‘ 2. Student education loan. "Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or other school-related expenses and does not include open-ended credit or any loan that is secured by real property.’
Amend the bill in section 1 in §14-102 in the first line (page 1, line 8 in L.D.) by inserting after the following: " State" the following: ' , except that this Article does not apply to a supervised financial organization or a financial institution holding company as defined in Title 9-B, section 1011, subsection 1, to a mutual holding company as defined in Title 9-B, section 1052, subsection 2 or to a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company'
Amend the bill in section 1 in §14-103 by striking out all of subsection 2 (page 1, lines 19 and 20 in L.D.) and inserting the following:
Amend the bill in section 1 in §14-103 in subsection 4 in the last line (page 1, line 27 in L.D.) by inserting after the following: " borrower." the following: ' "Student loan servicer" does not include a supervised financial organization or a financial institution holding company as defined in Title 9-B, section 1011, subsection 1, a mutual holding company as defined in Title 9-B, section 1052, subsection 2 or a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company.'
Amend the bill in section 1 by striking out all of §14-104 (page 2, lines 1 to 33 in L.D.).
Amend the bill in section 1 in §14-105 in the first paragraph in the first line (page 2, line 35 in L.D.) by striking out the following: " The" and inserting the following: ' Beginning January 1, 2019, the'
Amend the bill in section 1 in §14-105 in subsection 2 in the last line (page 3, line 4 in L.D.) by striking out the following: " ombudsman" and inserting the following: ' servicer licensing requirements under section 14-104'
Amend the bill in section 1 by striking out all of §14-106 (page 3, lines 8 to 14 in L.D.)
Amend the bill in section 1 in §14-107 by striking out all of subsection 1 (page 3, lines 19 to 23 in L.D.) and inserting the following:
‘ 1. Exempt. The following persons are exempt from student loan servicer licensing requirements:
A. A supervised financial organization or a financial institution holding company as defined in Title 9-B, section 1011, subsection 1, a mutual holding company as defined in Title 9-B, section 1052, subsection 2 or a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; and
B. The Finance Authority of Maine.’
Amend the bill in section 1 by renumbering the section numbers to read consecutively.
Amend the bill by inserting after section 1 the following:
‘Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF
Bureau of Consumer Credit Protection 0091
Initiative: Provides funding for additional printing, copying and postage.
| OTHER SPECIAL REVENUE FUNDS | 2017-18 | 2018-19 |
|
All Other
|
$2,500 | $2,500 |
 |
|
|
| OTHER SPECIAL REVENUE FUNDS TOTAL | $2,500 | $2,500 |
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
summary
This amendment makes the following changes to the bill.
1. It removes the provision creating the position of student loan ombudsman under the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection.
2. It clarifies the definition of "student education loan."
3. It provides an exemption from the licensing provisions for supervised financial organizations, financial institution holding companies and mutual holding companies and clarifies that a student loan servicer does not include supervised financial organizations, financial institution holding companies and mutual holding companies.
4. It provides an exemption from the licensing provisions for the Finance Authority of Maine.
5. It provides funding to the department for additional printing, copying and postage.
FISCAL NOTE REQUIRED
(See attached)