Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 245 - STUDENT LOAN DISCLOSURES
Section 030-245-V - REQUIREMENTS AND PROCEDURES FOR DISCLOSURE OF THE TERMS OF STUDENT LOANS RESULTING FROM AN ALLOCATION OF THE STATE CEILING

Universal Citation: 02 ME Code Rules ยง 030-245-V

Current through 2024-38, September 18, 2024

A. Required disclosures. The terms and conditions of any student loan subject to this rule shall be disclosed pursuant to either:

(1) The regulations of the U.S. Department of Education, Office of Postsecondary Education, 34 C.F.R. § 682.205 (July 1, 1999 edition)[1]; or

(2) The provisions of Federal Truth-in-Lending Regulation Z, 12 C.F.R. Part 226 (January 1, 1999 edition)[2] and the Official Staff Commentary to the same.

B. Additional disclosures. In addition to the disclosures required in § V(A) of this regulation, and at the same time such disclosures are provided, the lender must fully disclose the terms and conditions of obtaining any interest rate discount or other discount or savings.

C. Provision of sample disclosures to Administrator. Prior to advertising, offering, or making available any student loan product subject to this rule, an issuer or lender must provide to the Administrator examples of the disclosures that must be made to loan recipients or obligors pursuant to this regulation. If a student loan product subject to this rule is modified, any revised disclosures must be provided by the issuer or lender to the Administrator prior to advertising, offering or making available the modified product. In addition, upon request of the Administrator to an issuer or lender, a lender or issuer must provide to the Administrator a projection of the approximate number or percentage of loan obligors who are likely to benefit from the discounts, including the source of the information and the basis for any projections. Sample disclosures and other information provided to the Administrator pursuant to this paragraph shall be available to the public at any time after the initial advertising, offering or making available of the student loan product to which it applies.

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