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PUBLIC LAWS OF MAINE
First Special Session of the 118th

PART C

     Sec. C-1. 9-A MRSA §1-202, sub-§1-A is enacted to read:

     1-A. Transactions for which the administrator, by rule, determines that coverage under this Title is not necessary to carry out the purposes of this Title;

     Sec. C-2. 9-A MRSA §8-104, sub-§§4 and 5 are enacted to read:

     4. The administrator may exempt, by rule, from all or part of this Title any class of transactions, other than transactions involving a mortgage described in section 8-103, subsection 1, paragraph F-1, for which, in the determination of the administrator, coverage under all or part of this Title does not provide a meaningful benefit to consumers in the form of useful information or protection. In determining which classes of transactions to exempt in whole or in part under this subsection, the administrator shall consider the following factors:

     5. The administrator, by rule, may exempt from the requirements of this Title certain credit transactions if:

The administrator, at the administrator's discretion, may adjust the annual earned income and net asset requirements of this subsection for inflation.

     Sec. C-3. 9-A MRSA §8-108, sub-§3, as enacted by PL 1981, c. 243, §25, is amended to read:

     3. Reimbursement. The administrator shall have the authority to may adopt, by rule, a reimbursement program such that creditors subject to an administrative order under section 6-108 may be ordered to make whatever adjustments are necessary to insure that any person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. In determining any readjustment, the administrator shall apply, with respect to the annual percentage rate, a tolerance allowed under section 8-106 and, with respect to the finance charge, a corresponding numerical tolerance as generated by the tolerance allowed by section 8-106 for the annual percentage rate.

The administrator may order partial adjustment or partial payments over an extended period if the administrator determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to the Federal Deposit Insurance Act.

     Sec. C-4. 9-A MRSA §8-206, sub-§1, ¶¶M and N, as enacted by PL 1981, c. 243, §25, are amended to read:

     Sec. C-5. 9-A MRSA §8-206, sub-§1, ¶O is enacted to read:

     Sec. C-6. 9-A MRSA §8-208-A, sub-§1, as enacted by PL 1995, c. 614, Pt. A, §13, is amended to read:

     1. For any closed-end consumer credit transaction subject to this Title that is secured by real property or a dwelling and that is consummated before September 30, 1995, a creditor or any assignee of a creditor does not have civil, administrative or criminal liability under this Title for, and a consumer does not have extended rescission rights under section 8-204, subsection 6 with respect to:

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