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Can you summarize MECM 02-030?
Professional and Financial Regulation > Bureau of Consumer Credit Protection
Short Summary
The provided legal document content covers a wide range of topics related to consumer credit protection in Maine. It includes rules and regulations governing the sale of insurance products by financial institutions and supervised lenders, calculation of garnishment on earnings, organization and administration of the Bureau of Consumer Credit Protection, enforcement policy guidelines for violations of the Maine Consumer Credit Code, dual coverage of insurance on credit transactions, disclosure and procedural requirements for student loan products, use of rate tables for calculating unearned interest on pre-computed transactions, adjustment of fees for funding enforcement of laws prohibiting predatory mortgage lending practices, registration and renewal requirements for collection agencies, continuing education requirements for loan officers, regulation of credit services organizations, conversion of supervised lender and loan broker licensing process to the Nationwide Mortgage Licensing System (NMLS), determination of reasonable, tangible net benefit in mortgage lending, harmonization of state and federal truth-in-lending laws, exemptions from payment schedules and deferral of payments for student loans, regulation of alternative mortgage transactions, registration and renewal requirements for check casher/currency exchangers, registration and renewal requirements for consumer reporting agencies, licensing and renewal requirements for debt collectors, licensing and renewal requirements for mortgage loan originators, and licensing and renewal requirements for money transmitters. These documents apply to various entities such as financial institutions, supervised lenders, insurance agencies, producers, consultants, individuals subject to garnishment arising from a consumer credit transaction, creditors and consumers involved in consumer credit transactions, student loan borrowers, lenders and issuers of student loans, individuals involved in pre-computed transactions, non-bank mortgage lenders, loan officers, arrangers of credit, loan brokers, credit repair services, supervised financial organizations, supervised lenders, licensed real estate professionals, practicing lawyers, nonprofit organizations, consumer reporting agencies, check casher/currency exchangers, debt collectors, mortgage loan originators, and money transmitters. The documents do not specify any exemptions or penalties for non-compliance or violations.
Whom does it apply to?
Financial institutions, supervised lenders, insurance agencies, producers, consultants, individuals subject to garnishment arising from a consumer credit transaction, creditors and consumers involved in consumer credit transactions, student loan borrowers, lenders and issuers of student loans, individuals involved in pre-computed transactions, non-bank mortgage lenders, loan officers, arrangers of credit, loan brokers, credit repair services, supervised financial organizations, supervised lenders, licensed real estate professionals, practicing lawyers, nonprofit organizations, consumer reporting agencies, check casher/currency exchangers, debt collectors, mortgage loan originators, money transmitters
What does it govern?
Sale of insurance products by financial institutions and supervised lenders in Maine, calculation of garnishment on earnings, organization and administration of the Bureau of Consumer Credit Protection, enforcement policy guidelines for violations of the Maine Consumer Credit Code, dual coverage of insurance on credit transactions, disclosure and procedural requirements for student loan products, use of rate tables for calculating unearned interest on pre-computed transactions, adjustment of fees for funding enforcement of laws prohibiting predatory mortgage lending practices, registration and renewal requirements for collection agencies, continuing education requirements for loan officers, regulation of credit services organizations, conversion of supervised lender and loan broker licensing process to the Nationwide Mortgage Licensing System (NMLS), determination of reasonable, tangible net benefit in mortgage lending, harmonization of state and federal truth-in-lending laws, exemptions from payment schedules and deferral of payments for student loans, regulation of alternative mortgage transactions, registration and renewal requirements for check casher/currency exchangers, registration and renewal requirements for consumer reporting agencies, licensing and renewal requirements for debt collectors, licensing and renewal requirements for mortgage loan originators, licensing and renewal requirements for money transmitters
What are exemptions?
Exempt transactions or transactions not subject to specific provisions of the Maine Consumer Credit Code, advertising and licensing of supervised lenders, certain entities exempt from the definition of credit services organizations, certain entities exempt from the definition of student loan lenders, certain entities exempt from the definition of alternative mortgage transactions, certain entities exempt from the definition of consumer reporting agencies
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Maine