An Act To Implement the Recommendations of the Committee To Study the Revenue Sources of the Office of Consumer Credit Regulation LR 2665(02)
Maine Legislature, Session 121, LD 1910
Committee Amendment CA_A_S488 (Senate)

COMMITTEE AMENDMENT "A· to S.P. 751, L.D. 1910, Bill, "An 
Act To Implement the Recommendations of the Committee To Study 
the Revenue Sources of the Office of Consumer Credit Regulation" 
Amend the bill by inserting after the enacting clause the 
following: 
'Sec. 1. 9·A MRSA §6·203, sub.§3.B, as enacted by PL 1993, c. 
268, §2, is repealed and the following enacted in its place: 
3-B. 
Notwith~anding subsections 2 and 3, lenders regulateq 
~he Office of Consumer Credit Regulation who are supervised 
lenders making loans secured by an interest in land shall pay ~ 
volume fee on the original unpaid balances arising from consumer 
credit 
transactions 
entered 
into 
in 
this 
State 
during 
the 
previous calendar year of: 
A. 
Fifteen dollars for each $100,000, or part thereof, if; 
the fund balance of the Office of Consumer Credit Regulation 
as of October 1st of the previous calendar year exceeds 125% 
of the office's current annual budget; or 
B. 
Twenty dollars for each $100,000, or part thereof, if 
the fund balance of the Office of Consumer Credit Regu~ation 
as of October 1st of the previous calendar year does 
nqJ;,. 
exceed 125% of the office's current annual budget.' 
Further amend the bill in section 2 by striking out all of 
the 2nd sentence (page 1, lines 21 to 25 in L.D.) and inserting 
in its place the following: 
Page l-LR2665(2) 
COMMITTEE AMENDMENT 
t." 
~ 
COMMITTEE AMENDMENT "A" to S.P. 751, L.D. 1910 
'The 
recommendations must be submitted to the joint 
committee of the Legislature having jurisdiction over 
and financial services matters and the joint standing 
of the Legislature having jurisdiction over business, 
and economic development matters on or before January 5, 
standing 
insurance 
committee 
research 
2005. ' 
Further amend the 
nonconsecutive 
consecutively. 
Part 
bill by relettering 
letter 
or 
section 
or renumbering 
number 
to 
any 
read 
SUMMARY 
This amendment adds a provision to the bill to require that 
the volume fee for mortgage lenders be reduced by $5 per $100,000 
of debt for the current year if the surplus in the dedicated fund 
balance for 
the Office of 
Consumer Credit Regulation as of 
October 1st of the preceding calendar year exceeds 125°-t> of the 
office's annual budget for operating expenses. 
The amendment also clarifies that the recommendations of the 
Office of 
Consumer Credit Regulation regarding licensing and 
registration 
fees 
must 
be 
submitted 
to 
the 
Joint 
Standing 
Committee 
on 
Insurance 
and Financial Services 
and 
the Joint 
Standing Committee on Business, Research and Economic Development. 
FISCAL ~OTE REQt.;IRED 
(See attached) 
COMMITTEE AMENDMENT 
Revenue 
Other Special Revenue Funds 
,seal Detail and Notes 
Approved: 03/29/04 frac:.. 
Office of Fiscal and Program Review 
LD 1910 
An Act To Implement the Recommendations of the Committee To Study 
the Revenue Sources of the Office of Consumer Credit Regulation 
LR 2665(02) 
Fiscal Note for Bill as Amended by Committee Amendment A 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
2003-04 
$0 
2004-05 
($175,000) 
Projections 
2005-06 
$0 
Projections 
2006-07 
$0 
Additional costs to the Department of Professional and Financial Regulation in implementing this legislation can be 
absorbed utilizing existing budgeted resources. The bill's provision requiring a reduction in fees if the balance in the 
dedicated account of the Office of Consumer Credit Regulation exceeds 125% of operating expenses is assumed to be 
triggered for state fiscal year 2004-05, resulting in a reduction in Other Special Revenue Funds collections of 
$175,000. The impact on collections resulting from granting the Administrator the authority to adjust volume fees 
cannot be determined at this time. 
LR2665(2) - Fiscal Note - Page 1 of 1