An Act To Ensure Equity in Mortgage Volume Fees LR 1647(02)
Maine Legislature, Session 121, LD 0969
Committee Amendment CA_A_S186 (Senate)
Committee: Business, Research and Economic Development, one who is a member of the Senate appointed by the President of t
Amends: 9-A MRSA §6

COMMITTEE AMENDMENT "A" to s. P. 310, L.D. 969, Bill, "An 
Act To Ensure Equity in Mortgage Volume Fees" 
Amend the bill by striking out everything after the enacting 
clause and before the summary and inserting in its place the 
following: 
'Sec. 1. 9-A MRSA §6-203, sub-§2, as amended by PL 1993, c. 
268, §l, is further amended to read: 
2. 
Persons required to file notification who are sellers, 
lessors or lenders shall pay an additional fee, at the time and 
in the manner stated in subsection 1, of $25 for each $100,000, 
or part thereof, of the original unpaid balances arising from 
consumer credit transactions entered into in this State within 
the preceding calendar year and held either by the seller, lessor 
or lender for more than 30 days after the inception of the sale, 
lease or loan giving rise to the obligations, or by an assignee 
who has not filed notification. 
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Sec. 2. 9-A MRS A §6-203, sub-§2-A is enacted to read: 
2-A. 
For purposes of assessing fees under this section, a 
refinancing of 
a 
sale, 
lease or 
loan made 
by 
the original 
Page I-LRI647(2) 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT '1f" to S.P. 310, L.D. 969 
credi tor of the obligation that results in an increase in the 
amount of an obligation over the unpaid principal balance of the 
prior sale, lease or loan is considered a new sale, lease or loan 
to the extent of the amount of the increase, and volume fees must 
be paid on the amount of the increase. 
Volume fees must be paid 
on the full amount of a refinancing of a sale, lease or loan made 
by a creditor other than the original creditor. 
Sec. 3. Committee to Study the Revenue Sources of the Office of 
Consumer Credit Regulation. 
The Committee to Study the Revenue 
Sources of the Office of Consumer Credit Regulation, referred to 
in this section as "the committee," is established. 
1. 
follows: 
Membership. 
The committee consists of 14 members, as 
A. Two members of the Joint Standing Committee on Business, 
Research and Economic Development, one who is a member of 
the Senate appointed by the President of the Senate and one 
who is a member of the House of Representatives appointed by 
the Speaker of the House of Representatives; 
B. Two members of the Joint Standing Committee on Insurance 
and Financial Services, one who is a member of the Senate 
appointed by the President of the Senate and one who is a 
member of the House of Representatives appointed by the 
Speaker of the House of Representatives; 
C. The Commissioner of Professional and Financial Regulation 
or the commissioner's designee; 
D. The director of the office; 
E. Four persons appointed by the Speaker of the House of 
Representatives as follows: 
one person who represents the 
nonbank mortgage lending industry, one person who represents 
automobile dealers or automobile sales finance companies, 
one person who represents debt collectors and one person who 
represents credit reporting agencies; and 
F. Four persons appointed by the President of the Senate as 
follows: one person who represents mortgage loan servicers, 
one person who represents credit services organizations or 
loan brokers and 2 members of the general public who have 
utilized the services of the office. 
All appointments required by this subsection must be made no 
later than 30 days following the effective date of this Act. 
The 
appointing authorities shall notify the Executive Director of the 
Legislative Council once all appointments have been completed. 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT "A" to S.P. 310, L.D. 969 
Within 15 days after appointment of all members, the chairs shall 
call and convene the first meeting of the committee. 
2. 
Chairs. 
The first-named Senator is the Senate chair of 
the committee and the first-named member of the House is the 
House chair of the committee. 
3. 
Duties. 
The committee shall study the following issues: 
A. The duties associated with regulating the various types 
of businesses and individuals whose activities come within 
the 
jurisdiction of 
the 
Department 
of Professional 
and 
Financial Regulation, Office of Consumer Credit Regulation, 
referred to in this section as "the office"; 
B. 
The 
resources 
of 
time 
and 
expenditures 
required 
to 
perform those duties under paragraph A, including a review 
of 
the 
costs 
of 
administering 
laws 
and 
regulations 
applicable to licensed and registered companies 
and the 
costs of regulating unlicensed or unregistered companies; 
the costs of receiving, 
analyzing and resolving consumer 
complaints 
and 
conducting 
compliance 
examinations; 
responding 
to 
requests 
from 
regulated 
parties 
for 
information, interpretations and rulings; participating in 
the 
legislative 
process; 
responding 
to 
legislative 
initiatives; and conducting consumer education and outreach 
activities. The analysis of consumer complaints must include 
an evaluation of the number and sources of complaints filed 
with the office over the most recent 5-year period, the time 
taken to resolve those complaints and the outcome of the 
complaints; 
C. 
The sources and amounts of revenue collected by the 
office, 
including 
a 
review of the current creditor and 
nonbank lender volume fee structure, as well as the various 
license 
and 
registration 
fees, 
compliance 
examination 
reimbursement assessments, investigatory cost reimbursement 
assessments and all other sources of revenue; and 
D. 
The relationship over the most recent 10-year period 
between the actual costs of administering the office and the 
amount of revenue collected by the office. 
That analysis 
must include a 
review of the unexpended balances carried 
forward by the office in each fiscal year and the amount and 
purposes of any transfers from the office's budget to other 
state agencies for overhead or other administrative purposes. 
The committee may make recommendations in its report on any issue 
in this subsection, 
including recommendations on amending the 
existing creditor and nonbank lender volume fee structure. 
COMMITTEE AMENDMENT 
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COMMITTEE AMENDMENT "A" to S.P. 310, L.D. 969 
4. 
Staffing and meetings. 
Upon approval of the Legislative 
Council, the Office of Policy and Legal Analysis shall provide 
staffing services to the committee. 
The committee is authorized 
to meet 3 times to conduct the duties set forth in subsection I 
and to prepare the report referenced in subsection 6. 
5. 
Compensation. 
Members 
of 
the 
committee 
who 
are 
Legislators are entitled to the legislative per diem, as defined 
in 
the 
Maine 
Revised 
Statutes, 
Title 
3, 
section 
2, 
and 
reimbursement 
for 
necessary 
expenses 
incurred 
for 
their 
attendance 
at 
authorized 
meetings 
of 
the 
committee. 
Other 
members of the committee who are not otherwise compensated by 
their 
employers 
or 
other entities 
that 
they 
represent 
are 
entitled to receive reimbursement of necessary expenses and, upon 
a demonstration of financial hardship, a per diem equal to the 
legislative per diem for their attendance at authorized meetings 
of the committee. 
6. 
Report. 
The committee shall submit a 
report to the 
Joint Standing 
Committee 
on 
Business, 
Research 
and 
Economic 
Development and to the Joint Standing Committee on Insurance and 
Financial 
Services 
no 
later 
than 
December 
10, 
2003. 
The 
committee may submit legislation to the Legislature to implement 
its recommendations not later than January 5, 
2004. 
If the 
committee requires a limited extension of time to complete its 
report, it may apply to the Legislative Council, which may grant 
the extension. 
7. 
Funding. 
All costs of the committee are funded using 
unobligated Other Special Revenue funds within the office. 
Sec. 
4. 
Appropriations 
and 
allocations. 
appropriations and allocations are made. 
LEGISLA"roRE 
Committee to Study the Revenue 
Sources of the Office of Consumer 
Credit Regu1ation 
The 
following 
Initiative: 
Provides for the allocation of funds to authorize 
operating expenditures to support the costs of the committee. 
These funds are derived from unobligated dedicated funds that 
will be transferred from the Office of Consumer Credit Regulation 
in the Department of Professional and Financial Regulation to the 
Legislature at the beginning of the fiscal year. 
COMMITTEE AMENDMENT 
,~. 
~~ 
. 
COMMITTEE AMENDMENT ,it" to s. P. 310, L.D. 969 
Other Special Revenue Funds 
Personal Services 
All Other 
Other Special Revenue Funds Total 
SUMMARY 
2003-04 
$660 
2,550 
$3,210 
2004-05 
$0 
o 
$0' 
This amendment replaces the bill. 
The amendment enacts a 
provision clarifying the State's policy on payment of volume fees 
upon refinancing a 
sale, 
lease or loan. 
The 
amendment also 
creates the l4-member Committee to Study the Revenue Sources of 
the Office of Consumer Credit Regulation. 
The 
committee is 
funded from Other Special Revenue funds within the Department of 
Professional and Financial Regulation, Office of Consumer Credit 
Regulation and is required to submit its report to the Joint 
Standing Committee on Business, Research and Economic Development 
and to the Joint Standing Committee on Insurance and Financial 
Services no later than December 10, 2003. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
• 
Approved: 05114/03 frac 
12lst Maine Legislature 
Office of Fiscal and Program Review 
LD969 
An Act To Ensure Equity in Mortgage Volume Fees 
LR 1647(02) 
Fiscal Note for Bill as Amended by Committee Amendment '/tIt 5-/ ~ 
Committee: Business, Research and Economic Development 
Fiscal Note Required: Yes 
Fiscal Note 
Current Costs - Legislative Study - Other Special Revenue Funds 
Appropriations/Allocations 
Other Special Revenue Funds 
Fiscal Detail and Notes 
2003-04 
$3,210 
2004-05 
$0 
Projections 
2005-06 
$0 
Projections 
2006-07 
This bill creates a 14 member study committee and will require an allocation of Other Special Revenue funds of· 
$3,210 in fiscal year 2003-04 to authorize operating expenditures from dedicated funds that will be transferred from 
the Office of Consumer Credit Regulation in the Department of Professional and Financial Regulation. This 
legislation specifies that all costs of the committee are ftmded utilizing unobligated Other SpecIal Revenue funds and 
it is recommended that specific transfer language be included in the bill requiring the department to transfer funds at 
the beginning of the fiscal year to the Legislature for the costs of the study. Any additional costs to the Department of 
Professional and Financial Regulation in implementing this bill can be absorbed by the department utilizing existing 
budgeted resources. 
LRl647(2) - Fiscal Note - Page 1 of 1