02-030 C.M.R. ch. 250, § 2 - Purpose

This rule repeals and replaces the former Alternative Mortgage Transactions Joint Rule (former Bureau of Financial Institutions Regulation 19 and former Bureau of Consumer Credit Protection Rule 250). The purpose of this rule is to regulate alternative mortgage transactions "made or entered into in this State," as that term is defined in 9-A M.R.S. §§ 1 - 201(1)(A) and 1 - 201(1)(B), by creditors and financial institutionsin such manner as to:

A. Provide adequate and consistent consumer protections;

B. Align State regulation with federal regulation to ease compliance burdens;

C. Assure an adequate and consistent supply of funds to consumers for home mortgages;

D. Allow lenders and consumers to share the risk of rising interest rates to encourage mortgage lending;

E. Permit fair mortgage lending instruments that are responsive to the needs of consumers and lenders; and

Notes

02-030 C.M.R. ch. 250, § 2