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Current Events

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

Twenty_Fourth Periodic Report on the Foreclosure Assistance and Referral Program: March 4, 2016

Twenty-Third Periodic Report on the Foreclosure Assistance and Referral Program; December 07, 2015

Twenty-Second Periodic Report on the Bureau's Foreclosure Diversion Program; August 26, 2015

Twenty-First Periodic Report on the Bureau's Foreclosure Diversion Program; May 26, 2015

Twentieth Periodic Report on the Bureau's Foreclosure Diversion Program; February 27, 2015

Nineteeth Periodic Report on the Bureau's Foreclosure Diversion Program; December 08, 2014

Eighteenth Periodic Report on the Bureau's Foreclosure Diversion Program; August 26, 2014

Seventeenth Periodic Report on the Bureau's Foreclosure Diversion Program; May 14, 2014

Sixteen Periodic Report on the Bureau's Foreclosure Diversion Program; February 12, 2014

Fifteenth Periodic Report on the Bureau's Foreclosure Diversion Program; November 21, 2013

Fourteenth Periodic Report on the Bureau's Foreclosure Diversion Program; August 1, 2013

Payday Lender Report - February 2013

Thirteenth Periodic Report on the Bureau's Foreclosure Diversion Program; January 29, 2013

Twelfth Periodic Report on the Bureau's Foreclosure Diversion Program; November 27, 2012

Eleventh Periodic Report on the Bureau's Foreclosure Diversion Program

Tenth Periodic Report on the Bureau's Foreclosure Diversion Program, May 7, 2012

Periodic Foreclosure Report, January 10, 2012 - Pursuant to PL2009 Ch 402

 

Governor and Consumer Protection Officials Announce New Publication: Downeaster Common Sense Guide: Credit Bureaus and Credit Reports read more

Streamlining Maines's Foreclosure Prevention Program, submitted pursuant to Public Law 2011, chapter 427 (LD 1338) December 7, 2011 Memo

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

Credit Reporting by Debt Collectors - Required Study December 2011

Periodic Foreclosure Report, August 24, 2011 - Pursuant to PL2009 Ch402

Periodic Foreclosure Report, February 16, 2011 - Pursuant to PL2009 Ch 402

Status of Mortgage Lending in Maine April 11, 2011

All Legislative Reports

 

Advisory Ruling #120

Re: Your request for an advisory ruling whether the Bureau of Consumer Credit Protection is a "judicial body" (read more)

 

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

 

Rule 700: Conversion of Maine's Supervised Lender and Loan Broker Licensing to the Nationwide Mortgage Licensing System (NMLS)

 

Repeal of Bureau Regulation 240, Truth-in-Lending; Regulation Z-2

Memoradum -The intent of the Legislature is that creditors and consumers can now rely on the language and interpretations of federal law and regulations, together with the state-specific enhancements that apply to the making of residential mortgage transactions by non-bank lenders.

 

Rule - Repeal of Bureau Regulation 240, Truth-in-Lending; Regulation Z-2

 

SUPERINTENDENT'S NOTICE TO INTERESTED PARTIES

Pursuant to Public Law 2011, Chapter 427, "An Act to Amend the Maine Consumer Credit Code to Conform with Federal Law," supervised lenders are mandated to comply with federal Regulation Z and Regulation M, including final regulations issued through July 21, 2011, making Regulation Z-2 out of date and duplicative. As a result, the Bureaus are proposing to repeal Regulation Z-2. (read more)

 

Joint Advisory Ruling #118

Re: Closed-end credit disclosures: Compliance guidance in light of the Federal Reserve's Interim TIL Rule published September 25, 2010 (75 Fed. Reg. 58470).

(print version)

 

NEW - Mortgage Loan Originators Order Governing NMLS Licensing Procedures

Memo

Order

Notice of Agency Rule Making Proposal

Rule Making Fact Sheet

Proposed Rule Chapter 285: Adjustment of Non-Bank Mortgage Lender Fees To Fund Investigative and Legal Compliance Personnel (pdf)

 

The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection's proposed re-promulgation of Regulation Z-2 incorporating the phase 3 credit card rules

Proposed Reg-Z

Notice of Rule-making Proposal

 

The Bureau of Consumer Credit Protection and Bureau of Financial Regulation

"TANGIBLE NET BENEFIT" RULE (repromulgated June 26, 2010)

 

State's Home Foreclosure Prevention Program Continues to Expand

Washington Hancock County Housing Counselor Added to Program

 

Free Foreclosure Prevention Clinics to be Held

Homeowners with Concerns Encouraged to Attend one of the Session,
Which will be Held in Augusta, Bangor, Portland and Sanford

MAINE TO JOIN NATIONWIDE MORTGAGE LICENSING SYSTEM

Consumers and Professionals to Benefit


The re-promulgated Regulation Z-2 has now been adopted by The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection.

The attached document contains theRule, together with the basis statement, a summary of the comments received, and the Bureaus' responses.

Please note that the effective date of this regulation is August 1, 2010.

 

State Regulators Issue Consumer Protection Alert - 'Hoover Alliance Trust' Not a Real Lender

 

William Lund Reappointed to Lead Maine's

Bureau of Consumer Credit Protection

 

FINANCIAL LITERACY PROGRAMMING TO AIR ON TELEVISION THROUGHOUT MAINE

FOR IMMEDIATE RELEASE

Attorney General Sues Unlicensed Foreclosure Rescue/Mortgage Modification Companies
November 24, 2009

LEGISLATIVE REPORTS - Fall 2009

Quarterly Foreclosure Report - PL402
September 23, 2009

JOINT ADVISORY RULING #117
In light of the recent passage of "An Act to Conform State Mortgage Laws with Federal Laws," the Bureau of Financial Institutions and the Bureau of Consumer Credit Protection have issued Joint Advisory Ruling #117, dealing with and clarifying previous advisory rulings relating to Maine's anti-predatory mortgage lending laws, the Tangible Net Benefit/Ability to Pay Rule and the Tangible Net Benefit Form.  The Advisory Ruling can be accessed at http://www.maine.gov/pfr/consumercredit/advisory_rulings/AR117.htm.  The Bureaus have also revised the Tangible Net Benefit Form.

 

State Regulators Order Foreclosure Rescue Companies To Cease Doing Business in Maine

 


An Act to Preserve Home Ownership . . .
Emergency Legislation signed by the Governor June 15, 2009 Lender Pre-Foreclosure Notice Reporting Requirement State Highlights New Home Foreclosure Law and Services

MAINE CREDIT-RELATED LAWS CHANGED by the 124th LEGISLATURE

Emergency legislation signed by the Governor June 3, 2009 equitably allocates regulatory costs among licensed entities.
An Act To Amend the Laws Governing Licensed Financial Service Providers

Eric Murphy Jr.and Murphy Home Loans - License Revoked
April 28, 2009

LEGISLATIVE REPORTS -

Arbitration Providers Report

Attachments to Arbitration Providers Report

Foreclosure Purchaser Report

Litigation Funding Provider Report 2010

Litigation Funding Provider Report 2009

Status of Mortgage Lending in Maine

State Regulators Warn Against “Westbrook Lending” ScamFebruary 19, 2008

 

Bureau of Consumer Credit Protection ReportStatus of Mortgage Lending in Maine January 15, 2009

 

State Agencies Highlight New Maine Law Intended to Protect Real Estate Buyers and SellersAugust 4, 2008

 

Proposed mortgage volume fee rule change -Public hearing scheduled August 22, 2008; Comment period open until September 3, 2008

PROPOSED VOLUME FEE RULE

Click HERE for notice to interested parties.

JOINT RULE ON STUDENT LOANS
The Bureau of Financial Institutions and the Bureau of Consumer Credit Protection recently adopted a rule on student loans that allows subject lenders to provide student-borrowers loans that provide for a schedule of payments that may accommodate students' academic commitments.  The effective date of this rule is July 7, 2008. The Rule may be found at the Bureau of Consumer Credit Protection’s website.

 

ADVISORY RULING #116
"Convenience" HELOC's

 

High-Rate High-Fee Mortgage Counselors
High-rate high-fee consumer loans require consumer counseling before the making of the loan.

 

JOINT ADVISORY RULING #115
Treatment of Construction to Permanent Loans
Released April 25, 2008

 

MAINE MORTGAGE LENDING FREQUENTLY-ASKED QUESTIONS
FAQs on Mortgage Lending and Mortgage Lending laws in Maine.

 

MORTGAGE LENDERS NETWORK SETTLEMENT AGREEMENT AND CONSENT ORDER
Docket 2007-05


JOINT ADVISORY RULING #114
Changes to the Bureau of Financial Institutions Regulation 44 and Bureau of Consumer Credit Protection Chapter 550, “Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay” and the “tangible net benefit” form as the result of recent amendments to the Act to Protect Maine Homeowners from Predatory Lending
Released: January 17, 2008

 

2008 Amendments to Predatory Lending Law -- Maine's predatory mortgage lending law, which became effective January 1, 2008, was amended January 8, 2008 with provisions that are retroactive back to January 1st.  The primary change is to exempt "prime" loans from the anti-flipping (reasonable tangible net benefit) test.  See the recently-enacted amendments at http://janus.state.me.us/legis/ros/lom/LOM123rd/123R2/PUBLIC471.aspJOINT ADVISORY RULING 113
“Ability to Pay” under Bureaus’ Joint Rule: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay (Chapters 550 and 144)
Released: December 26, 2008 ADVISORY RULING 112
 Computation of “Total Loan Amount”
Released: December 26, 2007 ESCROW RATES:
Calendar year 1/2/2008 & 1/2/2007 ADVISORY RULING 111
Exclusion of HELOCs from definition of “sub-prime loan”
Released: December 17, 2007 ADVISORY RULING 110
"Odd Days’” or “Per Diem” Interest
Released: December 12, 2007TANGIBLE NET BENEFIT RULE The Bureau of Financial Institution's and the Bureau of Consumer Credit Protection's final rule delineating the concepts of "reasonable, tangible net benefit" and "ability to pay." "Mortgage Lending: Guidelines for Determining Reasonable, Tangible Net Benefit and Ability to Pay" Released 12/04/2007 MAINE'S NEW ANTI-PREDATORY LENDING LAWMaine's new anti-predatory lending law has been given a chapter number (Chapter 273), and has been posted in its final form on the legislature's website.