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Navigating the Intersection of Law, Business, and Leadership through my Margaret Chase Smith Summer Internship 

By: Collin McGarr, Consumer Credit Examiner Intern 

My name is Collin McGarr, and I’m an alumnus of Bentley University. Having successfully earned a business degree with a specialization in management and finance in under four years, I’m now embarking on a new chapter as an incoming student at the University of Maine School of Law with the plan to complete a dual MBA/J.D. program. To prepare me for this legal journey I am participating in the Margaret Chase Smith Summer Internship program where I am working with the Bureau of Consumer Credit Protection. 

Academic Journey and Insights:  

My academic journey thus far has offered me the opportunity to build a comprehensive understanding of various business domains. My practical experience equips me to explore the intricate interplay between law, policy, and business in our rapidly changing global landscape. I aspire to be a generational leader, synthesizing these different worlds. 

Balancing Work and Education: 

Throughout high school and university, I balanced multiple jobs and licensing certifications alongside my classes. This cultivated a strong work ethic and fueled my passion for professional growth. Coupled with the variety of internships I have completed prior to this summer; I have been well prepared to take full advantage of this summer’s opportunities.  

Next Steps: 

As I prepare to attend the University of Maine this fall, I’m working as an office intern at the Bureau of Consumer Credit Protection within the Department of Professional and Financial Regulation Office. This role allows me to collaborate with various departments and professionals across State agencies and municipalities, focusing on Consumer Credit (non-bank financial institutions) Protection. It also allows me to interact with Maine financial law, regulations, rules, attorneys, investigators, credit examiners, state officials and so many more individuals to build my network, gain practical experience, and grow my legal insight. I have striven to set myself apart in the advancement of my career and this opportunity has assisted in doing just that.  

What is the Maine Bureau of Consumer Credit Protection (BCCP):  

The Maine BCCP oversees various aspects of the consumer finance industry. This includes non-bank mortgage lenders, debt collectors, loan brokers, money transmitters, non-bank ATMs and more. Our main responsibilities encompass licensing and regulation to ensure compliance with state credit-related statutes, consumer protection by addressing financial service issues and complaints, and education outreach to promote financial literacy. 

Consumer Credit Protection Focus: 

Credit refers to financial transactions related to borrowing, lending, and consumer credit practices. This means we oversee the consumer finance industry and carry out state credit-related statutes.  

Interdisciplinary Approach: Law, Business, and Ethics 

In this agency, we are the bridge between law and business. This summer I have been able to explore this bridge and how legal principles intersect with consumer credit protection. Whether it’s drafting fair lending policies, analyzing credit reporting practices, or addressing consumer complaints, we are on the front lines of protecting Mainers’ non-bank financial interests. 

Practical Application: 

Every day, I apply my knowledge of business with my passion for law in the application of real-world scenarios: 

Business Regulation

We evaluate and regulate consumers and institutions—loan officers, money transmitters, and more. Understanding their impact on each other within the financial ecosystem. 

  • Example: I am actively participating in an on-going, high-profile case where a multinational, publicly traded, company is seemingly knowingly, willingly, and negligently allowing their business to facilitate crime that is targeting specific age demographics in Maine. Evidence arose when it was found the company was operating illegally and routine regulatory processes were implemented by the BCCP. This case has allowed me to exercise my skills in data analytics, research, critical thinking, and evidence collection. 

Policy Analysis

I dive into existing regulations and rules, seeking ways to enhance consumer protection. If there are gaps, we revise. 

  • Example: Another on-going issue in the state of Maine that I am currently working with is the mounting problem of medical debt and its collection by debt collectors. Through a survey conducted by Consumers of Affordable Health Care in 2024 including 505 registered Maine voters, it was found that 86% of surveyors reported a challenge resulting from medical debt with half finding it difficult to afford health care, many finding it “very” difficult, and 3 out of 4 still carrying medical debt taken out within the past five years. A recent law (LD 2115) was signed by Governor Janet Mills, on April 22nd of 2024, placing limitation on the collection and litigation of medical debt to mitigate the pressure of medical debt on the consumers of Maine. It also takes action to prevent false, deceptive, or misleading representation about interest and fee accumulating on medical debt. This law will directly impact the BCCP as we play a crucial role in enforcing and monitoring debt collectors and provisions found within LD 2115. Stakeholders like debt collectors and health care providers will need to adjust their practices to align with the law and the BCCP will oversee this process. Consumer education about their rights and guidelines will also fall under the BCCP’s jurisdiction. I am taking part in the research and preparation for the launch date of this new law, 90 days post signing, and in doing so, building on my writing, research, reporting, and critical thinking skills.  

Educational Empowerment

The BCCP ensures that businesses comply with credit-related statutes and rules. By educating and communicating with businesses, consumers, and stakeholders alike about industry updates, arising issues, patterns, rules, and regulations, we promote fair practices and transparency in the consumer finance industry. I get to be part of this through continued education, research, and outreach. 

  • Example: I had the opportunity to sit down with leading industry professionals for a stakeholder meeting facilitated by Maine Equal Justice, a nonprofit civil legal aid and economic justice organization with a mission to increase economic security, opportunity, and equity in the state. Our agenda started with identifying consumer protection priorities with a focus on low-income individuals. This included medical debt, tenant and homeowner protections, and abusive loan practices. After various small group work and brainstorming sessions, we reconvened as a group to discuss solutions and goals. The meeting included individuals from Pine Tree Legal, Maine Center for Economic Policy, Maine Coalition to End Domestic Violence, Consumers for Affordable Health Care, and many other institutions. This experience allowed me to not only expand my knowledge and assist my office, but also built on my listening, comprehension, and communication skills. After the meeting’s conclusion I shared my insights and findings with my supervisors. 

Here’s what I’m currently learning: 

  • Legal Research: I delve into statutes, case law, and regulatory guidelines related to consumer credit. It’s fascinating to see how the legal landscape evolves. 
  • Stakeholder Engagement: We interact with industry professionals, advocacy groups, and consumers. Their insights shape my understanding. 
  • Industry Details: The credit industry ecosystem involves recognizing the intricate relationship between businesses and consumers and its financial applications.  
  • Ethical Considerations: Balancing business interests with consumer rights is an ongoing challenge—one that I embrace. 

This is just a taste of what we do here at the BCCP! The BCCP is on the front lines of protecting and educating our communities. The professionals that work here devote their careers to assisting, educating, and empowering Mainers in their efforts to ensure and enforce fair and equitable credit practices while adhering to federal policies! 

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