02-029 C.M.R. ch. 138, § 1 - AUTHORITY

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection are promulgating this regulation under their authority set forth in 9-A M.R.S. §§1 - 102, 6 - 104, 8 - 504 and 8 - 507, pursuant to which the Bureaus may adopt rules substantially similar to or that afford more protection for consumers than those codified in federal truth-in-lending laws, notwithstanding any other law. Alignment with CFPB Regulation Z and CFPB Regulation M is consistent with 9-A M.R.S. §8 - 504 wherein the Bureaus are authorized to issue rules that are consistent with the purposes of Title X and Title XIV of the Dodd-Frank Act and with the purposes set forth in 9-A M.R.S. §§1 - 102 and 8 - 502.

Pursuant to 9-A M.R.S. §8-504(2) specifically, the Bureaus' administrators may make rules containing differentiations and adjustments for a class of transactions that in the judgment of the administrators are necessary and proper to effectuate the purposes of 9-A M.R.S. and to facilitate compliance with 9-A M.R.S.In exercising that authority, the Bureaus have specifically considered whether there is a substantial impact on consumer protection before adopting provisions affecting compliance with 9-A M.R.S. §8-506and have determined that the provisions will provide greater protection to consumers.


02-029 C.M.R. ch. 138, § 1

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