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STATE OF MAINE

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF FINANCIAL INSTITUTIONS

BUREAU OF CONSUMER CREDIT PROTECTION

NOTICE TO INTERESTED PARTIES

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection have proposed amending Chapter 143 (Bureau of Financial Institutions) and Rule 120 (Bureau of Consumer Credit Protection), last promulgated in 2005, so that its provisions are consistent PL 2007, Chapter 7, which changes the standard by which maximum garnishment ratios are computed. Previously, the Code limited garnishment arising from a consumer credit transaction to the lesser of 25% of the individual’s disposable earnings or the amount by which the individual’s disposable earnings for a week exceeded 40 times the federal minimum hourly wage. The new law sets the benchmark at the federal minimum wage or the state’s minimum wage, whichever is greater. 

Notice of this proposed Rule is being published by the Secretary of State.  Interested parties may submit written comments or request for a hearing to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 or the Bureau of Consumer Credit Protection, 35 State House Station, Augusta, Maine 04333-0035 by November 12, 2007.  Electronic comments or requests for a hearing may be submitted by accessing the Internet Home Page of the Bureau of Financial Institutions at http://www.maine.gov/pfr/financialinstitutions/index.shtml   or the Home Page of the Bureau of Consumer Credit Protection at http://www.maine.gov/pfr/consumercredit/index.shtml.

 

Gardiner, Maine

October 10, 2007

 

Last Updated: June 5, 2013