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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

In light of recent changes to state law, the Bureaus are proposing to re-promulgate Chapter 144 (Bureau of Financial Institutions)/ Chapter 550 (Bureau of Consumer Credit Protection), otherwise known as the "Tangible Net Benefit" Rule. This re-promulgation proposes to repeal the "ability to pay" section of the original rule because "ability to repay" is now delineated in Title 9-A following passage of "An Act to Conform State Mortgage Laws with Federal Laws." This re-promulgation also proposes to replace outdated language in the "tangible net benefit" section of the rule and the "tangible net benefit" form. Notably, the term "subprime mortgage loan" has been replaced by the term "higher priced mortgage loan."

The Bureaus are not proposing a public hearing and the comment deadline is May 31, 2010.

Links to the "Notice of Agency Rule-making Proposal," the proposed rule and the proposed "tangible net benefit" form which will form as part of the rule may be found 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

April 28, 2010

 

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