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Maine and 20 other States take action against Ocwen.

On Thursday, April 20, 2017 the State of Maine Bureau of Consumer Credit Protection joined mortgage regulators around the country in issuing a Cease & Desist order against loan servicer Ocwen, its affiliates and subsidiaries, prohibiting the company from accepting new servicing business or originating new loans until it improves its loan servicing practices to prevent further harm to homeowners. Multi-state compliance examinations confirmed large-scale deficiencies in the company's mortgage servicing practices, including failing to properly credit consumers' payments and mis-handling of escrow accounts established to ensure timely payment of homeowners' taxes and insurance. A review of consumer complaints from Maine residents showed a pattern of deficiencies consistent with those uncovered in other states. The company has the right to appeal the Cease & Desist order.

Consumer Report Security Freezes - Bureau of Insurance Bulletin 412, Bureau of Consumer Credit Protection Advisory Ruling FCRA-AR 16-1

Legislative Reports

Governor and Consumer Protection Officials Announce New Publication:

Report to the Legislature: Streamlining Maine's Foreclosure Prevention Program Report

All Legislative Reports


Superintendent's Notice to Interested Parties

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently proposed rulemaking for Regulation Z-3. After considering comments, the Bureaus recently adopted this rule with no substantive chanages. The effective date of Regulation Z-3 is today, October 15, 2013.

Please note that the mandatory compliance dates for the federal truth-in-lending requirements incorporated by reference Regulation Z-3 are, or will be, the same as the federal mandatory compliance dates for these federal Regulation Z rulemakings.

Attached is the link to Regulation Z-3 with an effective date of October 15, 2013.

William N. Lund, Esq., Superintendent
Bureau of Consumer Credit Protection

Regulation Z-3