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STATE OF MAINE

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF FINANCIAL INSTITUTIONS

OFFICE OF CONSUMER CREDIT REGULATION

NOTICE TO INTERESTED PARTIES

The Office of Consumer Credit Regulation and the Bureau of Financial Institutions are proposing to repeal the Office of Consumer Credit Regulation Chapters 180, 200, 220 and 240.  The Bureau of Financial Institutions joins in this rulemaking to make clear that any repeal will apply to supervised financial organizations.

Chapter 180, Definition of Official Fees, is being repealed due to changes in the law on which the rule was based.  Rule 180 prevents a creditor from charging a borrower for filing a financing statement if the creditor’s security interest in a consumer credit transaction is perfected without filing the financing statement.  Under 11 M.R.S.A. §9-1320, filing may now be appropriate even when a lender is automatically perfected by a purchase money securities interest in consumer goods.

Chapter 200, Rule on Re-Financing Multiple Transactions, is being repealed due to changes in the law on which the rule is based.  Chapter 200 established a formula for use when re-financing multiple transactions.  The formula found in the rule is no longer relevant to current law.

Chapter 220, Change in Dollar Amounts, is being repealed due to changes in the law on which the rule is based.  Chapter 220 changes various dollar amounts found throughout the Consumer Credit Code in order to keep pace with inflation.  The dollar amounts have since been incorporated into the Consumer Credit Code.

Chapter 230, Regulation Z-1, adopted the federal Truth-in-Lending regulations by reference to implement Article VII (now repealed) of the Maine Consumer Credit Code.  The rule was re-promulgated as Chapter 240 but the original rule was never repealed.  Chapter 230 is now being repealed.

Notice of these proposed Rules is being published by the Secretary of State.  Interested parties may submit written comments or requests for a hearing to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 or the Office of Consumer Credit Regulation, 35 State House Station, Augusta, Maine 04333-0035 by March 10, 2005.  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/financialinstitutions   or the Home Page of the Office of Consumer Credit Regulation at http://www.MaineCreditReg.org.

/s/ Colette L. Mooney, Acting Superintendent

Bureau of Financial Institutions

/s/ William N. Lund, Director

Office of Consumer Credit Regulation

Gardiner, Maine

February 9, 2005

 

Last Updated: June 5, 2013