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AGENCY UMBRELLA-UNIT NUMBER: 02-030
AGENCY NAME: Department of Professional and Financial Regulation, Office of Consumer Credit Regulation

CONTACT PERSON: William N. Lund, Director, 35 State House Station, Augusta, Maine 04333-0035. Tel: (207) 624-8527.

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

EXPECTED 2004-2005 RULE-MAKING ACTIVITY:

CHAPTER 110 (or new joint rule with the Bureau of Financial Institutions):
TITLE: Bureau Organization, Administration and Procedure
STATUTORY AUTHORITY: 9-A M.R.S.A. § 6-104(4)(A); § 6-104(1)(E)
PURPOSE: This rule sets forth the basic organizational and procedural structure of the agency. Due to changes in the statutory framework of the agency and the sharing of jurisdiction with the Bureau of Financial Institutions, this rule may be revised to reflect those changes.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 120 (or new joint rule with the Bureau of Financial Institutions):
TITLE: Multiple of the Federal Minimum Wage
STATUTORY AUTHORITY: 9-A M.R.S.A. § 5-105(2)(C); § 6-104
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend the rule that establishes the method by which an employee's wages may be garnished when the employee is paid other than weekly, pursuant to the limitations of the Maine Consumer Credit Code.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 140 (or new joint rule with the Bureau of Financial Institutions):
TITLE: Limited Coverage on Property Related to Credit Transactions
STATUTORY AUTHORITY: 9-A M.R.S.A. § 4-301(4); § 6-104
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend the rule which prohibits dual coverage of insurance on items related to credit transactions. The rule may also be amended to facilitate the offering of various insurance products.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 150:
TITLE: Authorization of Rate Tables to Determine Unearned Finance Charge
STATUTORY AUTHORITY: 9-A M.R.S.A. § 2-510(3)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend the rule establishing rate tables to assist creditors in determining appropriate refunds if consumers pay off precomputed credit contracts prior to the scheduled termination date. The agencies may amend the regulation to make it applicable to a wider range of cases in which consumers make large partial prepayments in precomputed credit transactions.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 180:
TITLE: Definition of Official Fees
STATUTORY AUTHORITY: 9-A M.R.S.A. § 6-104(1); §1-301(25)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend the rule that defines "official fees," which are excludable from the finance charge in Maine consumer credit transactions.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 190:
TITLE: Enforcement Policy Guidelines
STATUTORY AUTHORITY: 9-A M.R.S.A. § 8-108(3)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend the rule that sets forth the procedures to be followed when violations of the Maine Consumer Credit Code or related laws are established following an examination, or in response to consumer complaints. The agencies follow general guidelines and tolerances promulgated and established by various federal regulatory agencies, and as those federal standards change the agencies may amend the rule to conform to the new standards.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 200:
TITLE: Rule on Refinancing Multiple Transactions
STATUTORY AUTHORITY: 9-A M.R.S.A. § 6-104(1)(E)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend or repeal the rule that defines "refinancing" and "consolidation" as those terms are used in the Maine Consumer Credit Code and establishes a formula to be used in refinancing multiple transactions.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 220:
TITLE: Change in Dollar Amounts
STATUTORY AUTHORITY: 9-A M.R.S.A. § 1-106(4)
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to repeal the rule that adjusts certain dollar limitations in the Maine Consumer Credit Code to keep pace with the consumer price index, based on the fact that in 1998 the Legislature adopted fixed dollar amounts in the Consumer Credit Code.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 240:
TITLE: Truth in Lending, Regulation Z-2
STATUTORY AUTHORITY: 9-A M.R.S.A. § 6-104, § 8-104, § 8-108
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend Rule 240, which incorporates federal Regulation Z, "Truth-in-Lending," into state law. The rule may be amended to reflect changes in parallel federal regulations.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 245:
TITLE: Student Loan Disclosures
STATUTORY AUTHORITY: 9-A M.R.S.A. § 8-104(1); Title 10 M.R.S.A. § 363(8)(A)
PURPOSE: This joint rule establishes disclosure and procedural requirements regarding the terms and conditions for student loan products offered by lenders and issuers and funded by an allocation of the state's bond ceiling. It may be amended as needed.
ANTICIPATED SCHEDULE: Prior to October, 2005 if necessary.
AFFECTED PARTIES: All lenders and issuers of student loan products that are funded under an allocation of the state's bond ceiling, and consumers borrowing under those programs.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 250:
TITLE: Alternative Mortgage Transactions
STATUTORY AUTHORITY: 9-A M.R.S.A. § 9-302
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to amend Rule 250, which governs alternative mortgage transactions, which include adjustable rate and partially-amortizing mortgage loans.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Consumers, non-bank lenders, general creditors, and other regulated entities.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 300:
TITLE: Collection Agencies - Application and Record Keeping Requirements
STATUTORY AUTHORITY: 32 M.R.S.A. § 11034
PURPOSE: This rule sets forth requirements for those individuals and companies that wish to collect debts or repossess vehicles in Maine. The agency, may amend the rule as necessary.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Applicants for licensure to collect debts or repossess collateral.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 350:
TITLE: Credit Services Organization
STATUTORY AUTHORITY: 9-A M.R.S.A. § 10-305
PURPOSE: Chapter 350 clarifies Article X of the Maine Consumer Credit Code, which regulates the activities of the Credit Services Organizations (loan brokers). The agency may propose amendments to the rule to address issues that may be encountered.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Loan brokers and credit clinics, and their customers.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER 400:
TITLE: Sale of Insurance Products by Financial Institutions and Supervised Lenders.
STATUTORY AUTHORITY: 9-A M.R.S.A. § 4-407
PURPOSE: This regulation, issued jointly by the Office of Consumer Credit Regulation, the Bureau of Financial Institutions and the Bureau of Insurance, addresses issues regarding sales of insurance products by financial institutions. Amendments may be proposed as necessary.
ANTICIPATED SCHEDULE: Reviewed prior to December, 2005
AFFECTED PARTIES: Insurers, financial institutions, supervised lenders, and consumers.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER (NEW RULE):
TITLE: Money Order Issuers/Money Transmitters/Check Cashers/Foreign Currency Exchangers
STATUTORY AUTHORITY: 32 M.R.S.A. § 6125; § 6144
PURPOSE: The agency may adopt rules as necessary to implement statutory provisions applicable to those financial services companies.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Regulated companies; consumers.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER (NEW RULE):
TITLE: Non-Bank Cash-Dispensing Machines
STATUTORY AUTHORITY: 32 M.R.S.A. § 6159
PURPOSE: The agency may adopt rules as necessary to implement Title 32, Chapter 229, Subchapter III, "Cash-Dispensing Machines Established by Non-banks."
ANTICIPATED SCHEDULE: October, 2005
AFFECTED PARTIES: Consumers; owners and operators of non-bank ATMs.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER (NEW RULE):
TITLE: Consumer Credit Transactions: Permissible Additional Charges
STATUTORY AUTHORITY: 9-A M.R.S.A. §2-501
PURPOSE: Engage in joint rulemaking, as appropriate, with the Bureau of Financial Institutions to promulgate a rule addressing permissible charges for benefits conferred upon the consumer.
ANTICIPATED SCHEDULE: Prior to October, 2005
AFFECTED PARTIES: Maine credit consumers, financial institutions, non-bank lenders, and general creditors.

CHAPTER (NEW RULE):
TITLE: Nonprofit Debt Management Services
STATUTORY AUTHORITY: 32 MRSA § 6178(2)
PURPOSE: The agency may adopt rules as necessary to implement Title 32, Chapter 80-A, "Nonprofit Debt Management Services."
ANTICIPATED SCHEDULE: October, 2005
AFFECTED PARTIES: Consumers; debt management service providers
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER (NEW RULE):
TITLE: Adjustment of Consumer Credit Code Volume Fees
STATUTORY AUTHORITY: 9-A MRSA § 6-203
PURPOSE: The agency will adopt rules to implement Title 9-A, MRSA § 6-203, sub-§ 3-C (2004) which permits adjustment of creditor and lender volume fees pursuant to the Consumer Credit Code.
ANTICIPATED SCHEDULE: September, 2004
AFFECTED PARTIES: Consumers, creditors and supervised lenders.
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

CHAPTER (NEW RULE):
TITLE: Payroll Processors
STATUTORY AUTHORITY: 10 MRSA § 1495-F (7)
PURPOSE: The agency may adopt rules as necessary to implement 10 MRSA, Chapter 222, "Payroll processors."
ANTICIPATED SCHEDULE: October, 2005
AFFECTED PARTIES: Employers; payroll processors
CONSENSUS-BASED RULEMAKING: The agency does not plan to employ consensus-based rule development in formulating its planned rule changes.

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