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Current Events

 

PROPOSED RULE

Chapter 285: Adjustment of Non-Bank Mortgage Lender Fees To Fund Investigative and Legal Compliance Personnel.

 

 

LEGISLATIVE REPORTS - Fall 2009

Quarterly Foreclosure Report - PL402
September 23, 2009

 

 

Reserve Cup Challenge Open to Maine High Schools

High Schools Urged to Take Credit Challenge

Our street address has changed although we're in the same location.

Professional and Financial Regulation
Bureau of Consumer Credit Protection
76 Northern Ave.
Gardiner, ME 04345

JOINT ADVISORY RULING #117
In light of the recent passage of "An Act to Conform State Mortgage Laws with Federal Laws," the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection have issued Joint Advisory Ruling #117, dealing with and clarifying previous advisory rulings relating to Maine's anti-predatory mortgage lending laws, the Tangible Net Benefit/Ability to Pay Rule and the Tangible Net Benefit Form.  The Advisory Ruling can be accessed at http://www.maine.gov/pfr/consumercredit/advisory_rulings/AR117.htm.  The Bureaus have also revised the Tangible Net Benefit Form.

 

State Regulators Order Foreclosure Rescue Companies To Cease Doing Business in Maine

 


An Act to Preserve Home Ownership . . .
Emergency Legislation signed by the Governor June 15, 2009 Lender Pre-Foreclosure Notice Reporting Requirement State Highlights New Home Foreclosure Law and Services

MAINE CREDIT-RELATED LAWS CHANGED by the 124th LEGISLATURE

Emergency legislation signed by the Governor June 3, 2009 equitably allocates regulatory costs among licensed entities.
An Act To Amend the Laws Governing Licensed Financial Service Providers

Eric Murphy Jr.and Murphy Home Loans - License Revoked
April 28, 2009

LEGISLATIVE REPORTS -

Arbitration Providers Report

Attachments to Arbitration Providers Report

Foreclosure Purchaser Report Litigation Funding Provider Report

Status of Mortgage Lending in Maine

State Regulators Warn Against “Westbrook Lending” ScamFebruary 19, 2008

 

Bureau of Consumer Credit Protection ReportStatus of Mortgage Lending in Maine January 15, 2009

 

State Agencies Highlight New Maine Law Intended to Protect Real Estate Buyers and SellersAugust 4, 2008

 

Proposed mortgage volume fee rule change -Public hearing scheduled August 22, 2008; Comment period open until September 3, 2008

PROPOSED VOLUME FEE RULE

Click HERE for notice to interested parties.

JOINT RULE ON STUDENT LOANS
The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently adopted a rule on student loans that allows subject lenders to provide student-borrowers loans that provide for a schedule of payments that may accommodate students' academic commitments.  The effective date of this rule is July 7, 2008. The Rule may be found at the Bureau of Consumer Credit Protection’s website.

 

ADVISORY RULING #116
"Convenience" HELOC's

 

High-Rate High-Fee Mortgage Counselors
High-rate high-fee consumer loans require consumer counseling before the making of the loan.

 

JOINT ADVISORY RULING #115
Treatment of Construction to Permanent Loans
Released April 25, 2008

 

MAINE MORTGAGE LENDING FREQUENTLY-ASKED QUESTIONS
FAQs on Mortgage Lending and Mortgage Lending laws in Maine.

 

MORTGAGE LENDERS NETWORK SETTLEMENT AGREEMENT AND CONSENT ORDER
Docket 2007-05


JOINT ADVISORY RULING #114
Changes to the Bureau of Financial Institutions Regulation 44 and Bureau of Consumer Credit Protection Chapter 550, “Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay” and the “tangible net benefit” form as the result of recent amendments to the Act to Protect Maine Homeowners from Predatory Lending
Released: January 17, 2008

 

2008 Amendments to Predatory Lending Law -- Maine's predatory mortgage lending law, which became effective January 1, 2008, was amended January 8, 2008 with provisions that are retroactive back to January 1st.  The primary change is to exempt "prime" loans from the anti-flipping (reasonable tangible net benefit) test.  See the recently-enacted amendments at http://janus.state.me.us/legis/ros/lom/LOM123rd/123R2/PUBLIC471.aspJOINT ADVISORY RULING 113
“Ability to Pay” under Bureaus’ Joint Rule: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay (Chapters 550 and 144)
Released: December 26, 2008 ADVISORY RULING 112
 Computation of “Total Loan Amount”
Released: December 26, 2007 ESCROW RATES:
Calendar year 1/2/2008 & 1/2/2007 ADVISORY RULING 111
Exclusion of HELOCs from definition of “sub-prime loan”
Released: December 17, 2007 ADVISORY RULING 110
"Odd Days’” or “Per Diem” Interest
Released: December 12, 2007TANGIBLE NET BENEFIT RULE The Bureau of Financial Institution's and the Bureau of Consumer Credit Protection's final rule delineating the concepts of "reasonable, tangible net benefit" and "ability to pay." "Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay" Released 12/04/2007 MAINE'S NEW ANTI-PREDATORY LENDING LAWMaine's new anti-predatory lending law has been given a chapter number (Chapter 273), and has been posted in its final form on the legislature's website.

Last Updated: November 17, 2009