reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 138 - BUREAU OF FINANCIAL INSTITUTIONS (Regulation 38) › Section 029-138-4 - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A. Creditors
				subject to Article 8-A of 9-A M.R.S. shall comply with federal truth-in-lending
				regulations issued by the CFPB, 12 C.F.R. Part 1026, up to and including the
				effective date of this regulation.3
_____________________________
1 Copies of 12 CFR Part 1026 may
				  be obtained at cost from the Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection, or from the CFPB at
www.consumerfinance.gov
.
2 Copies of 12 CFR Part 1013 may
				  be obtained at cost from the Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection, or from the CFPB at
www.consumerfinance.gov
.
3 The adjustments to the threshold
				  dollar amounts for consumer loans and consumer leases are automatically
				  adjusted pursuant to the Maine Conforming Act, now codified in 9-A, M.R.S.
				  § 1-301(11).
B.
				Creditors subject to Article 8-A of 9-A M.R.S. shall comply with federal
				consumer leasing regulations issued by the CFPB, 12 C.F.R. Part 1013, up to and
				including the effective date of this regulation.
C. Creditors subject to the enhanced
				restrictions in 9-A M.R.S. §8 - 506 shall comply with subsections
				4(A) and
				4(B) of this
				regulation, and shall comply with the enhanced restrictions in 9-A M.R.S.
				§8 - 506 with reference to 12 C.F.R. Part 1026 where any provision of 12
				C.F.R. Part 226 is cited in § 8-506.
D. Creditors subject to Article 8-A of 9-A
				M.R.S. shall comply with federal truth-in-lending and consumer leasing
				regulations by the mandatory compliance deadlines set forth in those federal
				regulations, as applicable.
E.
				Creditors subject to Article 8-A of 9-A M.R.S. may comply with federal
				truth-in-lending and consumer leasing regulations prior to the mandatory
				compliance deadlines set forth in those federal regulations, as applicable.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 139 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 029-139-I - AUTHORITY

Current through 2024-29, July 17, 2024
This rule is promulgated pursuant to the authority granted to
				  the Director of the Office of Consumer Credit Regulation, the Superintendent of
				  the Bureau of Banking and the Superintendent of the Bureau of Insurance
				  pursuant to 9-A M.R.S.A. §4 - 407;
				   9-B M.R.S.A.
				  §§416 and
				  448(5);
				  and
				   24-A
				  M.R.S.A.
				  §1443-A(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 139 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 029-139-II - PURPOSE

Current through 2024-29, July 17, 2024
This rule establishes requirements with respect to signage,
				  physical location and identification of insurance agencies, producers and
				  consultants in connection with the sale of insurance products by financial
				  institutions, financial institution holding companies, credit unions,
				  supervised lenders and their affiliates, in order to minimize customer
				  confusionand provide adequate consumer protections.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 139 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 029-139-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, the following terms have the
				  following meanings:
A. "Affiliate"
				shall have the same meaning as set forth in
				 9-A M.R.S.A.
				§4-403(1), with respect
				to supervised lenders, and as set forth in
				 24-A
				M.R.S.A.14432 ) with respect to financial
				institutions.
B. "Financial
				institution" shall mean a financial institution authorized to do business in
				this state, as defined in
				 9-B M.R.S.A.
				§131(17-A) and includes
				a financial institution holding company as defined in
				 9-B M.R.S.A.
				§131(18); a mutual
				holding company as defined in
				 9-B M.R.S.A.
				§1052(2); and a credit
				union authorized to do business in this state as defined in
				 9-B M.R.S.A.
				§131(12-A).
C. "Insurance agency" shall have the same
				meaning as set forth in
				 24-A M.R.S.A.
				§1402(3).
D. "Insurance consultant" shall have the same
				meaning as set forth in
				 24-A M.R.S.A.
				§1402(4).
E. "Insurance producer" shall have the same
				meaning as set forth in
				 24-A M.R.S.A.
				§1402(5).
F. "Insurance product" shall have the same
				meaning as set forth in 9-A M.R.S.A. § 4-403(6) or 9-B M.R.S.A. §
				9-BM.R.S.A. §
									131(22-E),
				as the context may require. For the purposes of this rule, "insurance product"
				does not include group health and group life insurance to the extent authorized
				by Title 24-A, Chapters 31 and 35 when the insured is enrolled in the insurance
				policy; credit life and credit health insurance to the extent authorized by
				Title 24-A, Chapter 37; credit property insurance; credit involuntary
				unemployment insurance; forced placed property insurance; a vendor's single
				interest policy; or any other type of insurance excluded by the Superintendent
				of Insurance pursuant to 9-A M.R.S.A. § 4-401(2), 9-B M.R.S.A. §
				9-BM.R.S.A. § 448(6)24-A or M.R.S.A. § 1443-A(2). For the purposes of
				this rule, "insurance product" also does not include annuities sold pursuant to
				 9-B M.R.S.A.
				§443(11), or any rules
				promulgated thereunder.
G.
				"Regulators" shall mean the Bureau of Banking, the Office of Consumer Credit
				Regulation, and the Bureau of Insurance, collectively.
H. "Retail area" shall mean, for financial
				institutions, all space occupied by a financial institution where the "business
				of banking" as defined by
				 9-B M.R.S.A.
				§131(5) may occur or,
				for supervised lenders, all space occupied by a supervised lender where
				consumer credit transactions, as defined by
				 9-A M.R.S.A.
				§1-301(12), are entered
				into.
I. Supervised lender" shall
				have the same meaning as set forth in
				 9-A M.R.S.A.
				§1-301(39).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 139 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 029-139-V - ENFORCEMENT

Current through 2024-29, July 17, 2024
Compliance with this rule shall be determined by reviewing
				  the cumulative effect of the use of signs, the physical location of insurance
				  sales, and the identification of insurance agencies, producers, and
				  consultants. The regulators shall cooperate in the enforcement of this rule.
				  Examinations for compliance with the statute and rule will be conducted by the
				  Bureau of Banking with respect to financial institutions or their affiliates
				  and by the Office of Consumer Credit Regulation with respect to supervised
				  lenders or their affiliates. Suspected violations of the rule shall be reported
				  to the Bureau of Insurance. Notwithstanding the foregoing, the Bureau of
				  Insurance may conduct investigations, examinations and other enforcement
				  actions with respect to the insurance activities of financial institutions and
				  supervised lenders. Information which is deemed confidential under Title 9-A,
				  Title 9-B, or Title 24-A of the Maine Revised Statutes Annotated shall remain
				  confidential when shared with or communicated between or among the
				  regulators.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-I - AUTHORITY

Current through 2024-29, July 17, 2024
This rule is promulgated pursuant to the authority granted to
				  the Bureau of Banking and the Office of Consumer Credit Regulation, within the
				  Department of Professional and Financial Regulation, pursuant to
				   9-A M.R.S.A.
				  §8-104(1) and 10 M.
				  R.S.A. § 363(8)(A).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-II - PURPOSE

Current through 2024-29, July 17, 2024
This rule establishes disclosure and procedural requirements
				  regarding the terms and conditions for student loan products offered by lenders
				  and issuers resulting from an allocation of the State ceiling. Its purpose is
				  to ensure that student loan borrowers are provided with complete disclosures so
				  that they may make informed choices among the various products
				  available.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-III - APPLICABILITY

Current through 2024-29, July 17, 2024
Pursuant to
				   10 M.R.S.A.
				  §363, this rule applies only to student
				  loans made on or after August 1, 2000 that are funded in whole or in part with
				  proceeds of tax-exempt bonds utilizing state ceiling.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-IV - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, the following terms have the
				  following meanings:
A. "Administrator"
				means the Bureau of Banking, if the issuer or lender is a financial institution
				or credit union established pursuant to state or federal law; for all other
				lenders and issuers, "Administrator" means the Office of Consumer Credit
				Regulation.
B. "Advertisement"
				means a commercial message in any medium that promotes, directly or indirectly,
				any student loan subject to this rule. The Administrator shall be guided by the
				definition of "advertisement" set forth in Regulation Z,
				12 C.F.R. §
										226.2(a)(2) and the Official
				Staff Commentary thereto.
C.
				"Issuer" means any entity designated to receive a portion of the State ceiling
				allocated for educational bonds pursuant to
				 10 M.R.S.A.
				§363(8).
D. "Lender" means the entity to which the
				debt is initially payable on the face of the promissory note.
E. "State ceiling" has the same meaning as
				set forth in
				 10 M.R.S.A.
				§361(5).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-V - REQUIREMENTS AND PROCEDURES FOR DISCLOSURE OF THE TERMS OF STUDENT LOANS RESULTING FROM AN ALLOCATION OF THE STATE CEILING

Current through 2024-29, July 17, 2024
A.
				Required disclosures. The terms and conditions of any student loan subject to
				this rule shall be disclosed pursuant to either:
(1) The regulations of the U.S. Department of
				Education, Office of Postsecondary Education,
				34 C.F.R. §
											682.205 (July 1, 1999 edition)1; or
(2) The provisions of Federal
				Truth-in-Lending Regulation Z, 12 C.F.R. Part 226 (January 1, 1999
				edition)2 and the
				Official Staff Commentary to the same.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-VI - ADVERTISING

Current through 2024-29, July 17, 2024
A. All advertisements for student loans
				subject to this rule shall conform to the requirements of federal Regulation Z,
				12 C.F.R., Part 226, section
				226.24,
				"Advertising," including subsection (a) ("Actually available terms");
				subsection (b) ("Advertisement of rate of finance charge"); subsection (c)
				("Advertisement of terms that require additional disclosures"); and subsection
				(d) ("Catalogs and multiple-page advertisements").
B. Any advertisement that includes a
				reference to an interest rate discount or other discount or savings must fully
				describe all of the terms and conditions of obtaining such discount or savings.
				Any advertisement must also include a statement that a projection of the number
				or percentage of loan obligors who are likely to benefit from the discount is
				available from the advertiser upon request. If requested, the advertiser must
				provide such a projection.
C. A
				lender or issuer may not utilize advertising that is inaccurate, misleading or
				which misrepresents student loan products. Inaccurate or misleading advertising
				includes, but is not limited to, advertising that makes any statement or claim
				which cannot be substantiated, which incorrectly represents the terms and
				conditions of the product offered, or which has a tendency or capacity to
				deceive.
D. All claims, including
				claims of certain dollar amounts saved, made of a comparative nature must be
				capable of substantiation, must be verified by the regulated institution prior
				to the appearance of the advertising, and must be substantiated upon request of
				the Administrator.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 140 - STUDENT LOAN DISCLOSURES › Section 029-140-VII - SANCTIONS AND ENFORCEMENT

Current through 2024-29, July 17, 2024
The provisions of the Maine Consumer Credit Code, Title 9-A
				  MRSA, including Article5, Remedies and Penalties, Article 6, Administration
				  (Part 1, Powers and Functions of Administrator) and Article 8,
				  Truth-in-Lending, shall apply to violations of this regulation. In addition, if
				  the lender is a financial institution, a violation of this rule shall
				  constitute an unfair and deceptive trade practice, enforceable in accordance
				  with Title 9-B, chapter 24.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 141 - ASSESSMENTS - NONDEPOSITORY TRUST COMPANIES, UNINSURED BANKS, AND MERCHANT BANKS (REG. 41) › Section 029-141-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title
				  9-B M.R.S.
				  §214(2-B) authorizes
				  the Superintendent of the Bureau of Financial Institutions to define by rule
				  fiduciary assets under management, custody or care and to set the rate of
				  assessment.
Title
				  9-B M.R.S.
				  §214(2-C) requires an
				  uninsured bank or merchant bank that predominately engages in the business of a
				  nondepository trust company to pay an assessment at the same rate as charged to
				  a nondepository trust company. An uninsured bank or merchant bank that does not
				  predominately engage in the business of a nondepository trust company must pay
				  a quarterly assessment as prescribed in Title
				  9-B M.R.S.
				  §214(2).
Title
				  9-B M.R.S. §215
				  authorizes the Superintendent to promulgate rules relating to the supervision
				  of financial institutions or their subsidiaries.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 141 - ASSESSMENTS - NONDEPOSITORY TRUST COMPANIES, UNINSURED BANKS, AND MERCHANT BANKS (REG. 41) › Section 029-141-II - PURPOSE

Current through 2024-29, July 17, 2024
This amendment reduces the quarterly assessment rate and
				  resets the minimum assessment paid by nondepository trust companies, uninsured
				  banks, and merchant banks, beginning with the assessment for the calendar
				  quarter ending March 31, 2022.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 141 - ASSESSMENTS - NONDEPOSITORY TRUST COMPANIES, UNINSURED BANKS, AND MERCHANT BANKS (REG. 41) › Section 029-141-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this regulation, the following terms have
				  the following meanings:
A. "Assets
				subject to assessment" means the monthly total of fiduciary assets under
				management, custody, or care averaged for the three months in that calendar
				quarter.
B. "Calendar quarter"
				means a period of three consecutive calendar months ending on March 31, June
				30, September 30, or December 31.
C. "Fiduciary assets under management,
				custody, or care" means those items reported as Managed Assets, Non-Managed
				Assets, and Custody and Safekeeping Account Assets on the institution's Report
				of Fiduciary and Related Services filed with the Bureau (currently FFIEC
				Schedule RC-T).
D. "Financial
				institution" has the same meaning as Title
				9-B M.R.S.
				§131(17).
E. "Merchant bank" means a financial
				institution that is organized under the provisions of Title 9-B M.R.S. Chapter
				122.
F. "Nondepository trust
				company" means a financial institution that is organized under the provisions
				of Title 9-B M.R.S. Chapter 121.
G.
				"Predominately engaged in the business of a nondepository trust company" means
				that the sum of fiduciary assets under management, custody, or care held by an
				uninsured bank or merchant bank, as reported on its quarterly Report of
				Fiduciary and Related Services filed with the Bureau (currently FFIEC Schedule
				RC-T), is greater than the total assets of the uninsured bank or merchant bank
				as reported on its quarterly Balance Sheet filed with the Bureau of Financial
				Institutions.
H. "Uninsured bank"
				means a financial institution that is organized under the provisions of Title
				9-B M.R.S. Chapter 123.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 141 - ASSESSMENTS - NONDEPOSITORY TRUST COMPANIES, UNINSURED BANKS, AND MERCHANT BANKS (REG. 41) › Section 029-141-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A. Beginning with
				the assessment for the calendar quarter ending March 31, 2022 and quarterly
				thereafter, each nondepository trust company, uninsured bank, and merchant bank
				shall pay an assessment to the Bureau of Financial Institutions as follows:
1. Each nondepository trust company shall pay
				an assessment which shall be the greater of (a) $1,000 or (b) 2.25¢ for
				every $10,000 of the assets subject to assessment.
2. Each uninsured bank and merchant bank that
				predominately engages in the business of a nondepository trust company shall
				pay an assessment which shall be the greater of (a) $1,000 or (b) 2.25¢
				for every $10,000 of the assets subject to assessment.
3. Each uninsured bank and merchant bank that
				is not predominately engaged in the business of a nondepository trust company
				shall pay an assessment calculated in accordance with Title
				9-B M.R.S.
				§214(2)(A) and any
				rules promulgated thereunder.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title 9-A M.R.S.A. §2 - 509 authorizes the
				  Superintendent to adopt rules to implement the changes in statute which permit
				  a supervised financial organization to assess a consumer a reasonable charge
				  related to the prepayment of a consumer loan secured by an interest in
				  land.
Title
				   9-B M.R.S.A.
				  §111 declares that it is the policy of
				  the state to supervise financial institutions in a manner to assure their
				  strength, stability, and efficiency and to encourage development and expansion
				  of financial services advantageous to the public welfare.
Title
				   9-B M.R.S.A. §215
				  authorizes the Superintendent to implement by rule any provision of law
				  relating to the supervision of financial institutions.
Title
				   9-B M.R.S.A.
				  §§241 and
				  242 address
				  anticompetitive or deceptive practices.
Title
				   9-B M.R.S.A.
				  §251 states that rules promulgated by
				  the Bureau must conform to the requirements of the Maine Administrative
				  Procedure Act.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-II - PURPOSE

Current through 2024-29, July 17, 2024
This rule establishes guidelines to be followed by a
				  supervised financial organization that assesses a charge intended to recover
				  reasonable loan origination costs upon full repayment, through refinancing or
				  otherwise, of a consumer loan secured by an interest in land, when repayment
				  occurs prior to the end of the loan's contractual term, or in the case of
				  open-end credit secured by land, when the balance is reduced to zero and the
				  open-end credit plan is terminated by the consumer prior to the contractual
				  termination date of the open-end credit plan. This rule does not permit a
				  supervised financial organization to assess a prepayment charge or prepayment
				  penalty designed to recover anticipated revenue.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, the following terms have the
				  following meanings:
A. "Reasonable
				cost of originating the loan" means the identified direct and indirect costs of
				originating the loan.
B. "Consumer"
				has the same meaning as in
				 9-A M.R.S.A.
				§1-301(10).
C. "Consumer loan" has the same meaning as in
				 9-A M.R.S.A.
				§1-301(14), excluding a
				high-rate, high-fee mortgage as defined in
				 9-A M.R.S.A.
				§8-103(l)
				(F-1).
D. "Prepayment charge" means
				a fee that is assessed to a consumer if the consumer repays a consumer loan in
				full, through refinancing or otherwise, prior to the end of the contractual
				term of the loan, and in the case of open-end credit plans, the consumer repays
				the balance to zero and terminates the open-end credit plan prior to the
				contractual termination date of the open-end credit plan.
E. "Supervised financial organization" has
				the same meaning as in
				 9-A M.R.S.A.
				§1-301(38-A).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
Except as provided in Section
				  V, a supervised financial organization
				  may assess a prepayment charge to recover the reasonable cost of originating
				  the loan, when a consumer repays a consumer loan, secured by an interest in
				  land, in full prior to the maturity date of the loan, or in the case of
				  open-end credit, when a consumer repays the line to zero and terminates the
				  open-end credit plan prior to the contractual termination date of the open-end
				  credit plan. Prepayment charges that do not exceed "closing costs" as defined
				  in Title 9-A § 1-301(8), excluding prepaid interest, that are actually
				  incurred by the supervised financial organization, but are not charged to the
				  consumer, meet the definition of "reasonable cost of originating the loan" as
				  defined in Subsection A of Section
				  III of this rule. Any prepayment
				  charge assessed in accordance with the foregoing must meet the following two
				  requirements.
A. The dollar amount of
				the prepayment charge must be disclosed in the note or other document
				establishing the loan or credit plan. The prepayment charge may not exceed what
				was disclosed nor may the prepayment charge exceed the total of the reasonable
				direct and indirect costs of originating the loan that were actually incurred
				by the supervised financial organization, but were not charged to the
				consumer.
B. The prepayment charge
				may only be assessed if the loan is repaid in full within 36 months of the
				origination date of the loan or the open-end credit plan is repaid to zero and
				terminated within 36 months of the origination date of the open-end credit
				plan.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-V - EXCEPTIONS

Current through 2024-29, July 17, 2024
A. No prepayment charge may be assessed for
				(1) consumer loans with an original maturity date of 36 months or less or (2)
				open-end credit plans with an original termination date of 36 months or
				less.
B. No prepayment charge may
				be assessed, if the consumer prepays the consumer loan or open-end credit plan
				in response to a change in terms notification issued pursuant to Title 9-A
				M.R.S.A. §3 - 204.
C. No
				prepayment charge may be assessed if the consumer prepays the consumer loan or
				open-end credit plan when the supervised financial organization exercises its
				right to accelerate the loan in the event of default.
D. No prepayment charge may be assessed if a
				consumer rescinds the transaction pursuant to
				12 CFR §
										226.15 or
				226.23.
E. No prepayment charge may be
				assessed for early repayment of a high-rate, high-fee mortgage as defined in
				Title 9-A § 8-103(l)(F-1).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42) › Section 029-142-VI - FEDERAL RULES AND REGULATIONS

Current through 2024-29, July 17, 2024
The Federal Deposit Insurance Corporation, the Federal
				  Reserve System, the Comptroller of the Currency, the Office of Thrift
				  Supervision, and the National Credit Union Administration have promulgated or
				  may, in the future, promulgate regulations or guidelines governing the manner
				  in which a supervised financial organization can assess charges for early
				  repayment of a consumer loan. There may exist some difference between this rule
				  and a regulation promulgated by a federal regulatory agency. It is not the
				  intent of this rule to permit any practice that is not permitted by a federal
				  regulatory agency.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 143 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 029-143-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title 9-A M.R.S.A. §6 - 104 permits the Administrator to
				  adopt, amend, and repeal rules to carry out the specific provisions of the
				  Code.
Title 9-A M.R.S.A. §§6 - 103 and 1 - 301(2) state
				  that except in cases in which a supervised financial organization is the
				  creditor, the Administrator is the Superintendent of the Bureau of Consumer
				  Credit Protection. In cases in which a supervised financial organization is the
				  creditor, the Administrator is the Superintendent of the Bureau of Financial
				  Institutions.
Title
				   9-B M.R.S.A. §215
				  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.
Title
				   9-A M.R.S.A.
				  §5-105(2)(B) requires
				  the Administrator to prescribe by rule a means of calculating the disposable
				  income that is subject to garnishment when an individual is not paid on a
				  weekly basis.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 143 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 029-143-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Rule is to amend the previous joint rule
				  to include language changing the method for computing maximum garnishment
				  ratios required by
				   9-A M.R.S.A.
				  §5-105(2)(B) as amended
				  by P.L. 2007, Chapter 7.
Both the Bureau of Consumer Credit Protection and the Bureau
				  of Financial Institutions have oversight responsibilities with respect to the
				  Code.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 143 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 029-143-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this Rule, the following terms have the
				  following meanings:
A. "Administrator"
				has the same meaning as in
				 9-A M.R.S.A.
				§1-301(2);
A. "Consumer Credit Transaction" has the same
				meaning as in
				 9-A M.R.S.A.
				§1-301(12);
B. "Disposable Earnings" has the same meaning
				as in
				9-A M.R.S.A.
				§5-105(1)(A);
C. "Federal minimum hourly wage" is that wage
				prescribed by Section 6(a)(1) of the Fair Labor Standards Act of 1938,
				29
				U.S.C. §
										206(a)(1) in
				effect at the time earnings are payable, pursuant to
				 9-A M.R.S.A.
				§5-105(1)(B);
				and
D. "Garnishment" has the same
				meaning as in
				 9-A M.R.S.A.
				§5-105(1)(B).
E. "State minimum hourly wage" is that wage
				prescribed by
				 26 M.R.S.A.
				§664 in effect at the time the earnings
				are payable.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 143 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 029-143-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
Limitations on Garnishment of Earnings for Pay Periods Other
				  Than a Week
The maximum part of the aggregate disposable earnings of an
				  individual for any pay period other than a week that is subjected to
				  garnishment to enforce payment of a judgment arising from a consumer credit
				  transaction may not exceed:
A.
				Twenty-five percent of the individual's disposable earnings for that pay
				period;
B. For those employees paid
				for a two week period, the amount by which the individual's disposable earnings
				exceed 40 times the federal minimum hourly wage or State minimum hourly wage,
				whichever is higher, in effect at the time the earnings are payable, multiplied
				by 2;
C. For those employees paid
				monthly, the amount by which the disposable earnings exceed 40 times the
				federal minimum hourly wage or State minimum hourly wage, whichever is higher,
				in effect at the time the earnings are payable, multiplied by 4 1/3;
				or
D. For those employees paid
				twice monthly, the amount by which the disposable earnings exceed 40 times the
				federal minimum hourly wage or State minimum hourly wage, whichever is higher,
				in effect at the time the earnings are payable, multiplied by 4 1/3 and then
				divided by 2.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 145 - STUDENT LOANS › Section 029-145-1 - 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 › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 145 - STUDENT LOANS › Section 029-145-2 - 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 › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 145 - STUDENT LOANS › Section 029-145-3 - 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 › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 145 - STUDENT LOANS › Section 029-145-4 - 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 › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 145 - STUDENT LOANS › Section 029-145-5 - 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 › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 240 - Truth-in-Lending, Regulation Z-3 (Regulation 38)(Ch. 138 is a joint rule with 02-030 Ch. 240) › Section 029-240-1 - AUTHORITY

Current through 2024-29, July 17, 2024
The Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection are promulgating this regulation under their
				  authority set forth in 9-A M.R.S. §§1 - 102, 6 - 104, 8 - 504 and 8 -
				  507, pursuant to which the Bureaus may adopt rules substantially similar to or
				  that afford more protection for consumers than those codified in federal
				  truth-in-lending laws, notwithstanding any other law. Alignment with CFPB
				  Regulation Z and CFPB Regulation M is consistent with 9-A M.R.S. §8 - 504
				  wherein the Bureaus are authorized to issue rules that are consistent with the
				  purposes of Title X and Title XIV of the Dodd-Frank Act and with the purposes
				  set forth in 9-A M.R.S. §§1 - 102 and 8 - 502.
Pursuant to
				   9-A M.R.S.
				  §8-504(2) specifically,
				  the Bureaus' administrators may make rules containing differentiations and
				  adjustments for a class of transactions that in the judgment of the
				  administrators are necessary and proper to effectuate the purposes of 9-A
				  M.R.S. and to facilitate compliance with 9-A M.R.S.In exercising that
				  authority, the Bureaus have specifically considered whether there is a
				  substantial impact on consumer protection before adopting provisions affecting
				  compliance with 9-A M.R.S. §8-506and have determined that the provisions
				  will provide greater protection to consumers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 240 - Truth-in-Lending, Regulation Z-3 (Regulation 38)(Ch. 138 is a joint rule with 02-030 Ch. 240) › Section 029-240-2 - PURPOSES

Current through 2024-29, July 17, 2024
The purposes of this regulation are to:
A. Provide additional credit protections to
				Maine consumers by requiring creditors subject to Article 8-A of 9-A M.R.S. to
				comply with Regulation Z and Regulation M issued by the CFPB using its discrete
				codifications ( 12 C.F.R. Part 1026, Regulation Z and 12 C.F.R. Part 1013,
				Regulation M) and by requiring creditors subject to Article 8-A of 9-A M.R.S.
				to comply with truth-in-lending and consumer leasing regulations issued by the
				CFPB since July 21, 2011.
B. Ease
				compliance by creditors subject to Article 8-A of 9-A M.R.S. with
				truth-in-lending laws; and
C.
				Preserve Maine's exemption from federal Regulation Z and thereby allow for the
				continuation of State enforcement of truth-in-lending laws applicable to
				creditors subject to Article 8-A of 9-A M.R.S.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 240 - Truth-in-Lending, Regulation Z-3 (Regulation 38)(Ch. 138 is a joint rule with 02-030 Ch. 240) › Section 029-240-3 - DEFINITIONS

Current through 2024-29, July 17, 2024
Unless the context otherwise indicates, any word or phrase
				  used herein that is defined in 9-A M.R.S. shall have the meaning set forth in
				  9-A M.R.S., and any word or phrase that is not defined in 9-A M.R.S. but that
				  is defined in 12 C.F.R. Part 10261 or 12 C.F.R. Part
				  20132 shall have the meaning set forth in those
				  federal regulations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 029 - BUREAU OF FINANCIAL INSTITUTIONS › Chapter 240 - Truth-in-Lending, Regulation Z-3 (Regulation 38)(Ch. 138 is a joint rule with 02-030 Ch. 240) › Section 029-240-4 - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A. Creditors
				subject to Article 8-A of 9-A M.R.S. shall comply with federal truth-in-lending
				regulations issued by the CFPB, 12 C.F.R. Part 1026, up to and including the
				effective date of this regulation.3
_____________________________
1 Copies of 12 CFR Part 1026 may
				  be obtained at cost from the Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection, or from the CFPB at
www.consumerfinance.gov
.
2 Copies of 12 CFR Part 1013 may
				  be obtained at cost from the Bureau of Financial Institutions and the Bureau of
				  Consumer Credit Protection, or from the CFPB at
www.consumerfinance.gov
.
3 The adjustments to the threshold
				  dollar amounts for consumer loans and consumer leases are automatically
				  adjusted pursuant to the Maine Conforming Act, now codified in 9-A, M.R.S.
				  § 1-301(11).
B.
				Creditors subject to Article 8-A of 9-A M.R.S. shall comply with federal
				consumer leasing regulations issued by the CFPB, 12 C.F.R. Part 1013, up to and
				including the effective date of this regulation.
C. Creditors subject to the enhanced
				restrictions in 9-A M.R.S. §8 - 506 shall comply with subsections
				4(A) and
				4(B) of this
				regulation, and shall comply with the enhanced restrictions in 9-A M.R.S.
				§8 - 506 with reference to 12 C.F.R. Part 1026 where any provision of 12
				C.F.R. Part 226 is cited in § 8-506.
D. Creditors subject to Article 8-A of 9-A
				M.R.S. shall comply with federal truth-in-lending and consumer leasing
				regulations by the mandatory compliance deadlines set forth in those federal
				regulations, as applicable.
E.
				Creditors subject to Article 8-A of 9-A M.R.S. may comply with federal
				truth-in-lending and consumer leasing regulations prior to the mandatory
				compliance deadlines set forth in those federal regulations, as
				applicable.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 110 - BUREAU ORGANIZATION, ADMINISTRATION AND PROCEDURE › Section 030-110-1 - ORGANIZATION

Current through 2024-29, July 17, 2024
The Bureau of Consumer Credit Protection is responsible for
				  the administration of the Maine Consumer Credit Code. The Superintendent of
				  Consumer Credit Protection is the head of the Bureau of Consumer Credit
				  Protection. As used in the Code, "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 110 - BUREAU ORGANIZATION, ADMINISTRATION AND PROCEDURE › Section 030-110-2 - INFORMATION AND SUBMISSIONS OF REQUESTS

Current through 2024-29, July 17, 2024
A. All
				papers, records and all other property relating to the Maine Consumer Credit
				Code shall be maintained and filed in the Office of the
				Administrator.
B. All
				communications shall be made to the Administrator of the Maine Consumer Credit
				Code and the record of such communications kept in said office.
C. Information regarding the Code and
				requests for forms for filing notification and application forms for Supervised
				Lenders' licenses may be obtained from the Office of the Administrator. These
				include: the annual notification forms (MCCC-1 and the MCCC-2); the application
				for a Supervised Lender's license (MCCC-3); the bond form (MCCC-4) that must
				accompany the Supervised Lender's application; and the annual notification form
				for "arrangers of credit" (MCCC-5) .