Advisory Rulings

#DescriptionDateIssued byStatus
001Single payment notes of $1,000 or less (Archived PDF)1984-12-27CCPActive
002Elimination of 30 and 15 day retro credit insurance plans (Archived PDF)1975-01-27CCPActive
003Consolidation of credit sales; Right to Cure subsequent defaults (Archived PDF)1975-01-27CCPActive
004Whether Right to Cure is required on more than one occasion. The extent to which consumer loans secured by real estate are covered by the Code (Archived PDF)1975-01-27CCPActive
005Interpretation of "Agricultural Purposes" (Archived PDF)1975-01-27CCPActive
006Whether a law firm is subject to Code (Archived PDF)1975-02-07CCPActive
007Whether a licensed collection agency is subject to the Code (Archived PDF)1975-02-13CCPActive
008Repealed - See Advisory Ruling #58 CCPRepealed
009Repealed - See Advisory Ruling #58 CCPRepealed
010Repealed - See Advisory Ruling #58 CCPRepealed
011Repealed - See Advisory Ruling #58 CCPRepealed
012Security Interests - Consumer Credit Sales. Reference to deficiency judgements and attorney fees in contract forms (Archived PDF)1975-03-07CCPActive
013Repealed - See Advisory Ruling #58 CCPRepealed
014Right to Cure Notice, re: Set off actions (Archived PDF)1975-05-20CCPActive
015Qualification for Consolidation Loans. Applicability of 2-308(3) to loans made prior to enactment of Code (Archived PDF)1975-06-05CCPActive
016Whether or not foreign corporations may be licensed as a "Supervised Lenders" (Archived PDF)1975-06-06CCPActive
017Restrictions on Deficiency Judgments (Archived PDF)1975-06-11CCPActive
018Minimum charges permitted for consumer loans (Archived PDF)1975-06-19CCPActive
019Identifying waiver notice under the UCC to avoid confusion with the Notice to Cure under the Code (Archived PDF)1975-06-30CCPActive
020Security interests arising by operation of law - applicability of rescission provisions of T.I.L. to well drillers (Archived PDF)1975-08-19CCPActive
021Clarification of $500 limitation on sale of property insurance (Archived PDF)1975-09-04CCPActive
022Notice of Right to Cure. Applicability to transactions made prior to the enactment of the Code (Archived PDF)1975-09-10CCPActive
023Repealed - See Advisory Ruling #88 CCPRepealed
024Advertising relating to simple interest loans (Archived PDF)1975-11-21CCPActive
0255% discounts not a finance charge if granted to cash and credit customers alike if no credit card involved (Archived PDF)1975-12-05CCPActive
026Repossession of automobile when transaction made outside of State (Archived PDF)1975-12-09CCPActive
027Language in contract forms referencing attorney fees if APR below 12 1/4% (Archived PDF)1975-12-17CCPActive
028Whether a creditor can rewrite a single payment note of 12 1/4% or less into an installment note over 12 1/4% and raise the rate by more than 1/4 or 1% (Archived PDF)1976-02-09CCPActive
029Recovery of attorney fees by credit or following default on credit sales (Archived PDF)1976-02-20CCPActive
030Whether or not a cause of action arising under Maine's T.I.L. law prior to June 12, 1975 could be initiated after June 25, 1975 (Archived PDF)1976-02-20CCPActive
031Minimum charge - Open End Credit (Archived PDF)1976-04-08CCPActive
032Prejudgment Attachments & Mechanic's Lien (Archived PDF)1976-04-08CCPActive
033Repealed - See Bureau Rule 02-030-190 CCPRepealed
034Rebate Procedures (Archived PDF)1976-05-12CCPActive
035Balloon payments (Archived PDF)1976-08-18CCPActive
036Repealed - See Advisory Ruling #88 CCPRepealed
037Filing Fee Requirements 11, M.R.S.A., Section 9-302 Uniform Commercial Code (Archived PDF)1978-07-07CCPActive
038Late charge vs. finance charge regarding credit extended by insurance agencies (Archived PDF)1977-03-11CCPActive
039Skip payment provision in credit contracts constitutes balloon payments (Archived PDF)1979-01-30CCPActive
039-AFurther clarification of letter 39 - Skip payment provision (payment holiday) (Archived PDF)1979-06-11CCPActive
040Notice requirements on secured and unsecured transactions (Archived PDF)1979-04-18CCPActive
041Repealed - See Advisory Ruling #52 CCPRepealed
042Charges on refinancing (Archived PDF) CCP 
043Repealed - See Advisory Ruling #52 CCPRepealed
043-ARepealed - See Advisory Ruling #52 CCPRepealed
044Refinancing single payment Notes (Archived PDF)1980-02-06CCPActive
045Variable rate transactions (Archived PDF)1980-05-16CCPActive
046Automatic late charge increases upon adjustment of dollar amounts (Archived PDF)1980-07-07CCPActive
047Method of assessing finance charges on open-end accounts (Archived PDF)1980-07-16CCPActive
048(Revised - See AR #71) Clarification of right to cure procedures for insurance premium loans (Archived PDF)1980-08-28CCPActive
049Repealed - See Advisory Ruling #88 CCPRepealed
049-ARepealed - See Advisory Ruling #88 CCPRepealed
050Imposition of finance charge - merchandise certificates (Archived PDF)1980-12-19CCPActive
051Prohibition of N.S.F. check fees (Archived PDF)1981-01-06CCPActive
052Revocation of AR's 41, 43, 43A (Archived PDF)1981-03-11CCPActive
053Increase in monthly payments doesn't trigger notice requirements (Archived PDF)1981-03-27CCPActive
054Closing of supervised loans at attorney's office (Archived PDF)1981-05-04CCPActive
055Repealed - See Advisory Ruling #88 CCPRepealed
056Buydown arrangements - Code implications (Archived PDF)1981-08-05CCPActive
057Refinancing agricultural transactions (Archived PDF)1981-08-10CCPActive
058Late Charge vs. Finance Charge Fuel Deal (Archived PDF)1981-08-17CCPActive
059Maximum Finance Charges - Mobile Home transactions (Archived PDF)1981-09-02CCPActive
0601st lien exemption (Archived PDF)1981-10-30CCP 
060-AFuture advance clauses in first lien mortgages (Archived PDF)1985-01-05CCPActive
061Maximum Finance Charges - Mobile Home transactions (Archived PDF)1981-10-29CCPActive
062Repealed - See Advisory Ruling #88 CCPRepealed
063Disclosure of unit cost of insurance on open end credit (Archived PDF)1981-10-22CCPActive
064License not required for assignees merely taking assignments (Archived PDF)1982-02-03CCPActive
065Subsequent change in dollar amounts do not affect initial contracts (Archived PDF)1982-02-08CCPActive
066Repealed - See Advisory Ruling #88 CCPRepealed
067Motion for relief from automatic stay costs (U.S. Bankruptcy Court), not prohibited (Archived PDF)1982-06-24CCPActive
068SFO's making ERISA loans - do not need supervised lender's license (Archived PDF)1982-09-16CCPActive
069Disclosure of total of payments - demand loans, in notice to co-maker (Archived PDF)1982-10-21CCPActive
070Refinancing of residential mortgage transactions (Archived PDF)1982-11-05CCPActive
071Revision of AR 48, Right to Cure procedure for insurance premium finance transactions (Archived PDF)1982-11-05CCPActive
072 Annual fees - lender credit card (Archived PDF)1983-01-28CCPActive
073Graduated payment adjustable mortgage loans - repayment schedules may violate 3-308 (Archived PDF)1983-02-04CCPActive
074Repealed - See Advisory Ruling #88 CCPRepealed
075Annual charges on lender credit cards (Archived PDF)1983-11-28CCPActive
076Impact of §3-310 on adjustable rate mortgage instruments with fixed rate conversion options (Archived PDF)1984-04-27CCPActive
077Extent of exclusion of certain mortgage loan documents from the requirements of Maine's "Plain Language" law (Archived PDF)1984-09-26CCPActive
077-AModification of effective date of AR #77 (Archived PDF)1984-11-28CCPActive
078Extent of exemption of certain student loan programs from Section 1-202(7) (Archived PDF)1984-12-07CCPActive
079Consumer's choice of attorney in residential mortgage transaction (Archived PDF)1985-08-26BFI & CCPActive
080Supervised lender licensing requirements for assignees under §2-301(2) (Archived PDF)1985-08-27CCPActive
081Late charges in consumer credit transactions in which no finance charge is imposed (Archived PDF)1985-10-01CCPActive
082Disclosure of additional payments in variable rate transactions (Archived PDF)1985-10-01CCPActive
083Limitation of lessee's liability oat end of lease (Archived PDF)1985-10-01CCPActive
084Interaction of variable rate consumer credit transactions and rules of re-financing (Archived PDF)1985-12-31CCPActive
085 Refinancing balloon obligations (Archived PDF)1985-12-31CCPActive
086Fees charged for servicing mortgage escrow accounts, §3-312 (Archived PDF)1985-12-31CCPActive
087Cosigner notices for joint open-end account holders (Archived PDF)1985-12-31CCPActive
088Revisions in AR #1 - #87 (Archived PDF)1986-07-14CCPActive
089Code prohibition of pre-payment penalties (§2-509) and Federal Housing Administration Mortgages (Archived PDF)1987-05-01CCPActive
090Applicability of §3-311 ("Bring-Your-Own-Layer-Law") to all forms of real estate secured lending (Archived PDF)1987-05-01CCPActive
090-ASupplement to AR #90, applicability of §3-311 to real estate-secured lending in which the lender absorbs the cost of title examination (Archived PDF)1987-05-29CCPActive
091Miscellaneous Truth-In-Lending Disclosure issues in real estate transactions (Archived PDF)1987-05-29CCPActive
092Advertising weekly payments under a monthly amortizing repayment plan. (Archived PDF)1987-05-29CCPActive
093Automobile repossession accounting "Overallowance" (Archived PDF)1989-07-27CCPActive
094Territorial applications; loans closed in attorney's office (Archived PDF)1990-04-02CCPActive
095Credit amount returned check charges (Archived PDF)1990-04-02CCPActive
096FNMA "Two Step" mortgage program (Archived PDF)1990-05-02CCPActive
097Notice of Right to Cure Default (weekly auto payments) (Archived PDF)1991-03-30CCPActive
098Credit sale of land not supervised loan (Archived PDF)1991-05-20CCPActive
099Public Law 237 (1991); An Act to Authorize Recovery of Certain Collection Costs" (Archived PDF)1991-07-24CCPActive
100Secured credit cards (Archived PDF)1993-04-22CCPActive
101Schedule of payments (Archived PDF)1993-05-04CCPActive
102Open-end credit not secured by real estate (Archived PDF)1993-07-09CCPActive
103Conversion to daily periodic rate - home equity loans (Archived PDF)1993-05-12CCPActive
104Involuntary unemployment (loss of income) credit insurance (Archived PDF)1994-05-12CCPActive
105Optical Imaging (Archived PDF)1996-11-01BFI & CCPActive
106Disclosures of reverse mortgages and consumer leases (Archived PDF)1997-04-01BFI & CCPActive
107Repossession fees in connection with consumer lease transactions (Archived PDF)2011-07-18BFI & CCPActive
108Real estate mortgage escrow account (Archived PDF)1999-05-23CCPActive
109Deferral of First Periodic Payment (Archived PDF)2001-09-20BFI & CCPActive
110Odd Days or Per Diem Interest (Archived PDF)2007-12-10BFI & CCPActive
111Exclusion of HELOCs from definition of “sub-prime loan” (Archived PDF)2007-12-17BFI & CCPActive
112Computation of “Total Loan Amount” (Archived PDF)2007-12-26BFI & CCPActive
113“Ability to Pay” under Bureaus’ Joint Rule: Guidelines for Determining Reasonable, TangibleNet Benefit and Ability to Pay(Chapters 550 and 144) (Archived PDF)2007-12-26BFI & CCPActive
114Changes 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 (Archived PDF)2008-01-17BFI & CCPActive
115Treatment of Construction to Permanent Loans (Archived PDF)2008-04-25BFI & CCPActive
116"Convenience" HELOC's (Archived PDF)2008-06-17BFI & CCPActive
117The Conforming Law and its effect on previous Joint Advisory Rulings and the Tangible Net Benefit and Ability to Pay Rule (Archived PDF)2009-07-28BFI & CCPActive
118Closed-end credit disclosures: Compliance guidance in light of the Federal Reserve's Interim TIL Rule published September 24, 2010 (75. Reg. 58470). (Archived PDF)2011-01-06BFI & CCPActive
119Merchants Discounts Do Not Violate Surcharge Prohibitions (Archived PDF)2011-07-12BFI & CCPActive
119-A

Merchants Discounts Do Not Violate Surcharge Prohibitions Revised (Archived PDF)

 

2011-07-12BFI & CCPActive