CHAPTER 654
S.P. 751 - L.D. 1910
An Act To Implement the Recommendations of the Committee To Study the Revenue Sources of the Office of Consumer Credit Regulation
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §6-203, sub-§3-B, as enacted by PL 1993, c. 268, §2, is repealed and the following enacted in its place:
3-B. Notwithstanding subsections 2 and 3, lenders regulated by the Office of Consumer Credit Regulation who are supervised lenders making loans secured by an interest in land shall pay a volume fee on the original unpaid balances arising from consumer credit transactions entered into in this State during the previous calendar year of:
A. Fifteen dollars for each $100,000, or part thereof, if the fund balance of the Office of Consumer Credit Regulation as of October 1st of the previous calendar year exceeds 125% of the office's current annual budget; or
B. Twenty dollars for each $100,000, or part thereof, if the fund balance of the Office of Consumer Credit Regulation as of October 1st of the previous calendar year does not exceed 125% of the office's current annual budget.
Sec. 2. 9-A MRSA §6-203, sub-§3-C is enacted to read:
3-C. The administrator may adjust the volume fees set out in subsections 2, 3 and 3-B by rule not more frequently than annually. In setting the fees, the administrator shall consider the reasonable costs of regulation of all aspects of such transactions and the staffing levels required to administer the responsibilities of the Office of Consumer Credit Regulation. The fee assessed pursuant to subsections 2 and 3 may not exceed $25 per $100,000, and the fee assessed pursuant to subsection 3-B may not exceed $20 per $100,000. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. 3. Report. The Department of Professional and Financial Regulation, Office of Consumer Credit Regulation shall review the various license and registration fees assessed by the office and make recommendations on how to assess those fees in an equitable manner. The recommendations must be submitted to the joint standing committee of the Legislature having jurisdiction over insurance and financial services matters and the joint standing committee of the Legislature having jurisdiction over business, research and economic development matters on or before January 5, 2005. Nothing in this section prohibits the Director of the Office of Consumer Credit Regulation from adjusting volume fees pursuant to the Maine Revised Statutes, Title 9-A, section 6-203, subsection 3-C prior to a review under this section.
Effective July 30, 2004, unless otherwise indicated.
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