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Can you summarize 02-029 MECM Ch. 145?
Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.) > Student Loans (Ch. 145 is a Joint Rule with 02-030 Ch. 600)
Short Summary
This document, Chapter 145 of the Code of Maine Rules, is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection. It pertains to financial institutions authorized to do business in Maine, credit unions authorized to do business in Maine, and supervised lenders. The purpose of this Chapter is to allow subject lenders to provide student borrowers with loans that have non-standard payment schedules and allow for deferral of periodic payments with the accrual of interest and costs. The Chapter provides exemptions from certain provisions of Title 9-A M.R.S.A. related to payment schedules and deferral periods for student loans. The exemptions apply to loans provided to student borrowers by subject lenders. The document also defines key terms such as ‘cost of attendance,’ ‘institution of higher education,’ ’lender,’ and ‘student loan.’ It specifies that student loans and lenders offering such loans are subject to applicable provisions and regulations under Titles 9-A and 9-B M.R.S.A. The effective date of this Chapter is July 7, 2008.
Whom does it apply to?
Financial institutions authorized to do business in Maine, credit unions authorized to do business in Maine, supervised lenders
What does it govern?
Student loans
What are exemptions?
The exemptions provided in this Chapter allow lenders to provide student loans that do not conform to the payment schedule requirements and allow for deferral of periodic payments and accrual of interest and costs during the deferral period.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Maine