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DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

 

30    BUREAU OF CONSUMER            029   BUREAU OF FINANCIAL
      CREDIT PROTECTION                   INSTITUTIONS
      Chapter 600                         Chapter 145 (Regulation 45)

 

STUDENT LOANS

Statement of Impact on Small Business

Prepared pursuant to 5 MRSA §8052, sub-§5-A

  1. Identification of the types and an estimate of the number of the small businesses subject to the proposed joint rule, Chapter 145 (Bureau of Financial Institutions),  and Chapter 600 (Bureau of Consumer Credit Protection):

The types of small businesses subject to the proposed joint rule are banks, credit unions, and non-bank supervised lenders.    The estimated number of banks and credit unions subject to the proposed joint rule with 20 or fewer employees is four.  The estimated number of non-bank supervised lenders subject to the proposed joint rule with 20 or fewer employees is 15.

  1. Projected Reporting, record-keeping and other administrative costs required for compliance with proposed joint rule, Chapter 145 (Bureau of Financial Institutions) and Chapter 600 (Bureau of Consumer Credit Protection), including the type of professional skill necessary for preparation of the report or record:

The proposed rule does not provide for any additional projected reporting by the industry.  The rule is permissive to the extent that it allows banks, credit unions and other supervised lenders to enter into loans with student-borrowers on terms that will accommodate the needs of the student-borrowers.  The proposed rule does not subject banks, credit unions and other supervised lenders to additional administrative costs.

  1. Brief statement of the probable impact on affected small businesses:

The probable impact on affected small businesses will be positive.  As indicated above, the rule is permissive to the extent that it allows banks, credit unions and other supervised lenders to enter into loans with student-borrowers on terms that will accommodate the needs of student-borrowers.   

  1. Description of any less intrusive or less costly, reasonable alternative methods of achieving the purposes of proposed joint rule, Chapter 145 (Bureau of Financial Institutions) and Chapter 600 (Bureau of Consumer Credit Protection):

None. 

 

 

Last Updated: June 5, 2013