ࡱ> 574'` bjbjLULU m6.?.?K$>   PZ,D>Mt6e)g)g)g)I)p;0M$#OhQBTM%%%TMiM3!3!3!%je)3!%e)3!3!:7&t' 5D ^& (M0M&RRR''&R-'l)N3!K W)))TMTM ^)))M%%%%>>D >>>>>  State of fb88 Department of professional and financial regulation Bureau of Financial Institutions 36 state house station augusta, maine 04333-0036 (207) 624-8570 (207) 624-8590 (FAX) Lloyd P. LaFountain III SuperintendentBureau of consumer Credit Protection 35 state house station augusta, maine 04333-0035 (207) 624-8527 (207) 582-7699 (FAX) William N. Lund Superintendent EMBED PBrush \s Printed on recycled paper (207) 624-8563 (Hearing Impaired)   January 6, 2011 Joint Advisory Ruling #118 Re: Closed-end credit disclosures: Compliance guidance in light of the Federal Reserves Interim TIL Rule published September 24, 2010 (75 Fed. Reg. 58470). Dear You have sought confirmation from the Bureaus that until fb88s Regulation Z-2 is amended to parallel federal law a lender must continue to follow fb88s current version of 12 C.F.R. 226.18 (i.e., the version effective at the federal level prior to September 24, 2010 and adopted by reference in fb88s Regulation Z-2). The Bureaus hereby confirm that you must follow fb88s current version of 226.18 when providing disclosures to fb88 consumers. However, the Bureaus further declare that they will utilize their regulatory discretion and will not take action to enforce fb88s inconsistent disclosure provisions against lenders that act in conformity with the Federal Reserves Interim Final Rule published September 24, 2010 (75 Fed. Reg. 58470). fb88 has its own truth-in-lending laws and regulations, and certain transactions subject to these laws are exempt from federal truth-in-lending laws and regulations. Historically, the Bureaus have made every effort to align fb88s Truth-in-Lending Regulation Z-2 with the federal regulation where authorized to do so. Pursuant to authority found in fb88 law and in the federal Truth-in-Lending Act, loans made by fb88 Supervised Lenders (e.g., state-chartered financial institutions, and licensees of the Bureau of Consumer Credit Protection) are exempt from certain provisions of the federal Truth-in-Lending Act and federal Regulation Z. The exemption is granted in the Order Granting Exemptions to the States of fb88 and Connecticut, 47 Fed. Reg. 36961 (August 24, 1982). The exemption extends to transactions covered by fb88s Truth-in-Lending Act (Article VIII of the fb88 Consumer Credit Code), except those transactions in which the creditor is a federally-chartered financial institution. As part of the Bureaus continuing effort to keep pace with the changes in federal Regulation Z, a substantial revision matching changes to the federal regulations was effective August 1, 2010, incorporating changes to federal Regulation Z through February 22, 2010. The most recent revision to Regulation Z-2 becomes effective January 19, 2011 and captures changes to Regulation Z through June 29, 2010. Joint Advisory Ruling #118 January 6, 201l Page Two The new federal disclosures found in the Federal Reserves Interim Final Rule published September 24, 2010 (75 Fed. Reg. 58470) are the product of extensive research into how best to provide clear and understandable loan terms to consumers. The Bureaus are issuing this no-action declaration because the new federal regulations provide more complete disclosures and better protection for fb88 consumers. Further, as of this date, efforts are underway to incorporate the new disclosure terms, and other changes to federal Regulation Z, into fb88 Regulation Z-2. In summary, fb88 law requires that lenders must follow fb88s current version of 226.18 (i.e., the version effective at the federal level prior to September 24, 2010 and adopted by reference in fb88s Regulation Z-2) when providing disclosures to fb88 consumers. However, the Bureaus will not take action to enforce fb88s inconsistent disclosure provisions against lenders that act in conformity with the Federal Reserves Interim Final Rule published September 24, 2010 (75 Fed. Reg. 58470). Sincerely, Sincerely, /s/LloydP.LaFountain III /s/William N. Lund Lloyd P. LaFountain III, Superintendent William N. 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