An Act to Make Changes to the Laws Governing Financial Institutions and to Eliminate Certain Administrative Fees Paid by Banks and Credit Unions Under the Maine Consumer Credit Code

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STATE OF MAINE
_____
IN THE YEAR OF OUR LORD
TWO THOUSAND TWENTY-SIX
_____
H.P. 1385 - L.D. 2072
An Act to Make Changes to the Laws Governing Financial Institutions and to
Eliminate Certain Administrative Fees Paid by Banks and Credit Unions
Under the Maine Consumer Credit Code
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §6-201, as amended by PL 2005, c. 206, §2, is further amended
to read:
§6-201. Applicability
This Part applies to a person engaged in this State in entering into consumer credit
transactions and to a person having an office or place of business in this State who takes
assignments of or undertakes direct collection of payments from or enforcement of rights
against debtors arising from these transactions. In addition, this Part applies to a person,
wherever located, who takes assignments of or undertakes direct collection of payments
from or enforcement of rights against debtors arising from a consumer credit transaction
subject to this Title. This Part also applies to a person, other than a supervised financial
organization, wherever located, who takes assignments of or undertakes direct collection
of payments from or enforcement of rights against debtors arising from a consumer credit
transaction subject to Article 9. This Part does not apply to supervised financial
organizations.
Sec. 2. 9-A MRSA §6-203, sub-§3-A, as enacted by PL 1993, c. 268, §2, is
repealed.
Sec. 3. 9-A MRSA §6-203, sub-§3-D, as enacted by PL 2021, c. 245, Pt. A, §5, is
amended to read:
3-D. Notwithstanding subsection 3‑C, the administrator may by rule adjust the fees
paid with respect to creditors that are not supervised financial organizations making
residential mortgage loans to support the costs of compliance and staff attorney positions.
Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5,
chapter 375, subchapter 2‑A.
APPROVED
MARCH 19, 2026
BY GOVERNOR
CHAPTER
565
PUBLIC LAW
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Sec. 4. 9-A MRSA §6-203, sub-§6, as amended by PL 1997, c. 393, Pt. B, §5 and
PL 2001, c. 44, §11 and affected by §14 and amended by PL 2007, c. 273, Pt. B, §§5 and
6 and affected by c. 695, Pt. A, §47, is repealed.
Sec. 5. 9-B MRSA §161, sub-§1-A, ¶F, as amended by PL 2001, c. 44, §11 and
affected by §14 and enacted by c. 262, Pt. B, §2 and amended by PL 2007, c. 273, Pt. B,
§5 and affected by c. 695, Pt. A, §47, is further amended by amending subparagraph (10)
to read:
(10) The Office of Securities within the Department of Professional and Financial
Regulation; and
Sec. 6. 9-B MRSA §161, sub-§1-A, ¶F, as amended by PL 2001, c. 44, §11 and
affected by §14 and enacted by c. 262, Pt. B, §2 and amended by PL 2007, c. 273, Pt. B,
§5 and affected by c. 695, Pt. A, §47, is further amended by amending subparagraph (11)
to read:
(11) The United States Securities and Exchange Commission.; and
Sec. 7. 9-B MRSA §161, sub-§1-A, ¶F, as amended by PL 2001, c. 44, §11 and
affected by §14 and enacted by c. 262, Pt. B, §2 and amended by PL 2007, c. 273, Pt. B,
§5 and affected by c. 695, Pt. A, §47, is further amended by enacting a new subparagraph
(12) to read:
(12) The federal Consumer Financial Protection Bureau.
Sec. 8. 9-B MRSA §161, sub-§1-A, ¶F, as amended by PL 2001, c. 44, §11 and
affected by §14 and enacted by c. 262, Pt. B, §2 and amended by PL 2007, c. 273, Pt. B,
§5 and affected by c. 695, Pt. A, §47, is further amended by enacting at the end a new first
blocked paragraph to read:
"Supervisory agency" includes any successor agency to those listed in this paragraph.
Sec. 9. 9-B MRSA §162, sub-§5-A, as enacted by PL 2025, c. 215, §2, is amended
to read:
5-A. Disclosure upon suspicion of financial exploitation. The financial records are
disclosed to the Office of the Attorney General or a law enforcement agency pursuant to
section 245 because a financial institution authorized to do business in this State or its
affiliate or a credit union authorized to do business in this State or its affiliate has reasonable
cause to believe that a disbursement requested by an individual 62 65 years of age or older
or an individual protected under the Adult Protective Services Act may result in financial
exploitation of that person;
Sec. 10. 9-B MRSA §252, sub-§6, as amended by PL 1997, c. 398, Pt. K, §5, is
further amended to read:
6. Decision. After consideration of all relevant matters presented in the application,
in any written comments, in an investigation conducted by the bureau to examine and
evaluate facts related to the application to the extent necessary to make an informed
decision and at the hearing, if any, the superintendent shall promulgate, in accordance with
the Maine Administrative Procedure Act, the final order. Within 5 14 days of promulgation,
notice of the final order setting forth the name of the applicant, the nature of the application
and the superintendent's action thereon on the application, together with a statement that
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copies of the order are available to the public at cost, must be published by the
superintendent in those newspapers in which the notice required by subsection 2 was
published. Unless the superintendent specifies a later date in the final notice relating thereto
to the application, the effective date of the final order is 30 days after its promulgation. The
superintendent may waive all or part of the 30-day waiting period following promulgation
of the final order, if the superintendent determines that extraordinary or unusual conditions
exist that warrant that action. The superintendent shall set forth in writing the circumstances
and reasons for waiving all or part of the 30-day waiting period, provided, however, except
that the superintendent shall, within 60 days of the close of the comment period or within
60 days of the conclusion of the hearing if such a hearing was held, whichever period is
greater, promulgate the final order either approving or disapproving the application.
Sec. 11. 9-B MRSA §326, sub-§1, ¶E, as enacted by PL 1975, c. 500, §1, is
amended to read:
E. The compensation of directors, which may include provision for payment of
medical, surgical and hospital expenses due to accident or illness in the same manner
as provided for officers and employees, may be fixed by the corporators or members
at any legal meeting thereof, or, subject to the written approval of the superintendent,
such may be fixed by the board of directors of the corporators or members.
Sec. 12. 9-B MRSA §851, sub-§1, as amended by PL 2003, c. 322, §36, is further
amended to read:
1. Authorization. A credit union may make, sell, purchase, arrange, participate in,
invest in and otherwise deal in loans to its members for any purpose in accordance with the
provisions of this chapter. Subject to the provisions of this chapter, a credit union may
participate in loans to nonmembers as long as the borrower is a member of at least one
other participating credit union. Participation loans may be secured by real estate located
outside this State.
Sec. 13. 9-B MRSA §855, sub-§1, as repealed and replaced by PL 1985, c. 94, is
amended to read:
1. Limitations. A credit union may make loans to its members secured by a mortgage
on real estate located within this State, subject to the following conditions and limitations.
A. The total liability of any member upon loans within this section shall be is as
established in section 854, subsection 1.
B. No A loan made pursuant to this section may not exceed 90% of the appraised value
of the property mortgage, as determined by the credit committee. Loans pursuant to
this section may be made in an amount not exceeding 100% of the appraised value of
the mortgage property if at least the top 20% of the loan is insured by a mortgage
guarantee insurer licensed to do business in this State or if the loan is insured or
guaranteed by the United States Department of Housing and Urban Development,
Federal Housing Administration or any other state or federal agency.
C. The note or other obligation evidencing a first mortgage loan shall must require
monthly payment of the interest and principal thereon sufficient to repay the entire loan
within a period not exceeding 30 years, except that this provision does not apply to real
estate loans insured by the United States Department of Housing and Urban
Development, Federal Housing Administration.
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D. The note or other obligation evidencing a loan other than a first mortgage loan shall
must require monthly payment of the interest and principal thereon sufficient to repay
the entire loan within a period not exceeding 15 years.