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Attached is an Advisory Ruling confirming that Maine’s current truth-in-lending disclosures apply to mortgage transactions made by Maine state-chartered financial institutions. The advisory also indicates that the Bureau will take no action against lenders that choose to adopt the federal Regulation Z changes implementing provisions of the Mortgage Loan Disclosure Act that become effective January 30, 2011.

Please note that the Bureau of Financial Institutions strives to align its Truth-in-Lending Regulation Z-2 with the federal Regulation Z. There has been rapid change at the federal level and we have responded in kind by updating our Regulation Z-2 twice in the past year. As is our practice, another update is underway to capture the latest changes at the federal level and we will issue additional Advisory Rulings when appropriate.

We welcome your questions and comments. The Maine exemption to the federal Regulation Z is a valuable attribute of the Maine-charter and a valuable means for the Bureau to assist lenders manage their compliance and legal risks. Thank you.


Lloyd P. LaFountain III

Superintendent of Financial Institutions

Gardiner, Maine

January 6, 2011

Advisory Ruling #118 - Closed-End Credit Disclosures



Last Updated: November 8, 2018