, 43A download
#53 Increase in monthly payments doesn't trigger notice requirements. download
#54 Closing of supervised loans at attorney's office. download
#55 >(Repealed - See AR #88) download
#56 Buydown arrangements - Code implications. download
#57 Refinancing agricultural transactions. download
#58 Late Charge vs. Finance Charge Fuel Deal. download
#59 Maximum Finance Charges - Mobile Home transactions. download
#60 1st lien exemption. download
#60A Future advance clauses in first lien mortgages. download
#61 Maximum Finance Charges - Mobile Home transactions. download
#62 (Repealed - See AR #88) download
#63 Disclosure of unit cost of insurance on open end credit. download
#64 License not required for assignees merely taking assignments. download
#65 Subsequent change in dollar amounts do not affect initial contracts. download
#66 (Repealed - See AR #88) download
#67 Motion for relief from automatic stay costs (U.S. Bankruptcy Court), not prohibited. download
#68 SFO's making ERISA loans - do not need supervised lender's license. download
#69 Disclosure of total of payments - demand loans, in notice to co-maker. download
#70 Refinancing of residential mortgage transactions. download
#71 Revision of AR 48, Right to Cure procedure for insurance premium finance transactions. download
#72 Annual fees - lender credit card. download
#73 Graduated payment adjustable mortgage loans - repayment schedules may violate 3-308. download
#74 (Repealed - See AR #88) download
#75 Annual charges on lender credit cards. download
#76 Impact of §3-310 on adjustable rate mortgage instruments with fixed rate conversion options. download
#77 Extent of exclusion of certain mortgage loan documents from the requirements of Maine's "Plain Language" law. download
#77A Modification of effective date of AR #77. download
#78 of exemption of certain student loan programs from §1-202(7). download
#79 Consumer's choice of attorney in residential mortgage transaction. download
#80 Supervised lender licensing requirements for assignees under §2-301(2). download
#81 Late charges in consumer credit transactions in which no finance charge is imposed. download
#82 Disclosure of additional payments in variable rate transactions. download
#83 Limitation of lessee's liability at end of lease. download
#84 Interaction of variable rate consumer credit transactions and rules of re-financing. download
#85 Refinancing balloon obligations. download
#86 Fees charged for servicing mortgage escrow accounts, §3-312. download
#87 Cosigner notices for joint open-end account holders. download
#88 Revisions in AR #1 - #87. download
#89 Code prohibition of pre-payment penalties (§2-509) and Federal Housing Administration Mortgages. download
#90 Applicability of §3-311 ("Bring-Your-Own-Layer-Law") to all forms of real estate secured lending. download
#90A Supplement to AR #90, applicability of §3-311 to real estate-secured lending in which the lender absorbs the coast of title examination. download
#91 Miscellaneous Truth-In-Lending Disclosure issues in real estate transactions. download
#92 Advertising weekly payments under a monthly amortizing repayment plan. download
#93 Automobile repossession accounting "Overallowance." download
#94 Territorial applications; loans closed in attorney's office. download
#95 Credit amount returned check charges. download
#96 FNMA "Two Step" mortgage program. download
#97 Notice of Right to Cure Default (weekly auto payments). download
#98 Credit sale of land not supervised loan. download
#99 Public Law 237 (1991); An Act to Authorize Recovery of Certain Collection Costs." download
#100 Secured credit cards. download
#101 Schedule of payments. download
#102 Open-end credit not secured by real estate. download
#103 Conversion to daily periodic rate - home equity loans. download
#104 Involuntary unemployment (loss of income) credit insurance. download
#105 Optical Imaging. download
#106 Disclosures of reverse mortgages and consumer leases. download
#107 Repossession fees in connection with consumer lease transactions. download
#108 Real estate mortgage escrow account. download
#109 Deferral of First Periodic Payment. download
#110 Odd Days or Per Diem Interest download
#111 Exclusion of HELOCs from definition of “sub-prime loan” download
#112

Computation of “Total Loan Amount”

download
#113

“Ability to Pay” under Bureaus’ Joint Rule: Guidelines for Determining Reasonable, TangibleNet Benefit and Ability to Pay(Chapters 550 and 144)

download
#114 Changes to the Bureau of Financial Institutions Regulation 44 and Bureau of Consumer Credit Protection Chapter 550, “Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay” and the “tangible net benefit” form as the result of recent amendments to the Act to Protect Maine Homeowners from Predatory Lending download
#115 Treatment of Construction to Permanent Loans download
#116 "Convenience" HELOC's download
#117 The Conforming Law and its effect on previous Joint Advisory Rulings and the Tangible Net Benefit and Ability to Pay Rule download
#118 Closed-end credit disclosures: Compliance guidance in light of the Federal Reserve's Interim TIL Rule published September 24, 2010 (75. Reg. 58470). download
#119 Merchant discounts do not violate Surcharge Prohibitions download
#120 Whether the Bureau of Consumer Credit Protection is a "judicial body" download

Collection Agency Advisory Rulings

Ruling # Topic DOC version
CAAR #1 Collection of delinquent loans by a municipality. download
CAAR #2 Applicability of Maine colleciton law to bank servicing of loans originated by others. download
CAAR #3 Fee relationship with attorneys. download
CAAR #4 Segregation of Maine creditors' collections in trust accounts. download

Maine Fair Credit Reporting Act Advisory Ruling

Ruling # Topic DOC version
FCRA-AR 89-1 Explanation of extenuating circumstances download
FCRA-AR 16-1 Consumer Report Security Freezes download