reglab/statecodes huggingface dataset:
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 030-110-3 - OTHER CASES

Current through 2024-29, July 17, 2024
A. Informal
				complaints: Informal complaints may be made to the Administrator either orally
				or in writing and need not be in any particular form. Such matters may be
				disposed of by correspondence or other informal communication.
B. Record of informal complaints: A record
				shall be kept of each informal complaint, with the exception of unsigned or
				oral complaints, listing the allegations and all action taken thereon,
				including any final disposition.
C.
				Investigation: If it appears from an informal complaint or other information
				brought to the attention of the Administrator that a person is committing or
				has committed an act or omission in violation of the Code, the Administrator
				may order an investigation to determine if the act is being or has been
				committed, pursuant to 9-A M.R.S.A. §2 - 305 or § 6 - 106.
D. Summary action: After investigation, the
				Administrator may take one or more of the following actions, as the situation
				may warrant:
(1) Accept an assurance in
				writing that the person in violation of the Code will not engage in that
				conduct in the future, including when necessary, refunds to
				consumers.
(2) Set the matter for a
				hearing to determine if a cease or desist order should be issued.
(3) Bring a civil action for injunctive
				relief as provided in Sections 6-110, 6-111 and 6-112 of the Code.
(4) Bring a civil action to obtain a refund
				of excess charges made by a creditor as provided in Section 6-113 of the
				Code.
(5) Bring an action for
				criminal penalties, Section 5-301.
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 030-110-4 - RULES OF PRACTICE

Current through 2024-29, July 17, 2024
Pursuant to Title
				   5 M.R.S.A.
				  §8051, the Bureau of Consumer Credit
				  Protection adopts the following rules of practice:
A. Advisory Rulings.
(1) Authority and Scope- The Administrator
				may issue advisory rulings pursuant to
				 5 M.R.S.A.
				§9001, concerning the applicability of
				any statute or rule it administers to an existing factual situation. Advisory
				rulings will be issued at the Administrator's discretion and only upon request.
				Each request will be individually reviewed to determine whether an advisory
				ruling is appropriate. The Administrator may decline to issue an advisory
				ruling if the question is hypothetical, if there is insufficient experience
				upon which to base a ruling, or for any other reason the Administrator deems
				proper.
(2) Submission - Requests
				for advisory rulings shall be in writing and shall set forth in detail all
				facts pertinent to the question. The Administrator may require additional
				information as necessary to complete a factual background for its
				rulings.
(3) Consideration - All
				requests for advisory rulings will be acknowledged by the Administrator within
				15 days. The acknowledgment shall state whether a ruling will be given.
				Alternatively, the acknowledgment may request additional information which is
				necessary to determine whether an advisory ruling is appropriate.
All advisory rulings shall be in writing and shall include a
				  statement of the facts or assumptions or both upon which the rulings are based.
				  The statement shall be sufficiently detailed to allow understanding of the
				  basis of the opinion without reference to other documents. Advisory rulings
				  shall be signed by the Administrator and shall be numbered in an appropriate
				  serial number.
(4)
				Disposition - Each completed advisory ruling will be mailed to the requesting
				party and a copy will be kept by the Bureau in a file or binder established for
				this purpose. All completed advisory rulings are public documents and shall be
				available for public inspection during the Bureau's normal working hours. In
				addition, the Bureau may otherwise publish or circulate any advisory ruling as
				it deems appropriate.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 120 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 030-120-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 120 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 030-120-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 120 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 030-120-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 120 - MULTIPLE OF THE STATE OR FEDERAL MINIMUM WAGE › Section 030-120-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 140 - LIMITING COVERAGE ON PROPERTY RELATED TO CREDIT TRANSACTIONS › Section 030-140-1 - Prohibiting Dual Coverage of Insurance

Current through 2024-29, July 17, 2024
It shall be understood, in accordance with the provisions of
				  Section 4-301, that no substantial risk of loss or damage to property related
				  to the credit transaction exists if the creditor knew or should have known as
				  the result of a reasonable inquiry that the debtor had adequate coverage in
				  force including but not limited to some form of dwelling contents coverage.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 150 - AUTHORIZATION OF RATE TABLES TO DETERMINE UNEARNED FINANCE CHARGE › Section 030-150-1 - Rate Table Requirements

Current through 2024-29, July 17, 2024
The administrator will authorize the use of any actuarial
				  table for ascertaining the unearned finance charge on certain precomputed
				  transactions subject to the provisions of Section 2-510 that are prepaid in
				  full with no significant prepayment made at any time before the scheduled
				  maturity, provided that such tables:
A. Do not deviate by more than 1/2 of 1% from
				the rate of the finance charge required to be disclosed to the consumer
				pursuant to law and based on the assumption that all payments are made as
				originally scheduled or as deferred; and
B. Take into consideration days as well as
				months in computing refunds of unearned interest. For example, when prepayment
				is not made on a scheduled due date, the time remaining for the period
				following prepayment shall be the number of days between the date of prepayment
				and the next scheduled due date, not counting the day of repayment but counting
				the day of the scheduled payment, and the full computational periods following
				the date of the scheduled due date of the final installment of the
				transaction.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 150 - AUTHORIZATION OF RATE TABLES TO DETERMINE UNEARNED FINANCE CHARGE › Section 030-150-2 - Rate Table Prohibition

Current through 2024-29, July 17, 2024
Rate tables shall not be used in precomputed transactions
				  when a significant prepayment is made at any time prior to prepayment in full.
				  When a significant prepayment has been made, refunds shall be calculated by
				  recasting all payments in accordance with the actuarial method; see Title 9-A,
				  M.R.S.A. Section 2-510(3).
For purposes of this Rule, a significant prepayment is
				  defined as any payment which is at least three times the size of the contracted
				  payment amount.
NOTE: Consumer credit transactions may not contract for a
				  refund of finance charges according to the Rule of 78ths after January 1, 1982;
				   9-A M.R.S.A.,
				  Section2-510(3), P.L. 1979,
				  c. 661, §§ 2-3.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 190 - ENFORCEMENT POLICY GUIDELINES › Section 030-190-1 - AUTHORITY

Current through 2024-29, July 17, 2024
This Rule is being adopted in accordance with the following
				  statutory authority: 9-A M.R.S.A., §§6 - 104(1)(E), 8 - 104(1) and 8
				  - 108(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 190 - ENFORCEMENT POLICY GUIDELINES › Section 030-190-2 - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this Rule is to establish standards for
				  addressing violations of Articles I through VI of the Maine Consumer Credit
				  Code and Article VIII, its Truth-in-Lending provisions. Maine must have an
				  enforcement policy at least as strict as that required by the Federal
				  Truth-in-Lending Act in order to maintain a delegation of enforcement authority
				  from the Federal Reserve Board pursuant to Section 123 of the Federal
				  Truth-in-Lending Act.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 190 - ENFORCEMENT POLICY GUIDELINES › Section 030-190-3 - DEFINITIONS

Current through 2024-29, July 17, 2024
Except as specified below, all definitions are those found in
				  the Maine Consumer Credit Code, Title 9-A, M.R.S.A., (the "Code") and its
				  accompanying regulations:
A.
				"Overcharge" means an actual or potential charge to a consumer in excess of
				that allowed by law. The term includes an amount equal to the difference
				between: an understated APR and the true APR; and an understated Finance Charge
				and the true Finance Charge.
B.
				"Understated APR" means a disclosed annual percentage rate that is more than
				1/8 of one percentage point below the annual percentage rate calculated in
				accordance with Article VIII of the Code. In the case of irregular
				transactions, a 1/14 of 1% tolerance is allowed. For purposes of this rule, an
				irregular transaction is one that includes one or more of the following
				features: multiple advances, irregular payment periods, or irregular payment
				amounts (other than an irregular first period or an irregular first or final
				payment).
C. "Understated Finance
				Charge" means a disclosed finance charge that is less than the finance charge
				generated by applying the annual percentage rate, calculated in accordance with
				Article VIII of the Code and reduced by the appropriate tolerances specified in
				subsection B, to the Amount Financed.
D. "Lump Sum Method" means a method of
				reimbursement under which a cash payment equal to the total overcharge (rounded
				to the nearest $1.00) will be made to a consumer.
E. "Lump Sum/Payment Reduction Method" means
				a method of reimbursement under which a cash payment which will fully
				compensate the consumer for past overcharges will be returned to the consumer
				and the remaining payment amounts on the loan will be reduced to eliminate
				future overcharges.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 190 - ENFORCEMENT POLICY GUIDELINES › Section 030-190-4 - GENERAL POLICIES

Current through 2024-29, July 17, 2024
A. Rules of
				Application.
(1) These policies and remedies
				represent the standards to be used by the Bureau in enforcing the Code. The
				Bureau retains the authority to take appropriate alternative action pursuant to
				Article VI of the Code.
(2) Credit
				transactions
(a) Except as specifically noted
				below, these guidelines apply to all consumer credit transactions within the
				jurisdiction of the Code.
(b) The
				guidelines do not apply to the following:
(i)
				advertising (Section 3-201 ) ; and
(ii) licensing of supervised lenders, Article
				II, Part 3.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 190 - ENFORCEMENT POLICY GUIDELINES › Section 030-190-5 - CORRECTIVE ACTION

Current through 2024-29, July 17, 2024
A. Copies of
				Documents to Administrator. Copies of any correspondence or documentation,
				including refund checks, sent to the consumer in fulfillment of the obligations
				established in this Rule, shall also be provided contemporaneously to the
				Administrator.
B. Corrective Action
				Not Involving Overcharges. Violations not involving overcharges, including, but
				not limited to, the improper disclosure of required information, conduct or
				action by a creditor contrary to law, or the use of prohibited terms or
				conditions in consumer credit agreements, shall be corrected as follows:
(1) Corrected disclosure statements shall be
				provided to consumers whenever the disclosures required by law to be given
				contain an inaccuracy;
(2) Actions
				taken by a creditor against a consumer that are contrary to the Code shall be
				rescinded; and
(3) Agreements
				containing terms or provisions prohibited by the Code shall be reformed to
				conform to the Code.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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,
				12C.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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 245 - STUDENT LOAN DISCLOSURES › Section 030-245-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 250 - Alternative Mortgage Transactions › Section 030-250-1 - Authority

Current through 2024-29, July 17, 2024
This rule is promulgated pursuant to 9-A M.R.S. §§
				  1 - 102(2), 1 - 110, 6 - 104(1)(E), 8 - 504, 8 - 507(1), 8 - 508, 9 - 302(1)
				  and 9-B M.R.S. §§ 111, 215, and 241(3).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 250 - Alternative Mortgage Transactions › Section 030-250-2 - Purpose

Current through 2024-29, July 17, 2024
This rule repeals and replaces the former Alternative
				  Mortgage Transactions Joint Rule (former Bureau of Financial Institutions
				  Regulation 19 and former Bureau of Consumer Credit Protection Rule 250 ). The
				  purpose of this rule is to regulate alternative mortgage transactions "made or
				  entered into in this State," as that term is defined in 9-A M.R.S. §§
				  1 - 201(1)(A) and 1 - 201(1)(B), by creditors and financial institutionsin such
				  manner as to:
A. Provide adequate and
				consistent consumer protections;
B.
				Align State regulation with federal regulation to ease compliance
				burdens;
C. Assure an adequate and
				consistent supply of funds to consumers for home mortgages;
D. Allow lenders and consumers to share the
				risk of rising interest rates to encourage mortgage lending;
E. Permit fair mortgage lending instruments
				that are responsive to the needs of consumers and lenders; and
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 250 - Alternative Mortgage Transactions › Section 030-250-3 - DEFINITIONS

Current through 2024-29, July 17, 2024
1.
Definitions
As used in this rule, the following terms have the following
				  meanings, unless the context clearly requires otherwise:
A. "Alternative mortgage transaction" means a
				loan, credit sale, or account:
(1) That is
				secured by an interest in a residential structure that contains one to four
				units, whether or not that structure is attached to real property, including an
				individual condominium unit, cooperative unit, mobile home, or trailer, if it
				is used as a residence;
(2) That is
				made primarily for personal, family, or household purposes;
(3) In which the interest rate or finance
				charge may be adjusted or renegotiated; and
(4) That is secured by a first lien interest
				in the property, other than a first lien open-end credit plan.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 250 - Alternative Mortgage Transactions › Section 030-250-5 - DISCLOSURE

Current through 2024-29, July 17, 2024
1.
ENFORCEMENT
This regulation shall be enforced by the Bureau of Consumer
				  Credit Protection for creditors and the Bureau of Financial Institutions for
				  financial institutions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 285 - ADJUSTMENT OF NON-BANK MORTGAGE LENDER FEES TO FUND INVESTIGATIVE AND LEGAL COMPLIANCE PERSONNEL › Section 030-285-1 - AUTHORITY

Current through 2024-29, July 17, 2024
Title 9-A M.R.S.A. §8 - 206 -F(2). This rule is a major
				  substantive rule as defined in Title 5, Chapter 375, subchapter
				  2-A.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 285 - ADJUSTMENT OF NON-BANK MORTGAGE LENDER FEES TO FUND INVESTIGATIVE AND LEGAL COMPLIANCE PERSONNEL › Section 030-285-II - PURPOSE

Current through 2024-29, July 17, 2024
The purpose of this rule is to establish an adequate means
				  for funding regulatory responsibilities created by the enactment of 9-A
				  M.R.S.A. §8 - 206 -F(l). The regulatory responsibilities pertain to
				  predatory mortgage lending practices.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 285 - ADJUSTMENT OF NON-BANK MORTGAGE LENDER FEES TO FUND INVESTIGATIVE AND LEGAL COMPLIANCE PERSONNEL › Section 030-285-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, "supervised lender" has the same
				  meaning as defined by
				   9-A M.R.S.A.
				  §1-301(39).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 285 - ADJUSTMENT OF NON-BANK MORTGAGE LENDER FEES TO FUND INVESTIGATIVE AND LEGAL COMPLIANCE PERSONNEL › Section 030-285-IV - ADJUSTMENT TO VOLUME FEE ASSESSMENT

Current through 2024-29, July 17, 2024
Effective for transactions made in the year 2010, supervised
				  lenders (other than supervised financial organizations) making residential
				  mortgage loans shall pay a volume fee of$35 per $100,000, or part thereof, of
				  the original unpaid balances arising from consumer credit transactions entered
				  into in this State during the previous calendar year.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 300 - COLLECTION AGENCIES: APPLICATION AND RECORD KEEPING REQUIREMENTS › Section 030-300-1 - REQUIREMENTS AND PROCEDURES FOR OBTAINING A COLLECTION AGENCY LICENSE

Current through 2024-29, July 17, 2024
A. NET WORTH REQUIREMENTS
The following represents the minimum net worth standards that
				  an applicant must meet in order to be eligible for a Collection Agency
				  license:
1.
sole proprietor
$10,000.00
2.
partnership
$10,000.00
3.
Corporation
$10,000.00
B.
				APPLICATION FOR INITIAL LICENSE
An applicant for an initial collection agency license shall
				  submit the following:
1. A completed
				"Application for Collection Agency License" package (supplied to the applicant
				by the Bureau) consisting of the following items:
(a) A completed application form;
(b) Completed fingerprint cards for the
				owner, if the applicant is a sole proprietor, for each partner if the applicant
				is a partnership and for each officer if the applicant is a
				corporation;
(c) Verification of
				registration of the applicant's trade name if the applicant is a sole
				proprietor or partnership;
(d)
				Signed "Authorization for Credit Bureau Report" by the owner, if the applicant
				is a sole proprietor and by the partners if the applicant is
				partnership;
(e) If the applicant
				is a corporation:
(i) a certified copy of its
				charter and bylaws;
(ii) date of
				registration as a foreign corporation with the Secretary of State;
				and
(iii) if the applicant is a
				foreign corporation, a duly-executed power of attorney appointing the
				Superintendent to be the true and lawful attorney of that corporation in and
				for this State;
(f) A
				duly executed bond in the amount specified in subsection E of this section,
				including the address and telephone number of the bonding company and the name,
				address and telephone number of the agency through which the bond was procured.
				(The bond may be filed after the applicant has been notified by the
				Superintendent that its application has been approved.)
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 300 - COLLECTION AGENCIES: APPLICATION AND RECORD KEEPING REQUIREMENTS › Section 030-300-2 - REQUIREMENTS AND PROCEDURES FOR COLLECTION AGENCY OPERATION

Current through 2024-29, July 17, 2024
A. TRUST ACCOUNT REQUIREMENTS
1. A licensee shall maintain a trust account
				in accordance with generally accepted accounting principles which shall contain
				only those funds collected on behalf of Maine creditors.
2. The gross amount of monies collected from
				debtors shall be deposited into the trust account no later than the day after
				the actual collection was received from the debtors excluding Saturday, Sunday
				and holidays.
3. A licensee shall
				withdraw its commission from monies in the trust account on one specific day of
				its choosing each month. That day, once chosen, will be the same each
				succeeding month.
4. In remitting
				to clients a licensee may offset funds in its trust account against commissions
				to which it is entitled for payments made by debtors directly to clients. Such
				offsetting may occur only on the date chose under paragraph (3), above. All
				offsets shall be accounted for through written documentation evidencing the
				amount of offset, and all commissions obtained through offsetting shall be
				withdrawn from the trust account that day.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 300 - COLLECTION AGENCIES: APPLICATION AND RECORD KEEPING REQUIREMENTS › Section 030-300-3 - TERMINATION OF BUSINESS

Current through 2024-29, July 17, 2024
A. PROCEDURES FOR
				CESSATION OF BUSINESS
1. Any licensee
				terminating its business shall comply with the following requirements:
(a) Notify the Superintendent of the proposed
				termination at least 30 days prior to its effective date;
(b) Notify all clients in writing of the
				proposed termination and its date at least 30 days prior to that
				date;
(c) Provide all clients with
				detailed final accountings of all debtor accounts;
(d) Remit all money held in the agency trust
				account to each respective client;
(e) Return all papers, documents and other
				property of clients provided to the licensee in connection with its collection
				efforts to each respective client; and
(f) Return its license to the Superintendent
				for cancellation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 350 - CREDIT SERVICES ORGANIZATION › Section 030-350-1 - AUTHORITY

Current through 2024-29, July 17, 2024
This Rule is adopted in accordance with the following
				  statutory authority:
A.
									9-A
				M.R.S.A. §6-104(1)(E);
				and
B.9-A M.R.S.A. §10 - 305.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 350 - CREDIT SERVICES ORGANIZATION › Section 030-350-2 - DEFINITIONS AND EXCLUSIONS

Current through 2024-29, July 17, 2024
As used in this Rule, unless the context otherwise indicates,
				  the following terms have the following meanings:
A. "Credit services organization."
1. "Credit services organization" means any
				person who, with respect to the extension of consumer credit by others,
				provides or offers to provide, in return for the separate payment by the
				consumer of money or other valuable consideration, any of the following
				services:
(a) Improving a consumer's credit
				record, history or rating;
(b)
				Arranging for or obtaining an extension of credit for a consumer; or
(c) Providing advice or assistance to a
				consumer with respect to subparagraph (a) or (b).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 350 - CREDIT SERVICES ORGANIZATION › Section 030-350-3 - REQUIREMENTS AND PROCEDURES FOR REGISTRATION OF CREDIT SERVICES ORGANIZATIONS

Current through 2024-29, July 17, 2024
A. Application for
				Initial Registration. On or before January 31, 1990 or prior to commencing
				business at any time thereafter, an applicant for initial registration as a
				credit services organization shall submit for approval a completed "Application
				for Credit Services Organization" package (supplied to the applicant by the
				Bureau) consisting of the following items:
1.
				A completed application form:
2. A
				duly executed bond in the amount of $10,000;
3. A copy, completed so as to reflect a
				hypothetical transaction, of the written agreement used by the company which
				satisfies the requirements of 9-A M.R.S.A. §10 - 302 (see subsection
				4(B) of this
				Rule);
4. A copy, completed so as
				to reflect a hypothetical transaction, of the written disclosure of material
				consumer protections used by the company which satisfies the requirements of
				9-A M.R.S.A. §10 0.00 for the period between the date of application, and
				January 31st of the following year.]
5. A check, made payable to "Treasurer, State
				of Maine," in the amount of $200.00. [Note: Applicants for initial registration
				who apply after October 1 of any year shall pay a reduced fee of $100.00 for
				the period between the date of application, and January 31st of the following
				year.]
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 350 - CREDIT SERVICES ORGANIZATION › Section 030-350-4 - REQUIREMENTS AND PROCEDURES FOR OPERATION OF CREDIT SERVICES ORGANIZATIONS

Current through 2024-29, July 17, 2024
A. Escrow of Funds. Each credit services
				organization shall place fee from consumers, other than bona fide 3rd party
				fees, in an escrow account with a financial institution in this State, separate
				from any operating accounts of the business, pending completion of services
				offered. With respect to credit services organizations offering to arrange for
				or obtain extensions of credit for consumers, or provide advice or assistance
				therefore, "completion of services offered" means procurement of credit under
				the terms agreed to by the parties.
Each credit services organization shall maintain in its files
				  in this State, for two (2) years after completion of services offered, a
				  written accounting, including written receipts from payees, for all bona fide
				  3rd-party fees not placed in escrow. The accounting records and receipts shall
				  be made available to the Bureau upon request as part of any examination or
				  investigation.
Bona fide 3rd-party fees may be excluded from escrowing
				  requirements only if the transaction between the credit services organization
				  and the payee is an "arm's length" transaction, in which no cross-ownership or
				  common financial interest exists between the two entities.
B. Requirement for Written Agreement. Each
				agreement between a consumer and a credit services organization shall be in
				writing, dated, signed by the consumer and shall include the following:
1. A full and detailed description of the
				services to be performed for the consumer, including all guarantees and all
				promises of full or partial refund of fees paid, whether or not services are
				completed, and the term for which the agreement shall remain in effect before
				return of the fees for nonperformance can be required by the
				consumer;
2. The terms and
				conditions of payment, including the total of all payments to be made by the
				consumer for the service, whether to the credit services organization or to
				some other person; and
3. The
				following notice:
NOTICE TO CONSUMER: Do not sign this agreement before you
				  read it. You are entitled to a copy of this agreement.
Each credit services organization shall maintain in its files
				  in this State, for two (2) years after completion of services offered, a true
				  and complete signed copy of the written agreement. The copy shall be made
				  available to the Bureau upon request as part of any examination or
				  investigation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 350 - CREDIT SERVICES ORGANIZATION › Section 030-350-5 - EXAMINATIONS AND INVESTIGATIONS

Current through 2024-29, July 17, 2024
Pursuant to 9-A M.R.S.A. §6 - 106, the Administrator or
				  the examination staff of the Bureau may conduct examinations or investigations
				  of all aspects of the operation of credit services organizations. Expenses
				  incurred in the examination are chargeable to the credit services organization.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 400 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 030-400-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 400 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 030-400-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 400 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 030-400-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 › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 400 - SALE OF INSURANCE PRODUCTS BY FINANCIAL INSTITUTIONS AND SUPERVISED LENDERS › Section 030-400-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 › 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-I - AUTHORITY

Current through 2024-29, July 17, 2024
Title 9-A M.R.S.A. §§6 - 104(1)(E), 2 - 302(7) and
				  10 - 201 grant the OCCR authority to promulgate this rule. It is a routine
				  technical rule as defined by
				   5 M.R.S.A.
				  §8071(2)(A).
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-II - PURPOSE

Current through 2024-29, July 17, 2024
This rule implements a program of educational requirements
				  for individuals seeking licensure as supervised lenders or loan brokers, and
				  those seeking registration as loan officers.
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-III - DEFINITIONS

Current through 2024-29, July 17, 2024
For purposes of this rule, the following terms have the
				  meanings set forth:
1. "Credit-hour"
				means 50 minutes of actual instruction time or testing/examination
				time.
2. "Loan Broker" has the same
				meaning as that term is defined by
				 9-A M.R.S.A.
				§10-102(1).
3. "Loan officer" has the same meaning as
				that term is defined by
				 9-A M.R.S.A.
				§1-301(22-A).
4. "Person subject to this rule" means an
				individual seeking licensure as a supervised lender or loan broker, and those
				seeking registration as a loan officer. The term includes individuals doing
				business or intending to do business under their own name or under an assumed
				name,
e.g.
, the owner/principal of an unincorporated sole
				proprietorship or partnership.
5.
				"Qualifying course" or "certified course" means an educational course approved
				by the OCCR pursuant to this rule.
6. "Supervised lender" has the same meaning
				as that term is defined in
				 9-A M.R.S.A.
				§1-301(39).
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-IV - APPLICABILITY

Current through 2024-29, July 17, 2024
Any person subject to this rule must meet the initial and
				  continuing educational requirements set forth herein. Supervised lenders and
				  loan brokers are responsible for ensuring compliance with this rule by loan
				  officers employed or retained by them.