02-030 C.M.R. ch. 550, § 3 - Purpose
This promulgation repeals and replaces the joint rule, Bureau of Consumer Credit Protection Chapter 550 and Bureau of Financial Institutions Chapter 144, with one rule, administered solely by the Bureau of Consumer Credit Protection, Chapter 550. Accordingly, its scope is limited to creditors other than supervised financial organizations or the Maine State Housing Authority, pursuant to Public Law 2011, Chapter 427, "An Act To Amend the Maine Consumer Credit Code To Conform with Federal Law" as codified in section 8-506(7) of the Maine Consumer Credit Code. This promulgation also reflects that the prohibition against flipping applies when a high-cost mortgage loan or higher-priced mortgage loan is made, as set forth in section 8-506(5) of the Maine Consumer Credit Code.
Notes
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