ࡱ> >@=q  bjbjt+t+ &AA ]&&&&&&&jjjjj vj<dfff1  $$\&&&&&d:R&&&&dTd&&d @yƿjjddJohn J. McKernan, Jr. William N. Lund Governor Superintendent Harry W. Giddinge Deputy Superintendent Jane E. Titcomb Principal Examiners: Commissioner Del Pelton Richard Howard6 Outreach/Research: Michael Brown Senior Examiners: Leslie Washburn Connie Berthiaume George B. Smith III Examiner: Douglas Stark Mary Young David Rolfe  DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION BUREAU OF CONSUMER CREDIT PROTECTION STATE HOUSE STATION 35 AUGUSTA, MAINE 04333-0035 (207)582-8718 Telecopier: 582-5415 ADVISORY RULING #102 JULY 9, 1993 July 9, 1993 Re: Open-End Credit Not Secured by Real Estate or Manufactured Home Dear : You have asked whether the fb88 Consumer Credit Code applies to a certain open-end credit product. Under the plan, the consumer's credit limit will be $175,000. However, the debt will not be secured by an interest in land, a manufactured home or a dwelling. Rather, the creditor will take a security interest in separate personal property. In my opinion, the open-end credit plan as described is exempt from the Consumer Credit Code. I reach this conclusion despite 9-A M.R.S.A. 1-301(14)(A)(iv), which provides an exemption only where the security requirements are met and where the "amount financed" exceeds $25,000. As you know, there is no such thing as an "amount financed" in an open-end line of credit, because unlike closed-end credit, an open-end plan theoretically starts with a $0 balance. Neither Federal law nor fb88 law specifically addresses the situation involving open-end credit. In this case, therefore, our office will conform to the interpretation provided by the Board of Governors of the Federal Reserve. The Board exempts from Regulation Z an open-end transaction which meets the other requirements and which involves an "express written commitment to extend credit in excess of $25,000, or an "initial extension of credit [which] exceeds $25,000;" see 12 CFR 226.3(b) and Comment 3(b)-2. I trust this is responsive to your request for an Advisory Ruling. Sincerely, William N. 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