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 029-240-2 - PURPOSES

Universal Citation: 02 ME Code Rules ยง 029-240-2

Current through 2024-38, September 18, 2024

The purposes of this regulation are to:

A. Provide additional credit protections to Maine consumers by requiring creditors subject to Article 8-A of 9-A M.R.S. to comply with Regulation Z and Regulation M issued by the CFPB using its discrete codifications ( 12 C.F.R. Part 1026, Regulation Z and 12 C.F.R. Part 1013, Regulation M) and by requiring creditors subject to Article 8-A of 9-A M.R.S. to comply with truth-in-lending and consumer leasing regulations issued by the CFPB since July 21, 2011.

B. Ease compliance by creditors subject to Article 8-A of 9-A M.R.S. with truth-in-lending laws; and

C. Preserve Maine's exemption from federal Regulation Z and thereby allow for the continuation of State enforcement of truth-in-lending laws applicable to creditors subject to Article 8-A of 9-A M.R.S.

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