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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 Advisory Rulings
AR 1 - AR 25 +- AR 1: Single payment notes of $1,000 or less (DOC)
- AR 2: Elimination of 30 and 15 day retro credit insurance plans (DOC)
- AR 3: Consolidation of credit sales; Right to Cure subsequent defaults (DOC)
- AR 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 (DOC)
- AR 5: Interpretation of "Agricultural Purposes (DOC)
- AR 6: Whether a law firm is subject to Code (DOC)
- AR 7: Whether a licensed collection agency is subject to the Code (DOC)
- AR 8: Repealed (See AR 58)
- AR 9: Repealed (See AR 58)
- AR 10: Repealed (See AR 58)
- AR 11: Repealed (See AR 58)
- AR 12: Security Interests - Consumer Credit Sales. Reference to deficiency judgements and attorney fees in contract forms (DOC)
- AR 13: Repealed (See AR 58)
- AR 14: Right to Cure Notice, re: Set off actions (DOC)
- AR 15: Qualification for Consolidation Loans. Applicability of 2-308(3) to loans made prior to enactment of Code (DOC)
- AR 16: Whether or not foreign corporations may be licensed as a "Supervised Lenders" (DOC)
- AR 17: Restrictions on Deficiency Judgments (DOC)
- AR 18: Minimum charges permitted for consumer loans (DOC)
- AR 19: Identifying waiver notice under the UCC to avoid confusion with the Notice to Cure under the Code (DOC)
- AR 20: Security interests arising by operation of law - applicability of rescission provisions of T.I.L. to well drillers (DOC)
- AR 21: Clarification of $500 limitation on sale of property insurance (DOC)
- AR 22: Notice of Right to Cure. Applicability to transactions made prior to the enactment of the Code (DOC)
- AR 23: Repealed (See AR 88)
- AR 24: Advertising relating to simple interest loans (DOC)
- AR 25: 5% discounts not a finance charge if granted to cash and credit customers alike if no credit card involved (DOC)
Hide AR 1 - AR 25 -
AR 26 - AR 50 +
- AR 26: Repossession of automobile when transaction made outside of State (DOC)
- AR 27: Language in contract forms referencing attorney fees if APR below 12 1/4% (DOC)
- AR 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% (DOC)
- AR 29: Recovery of attorney fees by credit or following default on credit sales (DOC)
- AR 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 (DOC)
- AR 31: Minimum charge - Open End Credit (DOC)
- AR 32: Prejudgment Attachments & Mechanic's Lien (DOC)
- AR 33: Repealed (See Bureau Rule ch. 190)
- AR 34: Rebate Procedures (DOC)
- AR 35: Balloon payments (DOC)
- AR 36: Repealed (see AR 88)
- AR 37: Filing Fee Requirements 11, M.R.S.A., Section 9-302 Uniform Commercial Code (DOC)
- AR 38: Late charge vs. finance charge regarding credit extended by insurance agencies (DOC)
- AR 39: Skip payment provision in credit contracts constitutes balloon payments (DOC)
- AR 39A: Further clarification of letter 39 (DOC)
- AR 40: Notice requirements on secured and unsecured transactions (DOC)
- AR 41: Repealed (See AR 52)
- AR 42: Charges on refinancing (DOC)
- AR 43: Repealed (See AR 52)
- AR 43a: Repealed (See AR 52)
- AR 44: Refinancing single payment Notes (DOC)
- AR 45: Variable rate transactions (DOC)
- AR 46: Automatic late charge increases upon adjustment of dollar amounts (DOC)
- AR 47: Method of assessing finance charges on open-end accounts (DOC)
- AR 48: (Revised - See AR #71) Clarification of right to cure procedures for insurance premium loans (DOC)
- AR 49: Repealed (see AR 88)
- AR 49A: Repealed (see AR 88)
- AR 50: Imposition of finance charge - merchandise certificates (DOC)
Hide AR 26 - AR 50 -
AR 51 - AR 75 +
- AR 51: Prohibition of N.S.F. check fees (DOC)
- AR 52: Revocation of AR's 41, 43, 43A (DOC)
- AR 53: Increase in monthly payments doesn't trigger notice requirements (DOC)
- AR 54: Closing of supervised loans at attorney's office (DOC)
- AR 55: Repealed (see AR 88)
- AR 56: Buydown arrangements - Code implications (DOC)
- AR 57: Refinancing agricultural transactions (DOC)
- AR 58: Late Charge vs. Finance Charge Fuel Deal (DOC)
- AR 59: Maximum Finance Charges - Mobile Home transactions (DOC)
- AR 60: 1st lien exemption (DOC)
- AR 60A: 1st lien exemption (DOC)
- AR 61: Maximum Finance Charges - Mobile Home transactions (DOC)
- AR 62: Repealed (see AR 88)
- AR 63: Disclosure of unit cost of insurance on open end credit (DOC)
- AR 64: License not required for assignees merely taking assignments (DOC)
- AR 65: Subsequent change in dollar amounts do not affect initial contracts (DOC)
- AR 66: Repealed (see AR 88)
- AR 67: Motion for relief from automatic stay costs (U.S. Bankruptcy Court), not prohibited (DOC)
- AR 68: SFO's making ERISA loans - do not need supervised lender's license (DOC)
- AR 69: Disclosure of total of payments - demand loans, in notice to co-maker (DOC)
- AR 70: Refinancing of residential mortgage transactions (DOC)
- AR 71: Revision of AR 48, Right to Cure procedure for insurance premium finance transactions (DOC)
- AR 72: Annual fees - lender credit card (DOC)
- AR 73: Graduated payment adjustable mortgage loans - repayment schedules may violate 3-308 (DOC)
- AR 74: Repealed (see AR 88)
- AR 75: Annual charges on lender credit cards (DOC)
Hide AR 51 - AR 75 -
AR 76 - AR 100 +
- AR 76: Impact of 3-310 on adjustable rate mortgage instruments with fixed rate conversion options (DOC)
- AR 77: Extent of exclusion of certain mortgage loan documents from the requirements of Maine's "Plain Language" law (DOC)
- AR 77A: Modification of effective date of AR #77 (DOC)
- AR 78: of exemption of certain student loan programs from 1-202(7) (DOC)
- AR 79: Consumer's choice of attorney in residential mortgage transaction (DOC)
- AR 80: Supervised lender licensing requirements for assignees under 2-301(2) (DOC)
- AR 81: Late charges in consumer credit transactions in which no finance charge is imposed (DOC)
- AR 82: Disclosure of additional payments in variable rate transactions (DOC)
- AR 83: Limitation of lessee's liability at end of lease (DOC)
- AR 84: Interaction of variable rate consumer credit transactions and rules of refinancing (DOC)
- AR 85: Refinancing balloon obligations (DOC)
- AR 86: Fees charged for servicing mortgage escrow accounts, 3-312 (DOC)
- AR 87: Cosigner notices for joint open-end account holders (DOC)
- AR 88: Revisions in AR #1 - #87 (DOC)
- AR 89: Code prohibition of pre-payment penalties ( 2-509) and Federal Housing Administration Mortgages (DOC)
- AR 90: Applicability of 3-311 ("Bring-Your- Own-Layer-Law") to all forms of real estate secured lending (DOC)
- AR 90A: Supplement to AR #90, applicability of 3-311 to real estate-secured lending in which the lender absorbs the coast of title examination
- AR 91: Miscellaneous Truth-In-Lending Disclosure issues in real estate transactions (DOC)
- AR 92: Advertising weekly payments under a monthly amortizing repayment plan (DOC)
- AR 93: Automobile repossession accounting "Overallowance" (DOC)
- AR 94: Territorial applications; loans closed in attorney's office (DOC)
- AR 95: Credit amount returned check charges (DOC)
- AR 96: FNMA "Two Step" mortgage program (DOC)
- AR 97: Notice of Right to Cure Default (weekly auto payments) (DOC)
- AR 98: Credit sale of land not supervised loan (DOC)
- AR 99: Public Law 237 (1991); An Act to Authorize Recovery of Certain Collection Costs" (DOC)
- AR 100: Secured credit cards (DOC)
Hide AR 76 - AR 100 -
AR 101 - AR 120 +
- AR 101: Schedule of payments (DOC)
- AR 102: Open-end credit not secured by real estate (DOC)
- AR 103: Conversion to daily periodic rate - home equity loans (DOC)
- AR 104: Involuntary unemployment (loss of income) credit insurance (DOC)
- AR 105: Optical imaging (DOC)
- AR 106: Disclosures of reverse mortgages and consumer leases (DOC)
- AR 107: Repossession fees in connection with consumer lease transactions (DOC)
- AR 108: Real estate mortgage escrow account (DOC)
- AR 109: Deferral of First Periodic Payment (DOC)
- AR 110: Odd Days or Per Diem Interest (DOC)
- AR 111: Exclusion of HELOCs from definition of “sub-prime loan” (DOC)
- AR 112: Computation of “Total Loan Amount” (DOC)
- AR 113: “Ability to Pay” under Bureaus’ Joint Rule: Guidelines for Determining Reasonable, TangibleNet Benefit and Ability to Pay(Chapters 550 and 144)
- AR 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 (DOC)
- AR 115: Treatment of Construction to Permanent Loans (DOC)
- AR 116: "Convenience" HELOCs (DOC)
- AR 117: The Conforming Law and its effect on previous Joint Advisory Rulings and the Tangible Net Benefit and Ability to Pay Rule (DOC)
- AR 118: Closed-end credit disclosures: Compliance guidance in light of the Federal Reserve's Interim TIL Rule published September 24, 2010 (75. Reg. 58470) (DOC)
- AR 119: Merchant discounts do not violate Surcharge Prohibitions (DOC)
- AR 119A: further guidance RE: 9-A MRS § 8-509(1) "Credit card and Debit card surcharge prohibition"(PDF)
- AR 120: Whether the Bureau of Consumer Credit Protection is a "judicial body" (DOC)
Hide AR 101 - AR 120 -
Collection Agency Advisory Rulings
- CAAR 1: Collection of delinquent loans by a municipality (DOC)
- CAAR 2: Applicability of Maine colleciton law to bank servicing of loans originated by others (DOC)
- CAAR 3: Fee relationship with attorneys (DOC)
- CAAR 4: Segregation of Maine creditors' collections in trust accounts (DOC)