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Can you summarize 02-029 MECM Ch. 119?
Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.) > Alternative Mortgage Transactions (Ch. 119 is a Joint Rule with 02-030, Ch. 250)
Short Summary
This document is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection in Maine. It repeals and replaces the previous Alternative Mortgage Transaction Joint Rule. The purpose of this rule is to regulate alternative mortgage transactions in the state. It allows creditors and financial institutions to offer certain alternative mortgage products that are secured by a first-lien on real estate and are generally accepted on the national secondary market. The rule aligns state regulation with federal regulation to ease compliance burdens and provides adequate and consistent consumer protections. It defines alternative mortgage transactions as loans secured by an interest in residential property with adjustable or renegotiable interest rates or finance charges. The rule also sets forth authorizations, limitations, and requirements for alternative mortgage transactions. Enforcement of this rule is carried out by the Bureau of Consumer Credit Protection for creditors and the Bureau of Financial Institutions for financial institutions.
Whom does it apply to?
Creditors and financial institutions
What does it govern?
Alternative Mortgage Transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Maine