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Can you summarize 02-030 MECM Ch. 600?
Bureau of Consumer Credit Protection > Student Loans (Ch. 600 is a Joint Rule with 02-029 Ch. 145)
Short Summary
This document, Chapter 600 of the Code of Maine Rules, is jointly promulgated by the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection. It pertains to financial institutions, credit unions, and supervised lenders authorized to do business in Maine. The purpose of this Chapter is to provide exemptions from certain provisions of Title 9-A M.R.S.A. related to payment schedules and deferral of payments for student loans. It allows lenders to provide student borrowers with loans that have non-uniform payment schedules and the ability to defer payments while accruing interest and costs. The Chapter defines key terms such as ‘cost of attendance,’ ‘institution of higher education,’ ’lender,’ and ‘student loan.’ It also outlines general provisions, including requirements for payments to begin after a student borrower is no longer enrolled at least half-time and verification of borrower eligibility. The document emphasizes that student loans and lenders offering such loans remain subject to other applicable provisions and regulations under Titles 9-A and 9-B M.R.S.A.
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