02-029 C.M.R. ch. 138, § 2 - PURPOSES
The purposes of this regulation are to:
A. Provide additional credit protections to
Maine consumers by requiring creditors subject to Article 8-A of 9-A M.R.S. to
comply with Regulation Z and Regulation M issued by the CFPB using its discrete
codifications ( 12 C.F.R. Part 1026, Regulation Z and 12 C.F.R. Part 1013,
Regulation M) and by requiring creditors subject to Article 8-A of 9-A M.R.S.
to comply with truth-in-lending and consumer leasing regulations issued by the
CFPB since July 21, 2011.
B. Ease
compliance by creditors subject to Article 8-A of 9-A M.R.S. with
truth-in-lending laws; and
C.
Preserve Maine's exemption from federal Regulation Z and thereby allow for the
continuation of State enforcement of truth-in-lending laws applicable to
creditors subject to Article 8-A of 9-A M.R.S.
Notes
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