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Can you summarize 02-030 MECM Ch. 250?
Bureau of Consumer Credit Protection > Alternative Mortgage Transactions (Ch. 250 is a Joint Rule with 02-029, Ch. 119)
Short Summary
This legal document, titled ‘Alternative Mortgage Transactions’, is a joint rule issued by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection in Maine. The purpose of this rule is to regulate alternative mortgage transactions made or entered into 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 an alternative mortgage transaction as a loan secured by an interest in residential property for personal, family, or household purposes, in which the interest rate or finance charge may be adjusted or renegotiated. The rule authorizes creditors and financial institutions to engage in alternative mortgage transactions subject to certain requirements and limitations. 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