Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 240 - Truth-in-Lending, Regulation Z-3 (Regulation 38)(Ch. 138 is a joint rule with 02-030 Ch. 240)
Section 029-240-1 - AUTHORITY

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection are promulgating this regulation under their authority set forth in 9-A M.R.S. §§1 - 102, 6 - 104, 8 - 504 and 8 - 507, pursuant to which the Bureaus may adopt rules substantially similar to or that afford more protection for consumers than those codified in federal truth-in-lending laws, notwithstanding any other law. Alignment with CFPB Regulation Z and CFPB Regulation M is consistent with 9-A M.R.S. §8 - 504 wherein the Bureaus are authorized to issue rules that are consistent with the purposes of Title X and Title XIV of the Dodd-Frank Act and with the purposes set forth in 9-A M.R.S. §§1 - 102 and 8 - 502.

Pursuant to 9-A M.R.S. §8-504(2) specifically, the Bureaus' administrators may make rules containing differentiations and adjustments for a class of transactions that in the judgment of the administrators are necessary and proper to effectuate the purposes of 9-A M.R.S. and to facilitate compliance with 9-A M.R.S.In exercising that authority, the Bureaus have specifically considered whether there is a substantial impact on consumer protection before adopting provisions affecting compliance with 9-A M.R.S. §8-506and have determined that the provisions will provide greater protection to consumers.