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Chapter 220, CHANGE IN DOLLAR AMOUNTS

SUMMARY

The Office of Consumer Credit Regulation adopted its Rule Chapter 220 to keep various dollar amounts found throughout the Consumer Credit Code in pace with inflation. Chapter 220 is now repealed due to changes in the law on which the rule is based.

I.  AUTHORITY:

Title 9-A M.R.S.A. §6-104 permits the Administrator to adopt, amend, and repeal rules to carry out the specific provisions of the Consumer Credit Code.

Title 9-A M.R.S.A. §6-103 and 1-301(2) state that except in cases in which a supervised financial organization is the creditor, the Administrator is the Director of the Office of Consumer Credit Regulation.  In cases in which the creditor is a supervised financial organization, the Administrator is the Superintendent of Financial Institutions.

Title 9-A M.R.S.A. §6-105 states that with respect to supervised financial organizations, all powers of the Administrator under Title 9-A must be exercised by the Superintendent of the Bureau of Financial Institutions.

Title 9-B M.R.S.A. §215 permits the Superintendent of the Bureau of Financial Institutions to implement rules relating to the supervision of financial institutions or their subsidiaries or financial institution holding companies or their subsidiaries.

This rule does not have a separate Bureau of Financial Institutions chapter number.  The chapter is applicable to supervised financial organizations under 9-A. M.R.S.A. § 6-104(6).  The Bureau of Financial Institutions joins in this rulemaking to make clear that the repeal of the Office of Consumer Credit Regulation Chapter 220 applies to supervised financial organizations.  Pursuant to §6-104(6), "unless…modified by the Superintendent of Financial Institutions," a rule as adopted by the Office of Consumer Credit Regulation will remain applicable to supervised financial organizations.

II.  PURPOSE

The Office of Consumer Credit Regulation adopted this rule to keep various dollar amounts found throughout the Consumer Credit Code in pace with inflation.  The various dollar amounts were changed under the authority of 9-A M.R.S.A. §1-106, which was repealed in 1998.  The dollar amounts that were increased have since been incorporated into Title 9-A at or above the level specified in the rule.

Rule 220 listed increases to the dollar amounts found in the following sections of the Consumer Credit Code.

1. §2-201(2)  Graduated Rate Scale-Sales
2. §2-307(2)  Restrictions on Interest in Land
3. §2-308(1)  Maximum Loan Term
4. §2-401(2)  Graduated Rate Scale- Loans
5. §2-502(1)  Delinquency Charges
6. §3-301(1)  Security in Sales or Leases
7. §4-301(3)  Property Insurance
8. §5-103(2)  Deficiency Judgment

III. GENERAL PROVISIONS

Chapter 220 of the Rules of the Maine Office of Consumer Credit Regulation is repealed.

IV. EFFECTIVE DATE:

 

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