Section 029-240-2 - PURPOSES The purposes of this regulation are to:
A. Provide additional credit protections to Maine consumers by requiring creditors subject to Article 8-A of 9-A M.R.S. to comply with Regulation Z and Regulation M issued by the CFPB using its discrete codifications ( 12 C.F.R. Part 1026, Regulation Z and 12 C.F.R. Part 1013, Regulation M) and by requiring creditors subject to Article 8-A of 9-A M.R.S. to comply with truth-in-lending and consumer leasing regulations issued by the CFPB since July 21, 2011.B. Ease compliance by creditors subject to Article 8-A of 9-A M.R.S. with truth-in-lending laws; andC. Preserve Maine's exemption from federal Regulation Z and thereby allow for the continuation of State enforcement of truth-in-lending laws applicable to creditors subject to Article 8-A of 9-A M.R.S.02-029 C.M.R. ch. 240, § 2