Maine Revised Statutes Title 9-A Sec. 8-504 – Maine Consumer Credit Code – Truth-in-Lending
Current as of: 2023 | Check for updates
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1. Compliance with Federal Truth in Lending Act. Notwithstanding any other law, a creditor shall comply with the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code § 1601 et seq. and its implementing regulations, Regulation Z, 12 C.F.R. § 1026.1 et seq. and Regulation M, 12 C.F.R. § 1013.1 et seq.
[PL 2013, c. 464, §4 (AMD).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 8-504
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Rule-making authority. Consistent with the purposes of Title X and Title XIV of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 and with the purposes set forth in sections 1?102 and 8?502 and notwithstanding other law, the administrator may adopt rules substantially similar to or that afford more protection for consumers than those codified in Title 12 of the Code of Federal Regulations, Part 1026 and Title 12 of the Code of Federal Regulations, Part 1013. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2?A. In adopting rules pursuant to this subsection, the administrator shall specifically consider whether there is a substantial impact on consumer protection before adopting rules affecting the following provisions of section 8?506:
A. The rate thresholds pertaining to high-cost mortgage loans in section 8?506, subsection 1, paragraph H; [PL 2011, c. 427, Pt. A, §15 (NEW).]
B. The prepayment penalties for high-cost mortgage loans in section 8?506, subsection 2, paragraph D; [PL 2011, c. 427, Pt. A, §15 (NEW).]
C. The assignee liability for high-cost mortgage loans in section 8?506, subsection 3; [PL 2011, c. 427, Pt. A, §15 (NEW).]
E. The prohibition against flipping and the principles of tangible net benefit in section 8?506, subsection 5; and [PL 2013, c. 464, §4 (AMD).]
F. The enhanced penalties for violations in section 8?506, subsection 6. [PL 2011, c. 427, Pt. A, §15 (NEW).]
The rules may contain classifications, differentiations or other provisions and may provide for adjustments and exceptions for any class of transactions subject to this Title that in the judgment of the administrator are necessary or proper to effectuate the purposes of this Title, or to prevent circumvention or evasion of or to facilitate compliance with, the provisions of this Title.
[PL 2013, c. 464, §4 (AMD).]
3. Compliance with rules prior to effective date. A creditor may comply with any rules adopted by the administrator pursuant to subsection 2 prior to the effective date of those rules.
[PL 2011, c. 427, Pt. A, §15 (NEW).]
SECTION HISTORY
PL 2011, c. 427, Pt. A, §15 (NEW). PL 2013, c. 464, §4 (AMD).