Code of Maine Rules
95 - INDEPENDENT AGENCIES
648 - EFFICIENCY MAINE TRUST
Chapter 110 - PACE PROGRAM REGULATIONS: LOAN UNDERWRITING STANDARDS, CONSUMER DISCLOSURE REQUIREMENTS, TERMS AND CONDITIONS OF PARTICIPATION AND QUALITY ASSURANCE SYSTEM
Section 648-110-4 - CONSUMER DISCLOSURE REQUIREMENTS
Current through 2024-13, March 27, 2024
1. Truth in Lending. A PACE Agreement must provide consumer disclosure consistent with the principles of Truth in Lending. A disclosure in substantially the form of the "PACE Loan Disclosure Statement," prepared by the Bureau of Consumer Credit Protection and attached to this regulation as Appendix B, complies with this subsection. PACE Loans shall not be subject to the Maine Consumer Credit Code, Article 8, but shall be subject to 9-A MRSA §§9 - 301(advertising); 9-304 (servicing requirements of assigned consumer credit transactions); 9-305 (interest to be held on funds held in escrow); 9-305-A (timely payments from escrow); 9-305-B (timely responses to requests for payoff figures); 9-306 (notice of assignment); 9-307 (receipts; statement of account; evidence of payment; 9-308 (right to prepay); 9-310 (privacy of consumer financial information); 9-311-A (real estate settlement procedures); and 9-314 (prepayment penalty riders).
2. Right of Rescission. Notwithstanding any exemption from Article 8 of the Maine Consumer Credit Code, PACE Mortgages shall be subject to the right of rescission as stated in 9-A MRSA § 8 - 204.
3. Consumer privacy. he provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999), and the applicable implementing federal regulations regarding the privacy of consumer information, apply to all consumer financial information obtained by the Trust or Municipalities or their designees in implementing PACE Programs under this chapter.
