The Maine Bureau of Consumer Credit Protection and the Bureau of Financial Institutions have repealed and readopted a joint rule regulating alternative mortgage transactions. The readopted joint rule aligns Maine’s alternative mortgage regulations with the federal Alternative Mortgage Transaction Parity Act. In addition, the readopted rules readopt the prohibition against prepayment penalties with respect to alternative mortgage transactions. The readopted rules went into effect July 25, 2016.
See the Maine Bureau of Consumer Credit Protection and the Bureau of Financial Institutions websites for the full text of the Regulations:
http://www.maine.gov/sos/cec/rules/02/030/030c250.docx
http://www.maine.gov/pfr/financialinstitutions/regulations/Reg_%2019finalruleproposed.pdf
