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AGENCY 02. DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
AGENCY 02. DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
JOINT RULE
030 BUREAU OF CONSUMER CREDIT PROTECTION Chapter 240
029 BUREAU OF FINANCIAL INSTITUTIONS Chapter 138 (Regulation 38)
Truth-in-Lending, Regulation Z-2
SUMMARY:
This rule-making repeals Bureau of Consumer Credit Protection Chapter 240 and Bureau of Financial Institutions Chapter 138 (Regulation 38), otherwise known as Truth-in-Lending, Regulation Z-2. This rule was originally promulgated in 1981 and re-promulgated in 1986, 1989, 1992, 1997, 1998, 2002 and twice in 2010 to adopt the federal Truth-in-Lending regulations by reference, enumerating state exceptions to federal law, so as to implement Article VIII of the Maine Consumer Credit Code.
SECTION 1. AUTHORITY
This rule was last adopted pursuant to 9-A M.R.S. §§ 1-102, 6-104 and 8-104 by the Bureau of Consumer Credit Protection and the Bureau of Financial Institutions, as the agencies responsible for the administration of the Maine Consumer Credit Code for supervised lenders and supervised financial organizations.
SECTION 2. PURPOSE
Regulation Z-2 is repealed because it is both out-of-date and duplicative.
Pursuant to Public Law 2011, Chapter 427, “An Act to Amend the Maine Consumer Credit Code to Conform with Federal Law,” creditors are mandated to comply with the federal Consumer Credit Protection Act, 15 United States Code, Section 1601, et seq. and its implementing Regulations, Section 226.1 et seq. and Regulation M, 12 Code of Federal Regulations, Section 213.1 et seq., including any final regulations issued on or before July 21, 2011. Any distinctions from federal truth-in-lending laws are now embodied in Article 8-A of the Maine Consumer Credit Code.
SECTION 3. GENERAL PROVISIONS
Bureau of Consumer Credit Protection Chapter 240 and Bureau of Financial Institutions Chapter 138 (Regulation 38), otherwise known as Truth-in-Lending, Regulation Z-2, is repealed.
SECTION 5. BASIS STATEMENT
This rule-making repeals a joint rule issued by Bureau of Financial Institutions’ Chapter 138, Regulation 38 and the Bureau of Consumer Credit Protection’s Chapter 240, Regulation Z-2 because creditors are mandated to comply with the federal Consumer Credit Protection Act, 15 United States Code, Section 1601, et seq. and its implementing Regulations, Section 226.1 et seq. and Regulation M, 12 Code of Federal Regulations, Section 213.1 et seq., including any final regulations issued on or before July 21, 2011, pursuant to Public Law 2011, Chapter 427, “An Act to Amend the Maine Consumer Credit code to Conform with Federal Law.” In light of this Public Law, Regulation Z-2 is both out-of-date and duplicative. Any distinctions from federal truth-in-lending laws are now embodied in Article 8-A of the Maine Consumer Credit Code. It is the Bureaus’ view that this rule is superseded upon the effective date of Public Law 2011, Chapter 427.
