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TO INTERESTED PARTIES
Attached is an Advisory Ruling confirming that Maine’s current truth-in-lending disclosures apply to mortgage transactions made by Maine state-chartered financial institutions. The advisory also indicates that the Bureau will take no action against lenders that choose to adopt the federal Regulation Z changes implementing provisions of the Mortgage Loan Disclosure Act that become effective January 30, 2011.
Please note that the Bureau of Financial Institutions strives to align its Truth-in-Lending Regulation Z-2 with the federal Regulation Z. There has been rapid change at the federal level and we have responded in kind by updating our Regulation Z-2 twice in the past year. As is our practice, another update is underway to capture the latest changes at the federal level and we will issue additional Advisory Rulings when appropriate.
Lloyd P. LaFountain III
Superintendent of Financial Institutions
January 6, 2011
Last Updated: October 21, 2010
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