reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-V - EDUCATIONAL REQUIREMENTS

Current through 2024-29, July 17, 2024
1.
Requirements prior to January 31, 2008.
All persons subject to this
				rule who are licensed or registered prior to January 31, 2008 must:
a. Before January 31, 2008, complete a
				minimum of 12 credit-hours of approved courses or tests/examination;
				and
b. During each 12-month
				following January 31, 2008, complete 12 credit-hours of continuing education
				consisting of qualifying courses or tests/examinations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-VI - CERTIFICATION; EDUCATION AND TESTING PROVIDERS

Current through 2024-29, July 17, 2024
1.
Course certification
. Persons subject to this rule will be
				awarded credit only for courses and tests/examinations certified by the OCCR
				prior to instruction or testing. Individuals or companies providing instruction
				or testing can obtain certification by filing with the OCCR the form set forth
				as Attachment "A" hereto, which may from time to time be amended or be provided
				in an electronic version.
2.
Course providers
. The OCCR may request proposals from persons
				qualified to provide courses and tests/examinations. The OCCR may award
				contracts to one or more such persons.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-VII - COSTS

Current through 2024-29, July 17, 2024
The costs of meeting requirements of this rule shall be borne
				  by the persons seeking licensure or renewal of licensure. Nothing in this
				  section shall prevent a loan officer from bearing the costs of his or her own
				  educational requirements.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-VIII - REQUIRED COURSES AND EXAMINATIONS

Current through 2024-29, July 17, 2024
1.
Maine-specific study for both initial and continuing requirements
. For
				any period in which a person subject to this rule is required to undertake 16
				credit-hours of instruction, at least two of the 16 credit-hours must consist
				of a review of Maine laws and regulations. For any period in which a person
				subject to this rule is required to undertake 12 credit-hours of instruction,
				at least one of the 12 credit-hours must consist of a review of Maine laws and
				regulations. Areas of recommended instruction are provided in Attachment "B"
				hereto.
2.
Ethics study
				for both initial and continuing requirements
. For any period in which
				a person subject to this rule is required to undertake 16 credit-hours of
				instruction, at least two of the 16 credit-hours must consist of a study of
				ethics and ethical considerations affecting the mortgage industry. For any
				period in which a person subject to this rule is required to undertake 12
				credit-hours of instruction, at least one of the 12 credit-hours must consist
				of a study of ethics and ethical considerations affecting the mortgage
				industry.
3.
Examinations
. All courses must include a proctored examination or
				other verifiable testing process intended to measure retention of course
				material. The time spent on an examination may be counted among the total
				credit-hours required. A course provider must retain for 24 months proof of
				students' successful completion of examinations and must produce that proof
				upon the request of the OCCR.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-IX - RECIPROCITY

Current through 2024-29, July 17, 2024
If a course and its provider have met the requirements of
				  regulators of mortgage lenders or brokers in another jurisdiction, there is a
				  presumption that the course will be certified by the OCCR. The presumption will
				  not exist for courses designed to be specific to a foreign jurisdiction. Except
				  for the Maine-specific study required by Section
				  VIII above, reciprocity on a
				  credit-hour per credit-hour basis may be granted for courses addressing
				  nationally-relevant subjects.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-X - COURSE FORMAT AND INSTRUCTIONAL MEDIUM

Current through 2024-29, July 17, 2024
Courses may be provided in a video or electronic format and
				  may be certified, so long as the course provider can verify to the satisfaction
				  of OCCR the identity of the student, the student's attendance, completion of
				  the course and satisfactory information retention,
i.e.
,a
				  proctored examination or its equivalent. A course will not be denied
				  certification solely because it is offered by a loan officer's
				  employer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-XI - VERIFICATION/PROOF OF EMPLOYEE EDUCATION

Current through 2024-29, July 17, 2024
When supervised lenders and loan brokers complete biennial
				  license renewal applications, they must certify that persons subject to this
				  rule employed or retained by them have completed or will complete the necessary
				  educational requirements of this rule in a timely manner. At other times, upon
				  request of the OCCR, supervised lenders and loan brokers must provide proof of
				  compliance, either to the OCCR or to a course provider approved by the OCCR.
				  The OCCR may also accept proof of compliance from approved course providers or
				  from persons subject to this rule, and proof may be in written, electronic or
				  another form acceptable to the OCCR.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-XII - PENALTIES

Current through 2024-29, July 17, 2024
Failure to comply with this rule may result in imposition of
				  penalties, including denial or revocation of licensure or registration, and
				  assessment of costs pursuant to 9-A M.R.S.A. §§2 - 303 -A and 10-401,
				  10 M. R.S.A. §§ 8003 and 8003-D, other applicable provisions of
				  law.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Section 030-500-XIII - SUSPENSION OF RULE'S PROVISIONS

Current through 2024-29, July 17, 2024
The Administrator may suspend any provisions of this rule, if
				  the Administrator determines that compliance is impracticable due to
				  unavailability of courses or instructors or other extenuating circumstance.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 500 - CONTINUING EDUCATION REQUIREMENTS FOR INDIVIDUALS REGISTERED AS LOAN OFFICERS, OR LICENSED AS SUPERVISED LENDERS OR LOAN BROKERS › Attachment - ATTACHMENT B

Current through 2024-29, July 17, 2024
State of Maine, Office of Consumer Credit
				  Regulation
Suggested Material for Maine-specific Educational
				  Requirement
Below are suggested topics for the Maine law-specific course
				  requirements of this rule. It is not intended either as an all-encompassing
				  list or as an exclusive list, since appropriate topics for a Maine-specific
				  course will vary over time as new laws are enacted and as lending products and
				  trends develop and change.
1) Maine
				Consumer Credit Code ( 9-A M.R.S.A. sec.1 - 101
et seq.,
hereinafter "the Code"), including Truth-in-Lending, consumer lending
				licensing, loan broker licensing and loan officer registration requirements,
				with particular attention to Article 9 of the Code, titled "Consumer Credit
				Transactions Secured by First-Lien Mortgages".
2) Incorporation of HOEPA high-rate, high-fee
				provisions, and enactment of other anti-predatory lending laws, into Maine law;
				9-A M.R.S.A. Article 8.
3) Maine's
				"funded settlement" law; Title
				 33 M.R.S.A.
				§§521 -
				527.
4) Maine's "Bring your own title attorney"
				law and disclosure; 9-A M.R.S.A. §9 - 303.
5) The requirement for written agreement
				(contract) between a loan broker and a consumer, 9-A M.R.S.A. §10 - 302,
and
the related requirement that a supervised lender
				acting as a loan broker utilize the same type of contract,
				 9-A M.R.S.A.
				§10-102(1)(B)(2).
6) Maine's requirement for payment of
				interest on escrow; 9-A M.R.S.A. § 9-305 and 33 M.R.S.A. §33M.R.S.A.
				§
									504,
				and its prohibition against administrative fees charged to tax and insurance
				escrow accounts that have the effect of reducing the effective yield from the
				payment of interest on escrow.
7)
				The OCCR's Rule, Chapter 250, "Alternative Mortgage Transactions".
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 550 - MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT › Section 030-550-1 - Summary

Current through 2024-29, July 17, 2024
The Bureau of Consumer Credit Protection and the Bureau of
				  Financial Institutions adopted this Chapter in 2007 to delineate the concepts
				  of "reasonable, tangible net benefit" and "ability to pay" set forth in the
				  "Act to Protect Maine Homeowners from Predatory Lending," Chapter 273 of the
				  Public Laws of 2007.
In January 2008, the Maine Legislature passed "An Act
				  Relating to Mortgage Lending and Credit Availability," which included an
				  amendment to the 2007 enactment limiting applicability of the "ability to pay"
				  provision to instances when a subprime mortgage loan is made. In June 2009, the
				  Maine Legislature passed "An Act to Conform State Mortgage Laws with Federal
				  Laws," which repealed the term "subprime mortgage loan" and replaced it with a
				  new term contained in federal law, "higher-priced mortgage loan." The June 2009
				  enactment also replaced the "ability to pay" provision in Maine law with a new
				  "ability to repay" provision modeled after federal law.
In 2011, the Maine Legislature passed Public Law 2011,
				  Chapter 427, "An Act to Amend the Maine Consumer Credit Code To Conform with
				  Federal Law." As a result of this new law, supervised financial organizations
				  and the Maine State Housing Authority are exempt from section 8-506 of the
				  Code, which sets forth enhanced restrictions for certain creditors. One of the
				  enhanced restrictions set forth in section 8-506 is the prohibition against
				  knowingly or intentionally engaging in the act or practice of flipping a
				  residential mortgage loan when making a high-cost mortgage loan or
				  higher-priced mortgage loan. Because supervised financial organizations are no
				  longer subject to this enhanced restriction, the Bureaus are repealing and
				  replacing the rule with this proposed rule that will not apply to supervised
				  financial organizations or the Maine State Housing Authority. For this reason,
				  the proposed rule, when it becomes effective, will no longer be a joint rule
				  administered by both Bureaus; rather, it will be a rule administered by the
				  Bureau of Consumer Credit Protection only. This proposed rule also changes
				  statutory cross-references as a result of the passage of Public Law 2011,
				  Chapter 427. The Bureaus are not proposing any other substantive changes to the
				  rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 550 - MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT › Section 030-550-2 - AUTHORITY

Current through 2024-29, July 17, 2024
1. Title
				9-A M.R.S.
				§1-102(2), which sets
				forth the underlying purposes and policies of the Code and which includes
				simplifying and clarifying the law governing consumer credit.
2. Title 9-A, M.R.S. § 6-104(1)(E),
				which permits the Administrator to adopt, amend, and repeal rules to carry out
				the specific provisions of the Consumer Credit Code.
3. Title 9-A M.R.S. §8 - 504, which
				gives the administrator authority to adopt rules substantially similar to or
				that afford more protection for consumers than those codified in 12 C.F.R.,
				Part 226.
4. Title
				9-A M.R.S. §
										8-506(5), which permits the
				administrator to adopt rules defining with reasonable specificity the
				requirements for complying with the prohibition against knowingly or
				intentionally engaging in the act or practice of flipping a residential
				mortgage loan when making a high-cost mortgage loan or a higher-priced mortgage
				loan.
5. Title
				9-A M.R.S.
				§8-506(7), which
				exempts supervised financial organizations and the Maine State Housing
				Authority from the provisions of § 8-506.
6. Title 9-A M.R.S. §8 - 508, which
				grants rulemaking authority to the administrator to prohibit acts or practices
				in connection with the refinancing of a residential mortgage loan that the
				administrator finds is associated with abusive lending practices or that is
				otherwise not in the interest of the borrowing public.
7. Title
				9-B M.R.S. §
										215,
				which permits the Superintendent of the Bureau of Financial Institutions to
				implement rules relating to the supervision of financial institutions or their
				subsidiaries, or financial institution holding companies or their
				subsidiaries.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 550 - MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT › Section 030-550-3 - Purpose

Current through 2024-29, July 17, 2024
This promulgation repeals and replaces the joint rule, Bureau
				  of Consumer Credit Protection Chapter 550 and Bureau of Financial Institutions
				  Chapter 144, with one rule, administered solely by the Bureau of Consumer
				  Credit Protection, Chapter 550. Accordingly, its scope is limited to creditors
				  other than supervised financial organizations or the Maine State Housing
				  Authority, pursuant to Public Law 2011, Chapter 427, "An Act To Amend the Maine
				  Consumer Credit Code To Conform with Federal Law" as codified in section
				  8-506(7) of the Maine Consumer Credit Code. This promulgation also reflects
				  that the prohibition against flipping applies when a high-cost mortgage loan or
				  higher-priced mortgage loan is made, as set forth in section 8-506(5) of the
				  Maine Consumer Credit Code.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 550 - MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT › Section 030-550-5 - General Provisions

Current through 2024-29, July 17, 2024
1. A creditor may
				not knowingly or intentionally engage in the act or practice of "flipping" a
				residential mortgage loan when making a high-cost mortgage loan or
				higher-priced mortgage loan.
2. The
				factors to be considered by a creditor in determining if a borrower receives a
				reasonable, tangible net benefit must include, but are not limited to, the
				following:
A. Whether the borrower's new
				monthly payment is lower than the total of all monthly obligations being
				financed, taking into account the costs and fees as disclosed on the HUD
				settlement statement, if one is used;
(1) If
				the new or old residential mortgage loan is not a conventional fixed rate
				residential mortgage loan, the borrower's monthly payment is the payment that
				fully amortizes the loan at the fully indexed rate. For open-end credit loans,
				the new monthly payment must be based on the amount drawn by the borrower at
				the time the new residential mortgage loan is made;
(2) In determining whether or not the
				borrower's new monthly payment is lower than the total of all monthly
				obligations being financed, taking into account the costs and fees as disclosed
				on the HUD settlement statement, if one is used, the time for recouping the
				costs and fees as disclosed in the HUD settlement statement, if one is used,
				shall be calculated over a period of three (3) years and this amount shall be
				added to the borrower's new monthly payment. The costs and fees as disclosed on
				the HUD settlement statement, if one is used, shall include all costs and fees,
				whether or not they are incorporated into and financed through the new
				residential mortgage loan(s);
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 550 - MORTGAGE LENDING: GUIDELINES FOR DETERMINING REASONABLE, TANGIBLE NET BENEFIT › Section 030-550-6 - ENFORCEMENT

Current through 2024-29, July 17, 2024
Failure to comply with the provisions of this rule may result
				  in imposition of damages, penalties, and other remedial actions, as set forth
				  in 9-A M.R.S. §§8 - 505, 8 - 506, 8 - 508, and all other applicable
				  provisions of law.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 600 - STUDENT LOANS › Section 030-600-1 - Summary

Current through 2024-29, July 17, 2024
1. This Chapter allows subject lenders to
				provide to student borrowers loans that provide for a schedule of payments of
				principal and/or interest pursuant to which payments are not substantially
				equal to all other payments or pursuant to which the intervals between
				consecutive payments differ substantially. This Chapter also allows subject
				lenders to provide to student borrowers loans that provide for the deferral of
				periodic payments and the accrual of interest and costs during the deferral
				period.
2. This Chapter is
				promulgated jointly by the Bureau of Financial Institutions and the Bureau of
				Consumer Credit Protection because it pertains to financial institutions
				authorized to do business in this State as defined by Title 9-B §
				131(17-A), credit unions authorized to do business in this State as defined by
				Title 9-B § 131(12-A), and supervised lenders, as defined in Title 9-A
				§ 1-301(39). This Chapter only pertains to loans provided to student
				borrowers by subject lenders.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 600 - STUDENT LOANS › Section 030-600-2 - AUTHORITY

Current through 2024-29, July 17, 2024
1. Pursuant to Title
				 9-A M.R.S.A.
				§8-104(4), the
				Administrator may by rule exempt from all or part of Title 9-A any class of
				transactions (other than transactions involving a mortgage described in §
				8-103, sub-§ 1-A, paragraph(P) for which, in the determination of the
				Administrator, coverage under all or part of Title 9-A M.R.S.A. does not
				provide a meaningful benefit to consumers in the form of useful information or
				protection. In determining which classes of transactions to exempt in whole or
				in part under Title
				 9-A M.R.S.A.
				§8-104(4), the
				Administrator shall consider the following factors:
A. The amount of the loans and whether the
				disclosures, right of rescission and other provisions provide a benefit to the
				consumers who are parties to such transactions, as determined by the
				Administrator;
B. The extent to
				which the requirements of Title 9-A M.R.S.A. complicate, hinder or make more
				expensive the credit process for the class of transactions;
C. The status of the borrowers, including:
(1) Any related financial arrangements of the
				borrowers, as determined by the Administrator;
(2) The financial sophistication of the
				borrowers relative to the type of transaction; and
(3) The importance to the borrowers of the
				credit, related supporting property and coverage under Title 9-A M.R.S.A., as
				determined by the Administrator;
D. Whether a loan is secured by the principal
				residence of the consumer; and
E.
				Whether the goal of consumer protection would be undermined by such an
				exemption.
*Pursuant to Public Law 2011, Chapter 427, the
							 provisions of Article 8 of Title 9-A, including § 8-104(4), were repealed.
							 This Public Law replaced Article 8 with a new Article 8-A wherein §
							 8-504(2) provides that rules may contain classifications, differentiations or
							 other provisions and may provide for adjustments and exceptions for any class
							 of transactions subject to Title9-A that in the judgment of the administrator
							 are necessary or proper to effectuate the purposes of Title 9-A, or to prevent
							 circumvention or evasion of or to facilitate compliance with, the provisions of
							 Title 9-A. The Bureaus now rely upon § 8-504(2) as authority for this
							 Chapter.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 600 - STUDENT LOANS › Section 030-600-3 - Purpose

Current through 2024-29, July 17, 2024
1. The purpose of this Chapter is to provide
				a limited exemption from Title 9-A M.R.S.A. §§3 - 308(1) and 3 -
				308(3) to enable lenders to provide student loans to student borrowers that are
				not insured, guaranteed, subsidized or made directly by the federal government,
				a state, a nonprofit private loan guaranty or organization, by an institution
				of higher education itself or through an endowment or trust fund affiliated
				with such institution of higher education.
2. This exemption supersedes the following
				provisions of the Consumer Credit Code.
A.
				Title
				9-A M.R.S.A.
				§3-308(1) provides that
				"... no creditor may contract for or receive payments of principal and/or
				interest pursuant to a schedule of payments under which any one payment is not
				substantially equal to all other payments, excluding any down payment
				receivable by the creditor or under which the intervals between any consecutive
				payments differ substantially."
B.
				Title
				9-A M.R.S.A.
				§3-308(3) provides
				that, "A schedule of payments may provide for the deferral of the first
				periodic payment subsequent to any down payment for a period of not more than
				12 months, except that interest or costs may not accrue in connection with the
				deferral of the first periodic payment if the deferral is for a period of time
				in excess of 90 days."
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 600 - STUDENT LOANS › Section 030-600-4 - Definitions

Current through 2024-29, July 17, 2024
1. For the purpose of this Chapter, the
				following terms have the following meanings:
A. "Cost of attendance" has the same meaning
				as set forth in
				 20-A M.R.S.A.
				§11413(6) and means the
				tuition and fees applicable to a student, together with an estimate of other
				expenses reasonably related to cost of attendance at an institution of higher
				education, including, without limitation, the cost of room and board,
				transportation, books and supplies.
B.
				 "Institution of higher education" has the same meaning as set
				forth in
				 20-A M.R.S.A.
				§11459(3) and means an
				accredited post-secondary institution of higher education located within the
				United States.
C. "Lender" means a
				financial institution authorized to do business in this State as defined in
				 9-B M.R.S.A.
				§131(17-A), a credit
				union authorized to do business in this State as defined by
				 9-B M.R.S.A.
				§131(12-A), and a
				supervised lender, as defined in
				 9-A M.R.S.A.
				§1-301(39).
D. "Student loan" means a loan to a student
				borrower who has attained the age of 18 and who is enrolled at least half time
				in an institution of higher education, the proceeds of which are used to pay
				for the cost of attendance at an institution of higher
				education.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 600 - STUDENT LOANS › Section 030-600-5 - General Provisions

Current through 2024-29, July 17, 2024
1. When providing
				student loans to student borrowers, a lender is exempt from the provisions of
				9-A M.R.S.A. §3 - 308 to the extent that a lender may do any of the
				following:
A. Contract for or receive
				payments of principal and/or interest pursuant to a schedule of payments under
				which any one payment is not substantially equal to all other payments or under
				which the intervals between any consecutive payments differ substantially;
				and
B. Contract for the deferral of
				periodic payments and for the accrual of interest and costs during the deferral
				period.
A lender is exempt from the provisions of 9-A M.R.S.A.
				  §3 - 308 to the extent set forth in paragraphs (A) and (B) above, whether
				  or not the student loan is co-signed or guaranteed by any third party. However,
				  the lender is not exempt from the provisions of 9-A M.R.S.A. §3 - 308 to
				  the extent set forth in paragraphs (A) and (B) above, if a co-borrower is named
				  on the student loan.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 601 - ESTABLISHMENT OF RULES TO IMPLEMENT 9-A M.R.S. ARTICLE 14 AND REQUIREMENT FOR LICENSING OF STUDENT LOAN SERVICERS THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS)

Current through 2024-29, July 17, 2024
The
				adopted version of this chapter by
				filing
				2024-126, eff.
				5/25/2024 is not yet
				available.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS) › Section 030-700-I - Authority

Current through 2024-29, July 17, 2024
Pursuant to
				   9-A M.R.S.
				  §2-302(1), the
				  application fees and licensing periods for supervised lenders are established
				  in law, "[e]xcept as set forth by regulation governing participation in the
				  nationwide mortgage licensing system and registry for mortgage lender licensing
				  ...."
Title 9-A M.R.S. §10 - 201 incorporates identical
				  language as that in § 2-302(1) quoted above, authorizing rulemaking with
				  respect to loan brokers to change the current 2-year license period and to
				  adjust the primary office and branch office application fees.
Title 9-A M.R.S. §6 - 105 -A authorizes the bureau to
				  establish routine, technical rules to transition loan broker and supervised
				  lender licensing to the Nationwide Mortgage Licensing System (NMLS), including
				  rules authorizing NMLS to collect fees and remit those fees to the bureau;
				  authorizing collection of fees by NMLS for its processing costs; authorizing
				  NMLS to process and maintain license records; and authorizing the use of NMLS's
				  uniform forms.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS) › Section 030-700-II - Purpose

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to permit the State of Maine
				  to join the majority of other states in utilizing NMLS for the licensing of
				  supervised lenders and loan brokers. Use of the system will provide improved
				  oversight over the activities of the companies, and will complete the process
				  that was initiated when Maine complied with the provisions of the federal
				  Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) by
				  requiring that all individual mortgage loan originators employed by non-bank
				  supervised lenders or loan brokers become licensed through NMLS. This chapter
				  does not modify the standards for licensing or the applicability of the
				  provisions of the Maine Consumer Credit Code, but rather sets forth the
				  licensing provisions to be utilized henceforth by the bureau.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS) › Section 030-700-III - Definitions

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings:
1. "Supervised
				financial organization" has the same meaning as set forth in
				 9-A M.R.S.
				§1-301(38-A).
2. "Supervised lender" has the same meaning
				as set forth in
				 9-A M.R.S.
				§1-301(39), but for
				purposes of this Chapter, "supervised lender" does not include "supervised
				financial organizations."
3. "Loan
				broker" has the same meaning as set forth in
				 9-A M.R.S.
				§10-102(1).
4. "Nonprofit organization" means an
				organization exempt from taxation under the United States Internal Revenue
				Code, Section 501(c)(3) and engaged in the financing of housing for low-income
				people under a program designed specifically for that purpose.
5. "Exempt Company" means a company that is
				not required to obtain a supervised lender or loan broker license from the
				State of Maine, but that employs one or more individuals required to be
				licensed as mortgage loan originators.
6. "Nationwide Mortgage Licensing System,"
				herein referred to as "NMLS," means the nationwide mortgage licensing system
				and registry for mortgage lender licensing and loan brokering referred to in
				9-A M.R.S. §§2 - 302 and 10 - 201.
7. "Administrator" means the Superintendent
				of the Bureau of Consumer Credit Protection.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS) › Section 030-700-IV - General Provisions

Current through 2024-29, July 17, 2024
1.
Limitation
				to mortgage activity.
This rule applies only to supervised lenders and
				loan brokers whose activities include making or arranging residential mortgage
				loans. The rule does not apply, for example, to supervised lenders that make
				only unsecured, personal loans, or to loan brokers that solely arrange for the
				origination of tax refund anticipation loans.
2.
Administrative authority granted to
				NMLS.
To effectuate the transition of loan broker and supervised lender
				licensing to NMLS, NMLS is authorized to collect fees and remit those fees to
				the bureau; collect fees for its processing costs; process and maintain license
				records; and require use of NMLS uniform electronic and paper forms.
3.
Licensing periods
a.
Supervised lenders.
Previously, licenses were granted for a 2-year period and expired on September
				30th. Effective with this rule, licenses are granted
				for a 1-year period and expire on December
				31st.
b.
Loan brokers.
Previously, licenses were granted for a 2-year
				period and expired January 31st. Effective with this
				rule, licenses are granted for a 1-year period and expire on December
				31st.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 701 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES FOR MAINE'S CHECK CASHER/CURRENCY EXCHANGER REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE REGISTRATION SYSTEM (NMLS) › Section 030-701-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				  32 M.R.S.
				  §6133(4)(B) authorizes
				  the administrator to establish, by routine technical rule, fees to apply for or
				  to renew check casher/currency exchanger registrations, except that for any
				  individual location the fee for an initial application may not exceed $500 and
				  the fee for a renewal may not exceed $500. Renewal applications received after
				  the registration expiration date are subject to a late fee of $100.
Title
				  32 M.R.S.
				  §6133(3) and (4)
				  authorize the administrator to establish routine technical rules to move check
				  casher/currency exchanger registration to the Nationwide Multistate Licensing
				  System (NMLS), including rules authorizing NMLS to collect fees and remit those
				  fees to the Bureau; authorizing collection of fees by NMLS for its processing
				  costs; authorizing NMLS to process and maintain registration records; and
				  authorizing the use of NMLS's uniform forms.
Title
				  32 M.R.S.
				  §6133(4) authorizes the
				  administrator to establish routine technical rules to establish application
				  requirements for check casher/currency exchangers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 701 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES FOR MAINE'S CHECK CASHER/CURRENCY EXCHANGER REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE REGISTRATION SYSTEM (NMLS) › Section 030-701-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this chapter is to permit the State of Maine
				  to utilize NMLS for registration of all check casher/currency exchangers. Use
				  of the system will provide improved oversight over the activities of the
				  companies, will simplify recordkeeping, and will standardize processes for all
				  check casher/currency exchangers registered in Maine. This chapter does not
				  modify the standards for registration or the applicability of the provisions of
				  the
Maine Check Cashing and Foreign Currency Exchange Act
, but
				  rather sets forth the registration provisions to be used henceforth by the
				  Bureau.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 701 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES FOR MAINE'S CHECK CASHER/CURRENCY EXCHANGER REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE REGISTRATION SYSTEM (NMLS) › Section 030-701-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this chapter, the following terms have the
				  following meanings:
A. "Check
				casher/currency exchanger" means an entity required to be registered to perform
				check cashing or currency exchange under
				32 M.R.S.
				§6131
et seq
.
B. "Nationwide Multistate Licensing System,"
				herein referred to as "NMLS," means the nationwide multi-state licensing system
				and registry for mortgage lender licensing and loan brokering referred to in
				9-A
				M.R.S. §13-102(8)
				(previously the "Nationwide Mortgage Licensing System").
C. "Administrator" means the Superintendent
				of the Bureau of Consumer Credit Protection.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 701 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES FOR MAINE'S CHECK CASHER/CURRENCY EXCHANGER REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE REGISTRATION SYSTEM (NMLS) › Section 030-701-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A.
Administrative authority granted to NMLS.
To effectuate the
				transition of all check casher/currency exchanger registrations to NMLS, NMLS
				is authorized to collect fees and remit those fees to the Bureau; collect fees
				for its processing costs; process and maintain registration records; and
				require use of NMLS uniform electronic and paper forms.
B.
Registration period for check
				casher/currency exchanger.
Registrations for check casher/currency
				exchangers are granted for a 1-year period commencing January
				1st and expiring on December
				31st.
C.
Registration periods for check casher/currency exchangers that hold a
				valid Maine registration for 2023.
a.
Transitional period.
The period from November 1, 2023 through
				December 31, 2023 is considered a transitional period, during which all
				registered check casher/currency exchangers will have the obligation to
				transition from the State of Maine's registration system and must obtain
				registrations through NMLS.
b.
One-month
late
transitional period.
All renewal
				applications to transition existing registrations to NMLS received between
				January 1, 2024 and January 31, 2024 will be processed, but applicants will be
				assessed a late fee of $100.00.
c.
Deadline.
Renewal applications transitioning to NMLS will not be
				accepted after January 31, 2024. All applications received after that date will
				be considered new applications, subject to the provisions and fees set forth in
				subsection (D), below.
d.
NMLS processing fees.
At the time existing registrants apply to
				NMLS for a renewal registration, they must pay the NMLS processing fee directly
				to NMLS.
e.
State of Maine
				renewal registration application fees
. The fee to renew a check
				casher/currency exchanger registration is set at $250.00 per year for the
				primary business location and $100.00 per year for each additional business
				location.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 702 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EMPLOYEE LEASING COMPANY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE LICENSING SYSTEM (NMLS) › Section 030-702-I - AUTHORITY

Current through 2024-29, July 17, 2024
Pursuant to
				  32 M.R.S.
				  §14053, the Administrator may establish,
				  by rule, fees to apply for or renew employee leasing company registrations,
				  except that the fee for an initial application may not exceed $1,000.00 and for
				  a renewal may not exceed $500.00 Renewal applications received after the
				  registration expiration date are subject to a late fee of $100.00.
Title
				  32 M.R.S.
				  §14053 authorizes the Administrator to
				  establish routine technical rules to move employee leasing company registration
				  to the Nationwide Multistate Licensing System (NMLS), including rules
				  authorizing NMLS to collect fees and remit those fees to the Bureau,
				  authorizing collection of fees by NMLS for its processing costs, authorizing
				  the NMLS to process and maintain registration records, and authorizing the use
				  of NMLS's uniform forms.
Title
				  32 M.R.S.
				  §14053 authorizes the Administrator to
				  establish routine technical rules to establish fees for the initial and renewal
				  registration, and application requirements for employee leasing
				  companies.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 702 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EMPLOYEE LEASING COMPANY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE LICENSING SYSTEM (NMLS) › Section 030-702-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to permit the State of Maine
				  to use NMLS for registration of all employee leasing companies. Use of the
				  system will provide improved oversight over the activities of the registered
				  companies, will simplify recordkeeping, and standardize processes for all
				  employee leasing companies registered in Maine. This Chapter does not modify
				  the standards for registration or the applicability of the provisions of the
				  Maine Employee Leasing Companies Act, but rather sets forth the registration
				  requirements to be utilized henceforth by the Bureau.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 702 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EMPLOYEE LEASING COMPANY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE LICENSING SYSTEM (NMLS) › Section 030-702-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings:
1.
				"
Administrator
" means the Superintendent of the Bureau of
				Consumer Credit Protection.
2.
				"
Bureau
" means the Maine Bureau of Consumer Credit
				Protection.
3. "
Consumer
				Report
" means any written, oral, or other communication of any
				information by a consumer reporting agency bearing on a consumer's credit
				worthiness, credit standing, credit capacity, character, general reputation,
				personal characteristics, or mode of living which is used or expected to be
				used or collected in whole or in part for the purpose of serving as a factor in
				establishing the consumer's eligibility for credit or insurance to be used
				primarily for personal, family, or household purposes; employment purposes; or
				in connection with a determination of an applicant's eligibility for a license
				or other benefit granted by a governmental instrumentality required by law to
				consider an applicant's financial responsibility or status.
4. "
Employee leasing company
"
				means an entity as defined in
				32 M.R.S.
				§14051(3) et
				seq.
5. "
Nationwide
				Multistate Licensing System
," herein referred to as "NMLS," means the
				nationwide multistate licensing system and registry for mortgage lender
				licensing and loan brokering referred to in
				9-A
				M.R.S. §13-102(8)
				(previously the "Nationwide Mortgage Licensing System").
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 702 - ESTABLISHMENT OF REGISTRATION AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EMPLOYEE LEASING COMPANY REGISTRATION AND REQUIREMENT FOR REGISTRATION THROUGH THE NATIONWIDE MULTI-STATE LICENSING SYSTEM (NMLS) › Section 030-702-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Administrative authority granted to NMLS.
To effectuate the
				transition of all employee leasing company registrations to NMLS, NMLS is
				authorized to collect fees and remit those fees to the Bureau, collect fees for
				its processing costs, process and maintain registration records, and require
				use of NMLS uniform electronic and paper forms.
2.
Registration periods.
Registrations for employee leasing companies are granted for a 1-year period
				commencing January 1st and expiring on December
				31st.
3.
For employee leasing companies that hold a valid Maine registration for
				2023
a.
Transitional
				period.
The period from November 1, 2023 through December 31, 2023 is
				considered a transitional period, during which all registered employee leasing
				companies will have the obligation to transition from the State of Maine's
				registration system and must obtain registrations through NMLS.
b.
One-month
late
transitional period.
All renewal applications to transition existing
				registrations to NMLS received between January 1, 2024 and January 31, 2024
				will be processed, but applicants will be assessed a late fee of
				$100.
c.
Deadline.
Renewal applications transitioning to NMLS will not be accepted after January
				31, 2024. All applications received after that date will be considered new
				applications.
d.
NMLS
				processing fees.
At the time existing registrants apply to NMLS for a
				renewal registration, they must pay NMLS processing fee directly to the
				NMLS.
e.
State of Maine
				renewal registration application fees
. The fee to renew an employee
				leasing company registration is set at $200.00.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 703 - ESTABLISHMENT OF FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EXCHANGE FACILITATOR LICENSING › Section 030-703-I - AUTHORITY

Current through 2024-29, July 17, 2024
10 M.R.S. §
									1396(2) provides
				  that the administrator may establish, by rule, requirements for licensing,
				  including but not limited to, the payment of fees to apply for or renew
				  licenses, except that the fee for an initial application may not exceed $600.00
				  and for a renewal may not exceed $500.00. The statute also allows the
				  Administrator to establish other requirements for application, amendment, or
				  revocation of a license or any other such activities as the Administrator
				  considers necessary.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 703 - ESTABLISHMENT OF FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EXCHANGE FACILITATOR LICENSING › Section 030-703-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Chapter is to change the license term for
				  exchange facilitators in order to standardize licensing terms for activities
				  licensed by the Bureau, to set fees for initial and renewal licensing, and to
				  establish the requirements for applications.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 703 - ESTABLISHMENT OF FEES AND APPLICATION REQUIREMENTS FOR MAINE'S EXCHANGE FACILITATOR LICENSING › Section 030-703-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For the purpose of this Chapter, the following terms have the
				  following meanings:
1. "Administrator"
				means the Superintendent of the Bureau of Consumer Credit Protection.
2. "Bureau" means the Maine Bureau of
				Consumer Credit Protection.
3.
				"Exchange Facilitator" has the same meaning as set forth in
				10 M.R.S.
				§1395(4).