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An Act To Amend the Maine Consumer Credit Code To Conform with Federal Law
Be it enacted by the People of the State of Maine as follows:
PART A
Sec. A-1. 9-A MRSA §1-301, sub-§11, as amended by PL 1997, c. 122, §1, is further amended to read:
 
11.    "Consumer credit sale":
 
A. A "consumer credit sale" is a sale of goods, services or an interest in land in which:
 
(i) Credit is granted either pursuant to a credit card other than a lender credit card or by a seller who regularly engages as a seller in credit transactions of the same kind;
 
(ii) The buyer is a person other than an organization;
 
(iii) The goods, services or interest in land are purchased primarily for a personal, family or household purpose;
 
(iv) Either the debt is payable in installments or a finance charge is made;
 
(v) With respect to a sale of goods or services, not including manufactured housing or a motor vehicle, the amount financed does not exceed $25,000; and
 
(vi) With respect to a sale of a motor vehicle as defined in Title 29-A, section 101, subsection 42, the amount financed does not exceed $35,000.
 
Consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, the amounts set out in paragraph A, subparagraphs (v) and (vi) will increase to $50,000 on the designated transfer date established pursuant to Public Law 111-203, Section 1062. Thereafter, the amount will automatically adjust to correspond with inflation adjustments made to the exempt transaction amount referenced in the Federal Truth in Lending Act, 15 United States Code, Section 104, subsection (3).
Sec. A-2. 9-A MRSA §1-301, sub-§13, as repealed and replaced by PL 1987, c. 129, §20, is amended to read:
 
13.    A "consumer lease" is a lease of goods:
 
A.  Which a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose;
 
B.  In which the amount payable under the lease does not exceed $25,000;
 
C.  Which is for a term exceeding 4 months; and
 
D.  Which is not made pursuant to a lender credit card.
 
A person is regularly engaged in the business of leasing if hethe person enters into consumer leases more than 25 times in the preceding calendar year. If a person did not meet this numerical test in the preceding calendar year, the numerical standard shallmust be applied to the current calendar year.
 
Consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, the amount set out in paragraph B will increase to $50,000 on the designated transfer date established pursuant to Public Law 111-203, Section 1062. Thereafter, the amount will automatically adjust to correspond with inflation adjustments made to the definition of "consumer lease" referenced in the Federal Truth in Lending Act, 15 United States Code, Section 181, subsection (1).
Sec. A-3. 9-A MRSA §1-301, sub-§14, ¶A, as amended by PL 1997, c. 727, Pt. B, §2, is further amended to read:
 
A. Except as provided in paragraph B, a "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which:
 
(i) the(1) The debtor is a person other than an organization;
 
(ii) the(2) The debt is incurred primarily for a personal, family or household purpose;
 
(iii) either(3) Either the debt is payable in installments or a finance charge is made; and
 
(iv) for(4) For loans made by:
 
(a) A supervised financial organization, either the amount financed does not exceed $25,000 or the debt is secured by manufactured housing or an interest in land; or
 
(b) A supervised lender other than a supervised financial organization, either the amount financed does not exceed $35,000 or the debt is secured by manufactured housing or an interest in land.
 
Consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, the amounts set out in divisions (a) and (b) will increase to $50,000 on the designated transfer date established pursuant to Public Law 111-203, Section 1062. Thereafter, the amount will automatically adjust to correspond with inflation adjustments made to the exempt transaction amount referenced in the Federal Truth in Lending Act, 15 United States Code, Section 104, subsection (3).
Sec. A-4. 9-A MRSA §2-202, sub-§7, as amended by PL 1999, c. 184, §1, is further amended to read:
 
7.   WithUnless otherwise provided for in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, with respect to consumer credit sales made pursuant to a credit card, other than a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor.
Sec. A-5. 9-A MRSA §2-402, sub-§5, as amended by PL 2005, c. 484, §2, is further amended to read:
 
5.   WithUnless otherwise provided for in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, with respect to loans made pursuant to a lender credit card, a creditor may not impose a finance charge if it is in excess of that set forth in the agreement between the consumer and the creditor. This subsection does not apply to open-end credit plans secured by a consumer's principal dwelling or by a 2nd or vacation home of the consumer.
Sec. A-6. 9-A MRSA §2-501, sub-§3, as amended by PL 1995, c. 84, §6, is further amended to read:
 
3.   ChargesUnless otherwise provided for in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, charges permitted under this section and any other charges specifically excluded from the definition of "finance charge" in section 1-301, subsection 19, are permissible charges in addition to, and excluded from the calculation of, maximum finance charges set forth in Parts 2 and 4. Unless otherwise expressly prohibited by this Act, the Federal Truth in Lending Act and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, and except on retail credit card accounts, a creditor may contract for and receive additional charges not authorized by this section or by section 1-301, subsection 19, if such additional charges, together with all other finance charges applicable to a consumer credit transaction, do not exceed the applicable maximum finance charge under this Act.
Sec. A-7. 9-A MRSA §2-501, sub-§4, as amended by PL 1995, c. 614, Pt. A, §4, is further amended to read:
 
4.   InUnless otherwise provided for in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, in addition to or in lieu of interest at a periodic rate or rates as provided in section 2-402, and in addition to any other charges permitted under this Act, a supervised financial organization or supervised lender may, if the agreement with the consumer governing an open-end credit plan involving the use of a lender credit card so provides, charge and collect as an additional finance charge or interest, in such manner or form as the plan may provide, one or more of the following:
 
A. A daily, weekly, monthly, annual or other periodic charge in such amount as the agreement may provide for the privileges made available to the consumer under the plan;
 
B. A transaction charge or charges in such amount or amounts as the agreement may provide for each separate purchase or loan under the plan;
 
C. A minimum charge for each daily, weekly, monthly, annual or other scheduled billing period under the plan during any portion of which there is an outstanding, unpaid indebtedness under the plan;
 
D. Reasonable fees for services rendered or for reimbursement of expenses incurred in good faith by the creditor or its agents in connection with the plan, or other reasonable fees incident to the application for and the opening, administration and termination of the plan, including, without limitation, commitment, application and processing fees, official fees and taxes, and filing fees, but excluding costs of collections after default, other than reasonable attorney's fees not in excess of 15% of the unpaid debt incurred in connection with a legal action brought by an attorney who is not a salaried employee of the creditor;
 
E. A late or delinquency charge upon any outstanding, unpaid installment payments or portions of those payments under the plan that are not paid in full within 15 days after the scheduled or deferred due date;
 
F. Return-payment charges;
 
G. Documentary evidence charges;
 
H. Stop-payment fees;
 
I. Over-the-limit charges; and
 
J. Automated teller machine charges or similar electronic or interchange fees or charges.
 
This subsection does not apply to open-end credit plans secured by a consumer's principal dwelling or by any 2nd or vacation home of the consumer.
Sec. A-8. 9-A MRSA §3-204, sub-§2, as amended by PL 1999, c. 150, §2, is further amended to read:
 
2.   AUnless otherwise provided for in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104, a creditor may change the terms of an open-end credit account whether or not the change is authorized by prior agreement. Except as provided in subsections 3 and 3-A, the creditor shall give to the consumer written notice of any change of terms relating to penalties, interest or other charges at least 30 days before the effective date of the change. Except in the case of an unsecured open-end credit account involving the use of a credit card, aA change of terms that would increase any penalty, interest or other charges may not affect outstanding balances incurred prior to the effective date of any such change unless:
 
A. The creditor includes in the notice of change an offer to finance by a separate loan arrangement the outstanding unpaid balance as of the effective date of the change at the same rate of interest with the same repayment schedule as applies to that open-end credit account;
 
B. The consumer may accept the offer of a separate loan arrangement with respect to the then existing unpaid balance anytime prior to 7 days before the change is to become effective;
 
C. The creditor has legal authority to make such a loan; and
 
D. No minimum finance charge is assessed nor prepayment penalty charged on the loan.
Sec. A-9. 9-A MRSA §3-310, sub-§1, ¶D, as amended by PL 1999, c. 150, §3, is further amended to read:
 
D.  With respect to an open-end credit plan other than one described in paragraph B, the information required by 12 Code of Federal Regulations, 226.6(a)(2)Section 226.6(a)(1)(ii) must be disclosed before the first transaction under the plan.
Sec. A-10. 9-A MRSA §6-104, sub-§1, ¶H, as amended by PL 1995, c. 309, §8 and affected by §29, is further amended to read:
 
H. Maintain a public file of all enforcement proceedings instituted and of their disposition, including all assurances of voluntary compliance accepted and their terms and the pleadings and briefs in all actions in which the administrator is a party; and
Sec. A-11. 9-A MRSA §6-104, sub-§1, ¶I, as enacted by PL 1995, c. 309, §9 and affected by §29, is amended to read:
 
I. Convene meetings of individuals representing various segments of the public and the consumer credit industry to advise and consult with the administrator concerning the exercise of powers under this Act and to make recommendations to the administrator. The administrator may authorize reimbursement of reasonable expenses incurred in attending the meetings.; and
Sec. A-12.  9-A MRSA §6-104, sub-§1, ¶J  is enacted to read:
 
J.  To the extent permitted in Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, Section 1042, enforce the provisions of Title X of Public Law 111-203 or regulations issued under those provisions with respect to entities that are state-chartered, incorporated, licensed or otherwise authorized to do business under the laws of this State, and secure remedies under provisions of Title X of Public Law 111-203 or remedies otherwise provided under other provisions of law with respect to entities that are state-chartered, incorporated, licensed or otherwise authorized to do business under the laws of this State.
Sec. A-13. 9-A MRSA §8-104, sub-§1, ¶B, as enacted by PL 2009, c. 362, Pt. A, §7, is amended to read:
 
B. TheConsistent with the purposes of Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, and with the purposes set forth in sections 1-102 and 8-102, and notwithstanding other law, the administrator is authorized to adopt rules substantially similar to, or that afford more protection for consumers than, those codified in 12 Code of Federal Regulations, Part 226, except where this Article expressly directs otherwisethat the federal regulations are not to be adopted. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. A-14. 9-A MRSA §8-204, sub-§5, ¶A, as amended by PL 2007, c. 273, Pt. C, §6, is further amended to read:
 
A.  A residential mortgage transaction as defined in section 8-103, subsection 1-A, paragraph WX;
Sec. A-15. 9-A MRSA §8-205, sub-§4, ¶A, as enacted by PL 1989, c. 472, §2, is amended to read:
 
A. Except as provided in paragraph B, aA card issuer that imposes any fee described in subsection 3, paragraph A, subparagraph (i), division (b), subdivision (1) or subsection 3, paragraph D, subparagraph (i), division (a), shall transmit to the consumer at least 30 days prior to the scheduled renewal date of the consumer's credit or charge card account a clear and conspicuous disclosure of:
 
(i) The date, the month, or the billing period at the close of which the account will expire if not renewed;
 
(ii) The information described in subsection 3, paragraph A, subparagraph (i), or subsection 3, paragraph D, subparagraph (i), that would apply if the account were renewed, subject to subsection 5; and
 
(iii) The method by which the consumer may terminate continued credit availability under the account.
Sec. A-16. 9-A MRSA §8-205, sub-§4, ¶B, as enacted by PL 1989, c. 472, §2, is repealed.
Sec. A-17. 9-A MRSA §8-208, sub-§1, ¶B, as amended by PL 2009, c. 362, Pt. A, §15 and affected by §16, is further amended to read:
 
B. In an individual action:
 
(i) Twice the amount of any finance charge in connection with the transaction; or
 
(ii) In the case of a consumer lease, 25% of the total amount of monthly payments under the lease.
 
Liability under this paragraph may not be less than $100 nor greater than $1,000;, except that, in the case of an individual action relating to an open-end consumer credit plan that is not secured by real property or a dwelling, liability under this paragraph is twice the amount of any finance charge in connection with the transaction, with a minimum of $500 and a maximum of $5,000, or such higher amount as may be appropriate in the case of an established pattern or practice of such failures, or in the case of a credit transaction not under an open-end credit plan that is secured by real property or a dwelling, liability under this paragraph may not be less than $400 nor greater than $4,000;
Sec. A-18. 9-A MRSA §8-404, as enacted by PL 1981, c. 243, §§25 and 26 and amended by c. 551, §3, is further amended to read:
§ 8-404.Prompt crediting of payments
Payments received from an obligor under an open-end consumer credit plan by the creditor shallmust be posted promptly to the obligor's account as specified in regulations of the administratoras provided in the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104. The regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor's payment in readily identifiable form in the amount, manner, location and time indicated by the creditor to avoid the imposition of a finance charge.
Sec. A-19.  9-A MRSA §10-307-A  is enacted to read:
§ 10-307-A. Application of truth in lending limits
A loan broker and its mortgage loan originators shall comply with the provisions of the Federal Truth in Lending Act, and the provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., as adopted by the administrator pursuant to section 8-104.
PART B
Sec. B-1. 9-A MRSA §1-301, sub-§22-A, as amended by PL 2005, c. 683, Pt. B, §2, is repealed.
Sec. B-2. 9-A MRSA §2-302, sub-§1-A, as amended by PL 2009, c. 243, §1, is repealed.
Sec. B-3. 9-A MRSA §2-302, sub-§2, as amended by PL 2005, c. 164, §3, is further amended to read:
 
2.   A license to make supervised loans or a registration certificate as a mortgage loan officeroriginator may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant, and of the members thereof, if the applicant is a copartnership or association, and of the officers and directors thereof, if the applicant is a corporation, and the character and fitness of the loan officersmortgage loan originators thereof, are such as to warrant belief that the business will be operated honestly and fairly within the purposes of this Act. In determining the financial responsibility of an applicant proposing to engage in making insurance premium loans, the administrator shall consider the liabilities the lender may incur for erroneous cancellation of insurance.
 
A. Every applicant shall also, at the time of filing such application, file with the administrator, if the administrator so requires, a bond satisfactory to the administrator in an amount not to exceed $50,000. The terms of the bond must run concurrent with the period of time during which the license will be in effect. The bond must run to the State for the use of the State and of any person or persons who may have a cause of action against the licensee under this Act. The bond must be conditional that the licensee will faithfully conform to and abide by the provisions of this Act and to all rules lawfully made by the administrator under this Act and will pay to the State and to any such person or persons any and all amounts of money that may become due or owing to the State or to such person or persons from the licensee under and by virtue of this Act during the period for which the bond is given.
 
B. As used in this section, the term "financial responsibility" means that the applicant has available for the operation of the licensed business net assets of at least $25,000 and upon issuance of a license, each licensee shall maintain net assets of at least $25,000 that are either used or readily available for use in the conduct of the business of each office of the licensee in which supervised loans are made.
 
D. In determining the financial responsibility of a nonprofit organization engaged in the financing of housing for low-income people under a program specifically designed for that purpose, the administrator may waive the requirement of a bond and availability of $25,000 of net assets, if the applicant submits appropriate additional evidence of financial responsibility.
Sec. B-4. 9-A MRSA §2-302, sub-§5-A, as enacted by PL 2005, c. 164, §5, is amended to read:
 
5-A.    A licensee may conduct the business of making supervised loans only through a loan officermortgage loan originator who possesses a current, valid registration certificatelicense. A loan officer must be registered at the loan officer's principal licensed work location and may then work from any licensed location of the supervised lender. The registration of a loan officer is valid only when that person is employed or retained and supervised by a licensed supervised lender. When a loan officer ceases to be employed by a licensed supervised lender, the supervised lender shall promptly notify the administrator in writing.
Sec. B-5. 9-A MRSA §2-303, as amended by PL 2005, c. 164, §6, is further amended to read:
§ 2-303.Revocation or suspension of license
 
1.    The administrator may file a complaint with the District Court to suspend or revoke a license to make or originate supervised loans or a registration as a loan officer if the administrator finds reason to believe, after investigation or hearing, or both, that:
 
A. The licensee or registrant has violated this Act or any rule or order made pursuant to this Act; or
 
B. Facts or conditions exist that would clearly have justified the administrator in refusing to grant a license or registration had these facts or conditions been known to exist at the time the application for the license or registration was made.
 
An affirmative finding by the District Court of either cause is sufficient to suspend or revoke the license or registration.
 
1-A.    The administrator may refuse to renew a license or registration, after notice and opportunity for a hearing has been provided to the licensee or registrant, for any of the reasons set forth in subsection 1.
 
2.    No revocation or suspension of a license or registration impairs or affects the obligation of any preexisting lawful contract between the licensee or registrant and any debtor.
 
3.    The administrator may reinstate a license, terminate a suspension or grant a new license or registration to a person whose license or registration has been revoked if no fact or condition then exists that clearly would have justified the administrator in refusing to grant a license or registration.
 
4.    No revocation, suspension, annulment or withdrawal of a license or registration is lawful unless, prior to the institution of proceedings by the administrator, the administrator gave notice by mail to the licensee or registrant of facts or conduct that warrant the intended action and the licensee or registrant was given an opportunity to show compliance with all lawful requirements for the retention of the license or registration.
Sec. B-6. 9-A MRSA §2-303-A, as amended by PL 2005, c. 164, §7, is further amended to read:
§ 2-303-A.Temporary suspension of license
Notwithstanding Title 5, sections 10003 and 10004 and Title 10, section 8003, if the public interest or the protection of borrowers so requires, the administrator may, by order, suspend a license to make supervised loans or registrationa license as a loan officermortgage loan originator or postpone the effective date of such a license or registration. Upon entry of the order, the administrator shall promptly notify the applicant,or licensee or registrant that an order has been entered, of the reasons for the order and that, within 15 days after the receipt of a written request by the applicant,or licensee or registrant, the matter must be scheduled for hearing. Section 2-303 applies to all subsequent proceedings.
Sec. B-7. 9-A MRSA §3-316, as enacted by PL 2007, c. 466, Pt. B, §4 and affected by §5, is amended to read:
§ 3-316.Real estate settlement procedures
A creditor and its loan officersmortgage loan originators shall comply with the provisions of the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. and its implementing regulation, Regulation X, 24 Code of Federal Regulations, Section 3500 et seq.
Sec. B-8. 9-A MRSA §6-105-A, first ¶, as enacted by PL 2007, c. 273, Pt. A, §2 and affected by §41, is amended to read:
For the purposes of participating in the establishment and implementation of a uniform multistate automated licensing system, referred to in this section as "the system," for loan brokers, supervised lenders that are not supervised financial organizations and individual loan officersmortgage loan originators thereof, the administrator may undertake the following actions.
Sec. B-9. 9-A MRSA §6-105-A, sub-§2, as enacted by PL 2007, c. 273, Pt. A, §2 and affected by §41, is amended to read:
 
2.    The administrator may require a credit and background investigation of each applicant for a license as a loan broker, a supervised lender that is not a supervised financial organization or a loan officer of a loan broker or a supervised lender,mortgage loan originator thereof by means including fingerprint checks for state and national criminal histories, commencing at the time the State joins the system pursuant to this section. The cost of the investigations must be charged to the applicants. Information obtained or held by the administrator pursuant to this subsection is nonpublic pursuant to section 6-116 and not subject to disclosure.
Sec. B-10. 9-A MRSA §9-311-A, as enacted by PL 2007, c. 466, Pt. B, §8 and affected by §10, is amended to read:
§ 9-311-A.Real estate settlement procedures
A creditor and its loan officersmortgage loan originators shall comply with the provisions of the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. and its implementing regulation, Regulation X, 24 Code of Federal Regulations, Section 3500 et seq.
Sec. B-11. 9-A MRSA §9-312, as enacted by PL 2007, c. 273, Pt. A, §26 and affected by §41, is amended to read:
§ 9-312.False information on application for credit
A supervised lender, or any loan officermortgage loan originator of a supervised lender, may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a supervised lender or loan officermortgage loan originator of a supervised lender knowingly falsify such information on a consumer's application.
Sec. B-12. 9-A MRSA §10-102, sub-§3, as enacted by PL 2005, c. 164, §8, is repealed.
Sec. B-13. 9-A MRSA §10-201, as amended by PL 2009, c. 243, §3, is further amended to read:
§ 10-201.Licensing and biennial relicensing
A person desiring to engage or continue in business in this State as a loan broker shall apply to the administrator for a license under this article on or before January 31st of each even-numbered year. The application must be in a form prescribed by the administrator. The administrator may refuse the application if it contains erroneous or incomplete information. At the time of application and on an ongoing basis during the term of any such license, the applicant shall apply to the administrator for registration of all loan officers employed or retained by the applicant. An application for registration as a loan officer must be filed in a manner prescribed by the administrator and include the name, address and work location of the loan officer and such additional information as is reasonably requested by the administrator. An applicant's registration of a loan officer within 90 days of the date that registration would otherwise be required does not constitute a violation of this section. A license may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant and, where applicable, its partners, officers or directors and the character and fitness of its loan officersmortgage loan originators, warrant belief that the business will be operated honestly and fairly within the purposes of this Title. The administrator may adopt rules requiring that applicants, applicants' partners, officers or directors and employees of applicants satisfy initial and continuing educational requirements. The reasonable costs of meeting such educational requirements are assessed to applicants. Providers of initial and continuing education courses of study shall submit each course to the administrator for approval, and each submission must be accompanied by a $100 fee. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A.
The initial application for a license as a loan broker must include a fee of $600. The biennial relicensing application must include a fee of $300. Initial applicants and biennial relicensing applicants must pay an additional fee of up to $20 for registration of each loan officer, up to a maximum of $400 in total. Notwithstanding other remedies available under this Title, applications received after the due date are subject to an additional fee of $100.
A licensee may conduct business only at or from a place of business for which the licensee holds a license and not under any other name than that on the license. A license fee of $300 is imposed for a license issued for a place of business other than that of the first licensed location of the licensee. A biennial relicensing application for each such branch location must include a fee of $150.
A licensed loan broker may conduct business only through a loan officermortgage loan originator who possesses a current, valid registrationlicense. A loan officer must be registered at the loan officer's principal licensed work location and may then work from any licensed location of the loan broker. The registration of a loan officer is valid only when that person is employed or retained and supervised by a licensed loan broker. When a loan officer ceases to be employed by a licensed loan broker, the loan broker shall promptly notify the administrator in writing.
Sec. B-14. 9-A MRSA §10-307, as amended by PL 2007, c. 466, Pt. B, §9 and affected by §10, is further amended to read:
§ 10-307.Real estate settlement procedures
A loan broker and its loan officersmortgage loan originators shall comply with the provisions of 12 United States Code, Section 2601 et seq., the federal Real Estate Settlement Procedures Act of 1974 and its implementing regulation, Regulation X, 24 Code of Federal Regulations, Section 3500 et seq.
Sec. B-15. 9-A MRSA §10-308, as enacted by PL 2007, c. 273, Pt. A, §32 and affected by §41, is amended to read:
§ 10-308.False information on application for credit
A loan broker or any loan officermortgage loan originator of a loan broker may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a loan broker or loan officermortgage loan originator of a loan broker knowingly falsify such information on a consumer's application.
Sec. B-16. 9-A MRSA §10-401, first ¶, as repealed and replaced by PL 2005, c. 683, Pt. B, §5, is amended to read:
Any loan broker or loan officersmortgage loan originators of any loan broker that violate any provision of this Title or any rule issued by the administrator, or that through any unfair, unconscionable or deceptive practice cause actual damage to a consumer, are subject to the following:
Sec. B-17. 9-A MRSA §10-401, sub-§4, as repealed and replaced by PL 2005, c. 683, Pt. B, §6, is amended to read:
 
4.    A civil action by an aggrieved consumer in which that consumer has the right to recover actual damages from the loan broker or its loan officersmortgage loan originators in an amount determined by the court, plus costs of the action together with reasonable attorney's fees; and
Sec. B-18. 9-A MRSA §13-110, sub-§2, as enacted by PL 2009, c. 362, Pt. B, §1, is amended to read:
 
2. Fees.   The payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry, that fee being initially established in the amount of $20 to the administrator at application and $20 for renewal, subject to adjustment pursuant to rule or order as set forth under this section;
 
SUMMARY
This bill incorporates consumer protections found in federal law and regulation, including restrictions on credit card lending found in the federal Credit Card Accountability Responsibility and Disclosure Act of 2009 and the implementing provisions of federal Regulation Z, 12 Code of Federal Regulations, Section 226.1 et seq., adopted by reference in Truth-in-Lending; Maine's Regulation Z-2. It also amends the Maine Consumer Credit Code's truth-in-lending provisions based on authority granted by the federal Dodd-Frank Wall Street Reform and Consumer Protection Act. The bill amends sections of the Maine Consumer Credit Code relating to the registration of loan officers, since those provisions have been supplanted by new statutes governing the licensing of mortgage loan originators.