PART B
Sec. B-1. 2 MRSA §6, sub-§2, as repealed and replaced by PL 2005, c. 683, Pt. A, §1, is amended to read:
Sec. B-2. 2 MRSA §6, sub-§4, as amended by PL 2005, c. 405, Pt. D, §3, is further amended to read:
Sec. B-3. 9-A MRSA §6-103, as amended by PL 1995, c. 502, Pt. H, §2, is repealed and the following enacted in its place:
§ 6-103. Administration
There is created and established the Bureau of Consumer Credit Protection within the Department of Professional and Financial Regulation. The Superintendent of Consumer Credit Protection is the head of the Bureau of Consumer Credit Protection. As used in this Act, and except as provided in section 1-301, subsection 2, "administrator" means the Superintendent of Consumer Credit Protection. The administrator is appointed by the Governor and subject to review by the joint standing committee of the Legislature having jurisdiction over insurance and financial services matters and to confirmation by the Legislature. The administrator is appointed for a 5-year term, or until a successor is appointed and qualified. Any vacancy occurring must be filled by appointment for the unexpired portion of the term. The administrator may be removed from office for cause by the Governor and Title 5, section 931, subsection 2 does not apply.
Sec. B-4. Transition provisions. The following provisions govern the transition of the Office of Consumer Credit Regulation to the Bureau of Consumer Credit Protection.
1. The Bureau of Consumer Credit Protection is the successor in every way to the powers, duties and functions of the former Office of Consumer Credit Regulation.
2. The current Director of the Office of Consumer Credit Regulation becomes the acting Superintendent of Consumer Credit Protection and shall serve in that capacity until a successor is appointed and qualified in accordance with the Maine Revised Statutes, Title 9-A, section 6-103.
3. All existing rules, regulations and procedures in effect, in operation or adopted in or by the Office of Consumer Credit Regulation or any of its administrative units or officers are hereby declared in effect and continue in effect until rescinded, revised or amended by the proper authority.
4. All existing contracts, agreements and compacts currently in effect in the Office of Consumer Credit Regulation continue in effect.
5. Any positions authorized and allocated subject to the personnel laws to the former Office of Consumer Credit Regulation are transferred to the Bureau of Consumer Credit Protection and may continue to be authorized.
6. All records, property and equipment previously belonging to or allocated for the use of the former Office of Consumer Credit Regulation become, on the effective date of this Part, part of the property of the Bureau of Consumer Credit Protection.
7. All existing forms, licenses, letterheads and similar items bearing the name of or referring to the Office of Consumer Credit Regulation may be used by the Bureau of Consumer Credit Protection.
Sec. B-5. Maine Revised Statutes amended; revision clause. Wherever in the Maine Revised Statutes the words "Office of Consumer Credit Regulation" appear or reference is made to that entity or those words, those words are amended to read or mean, as appropriate, "Bureau of Consumer Credit Protection" or "bureau," and the Revisor of Statutes shall implement this revision when updating, publishing or republishing the statutes.
Sec. B-6. Maine Revised Statutes amended; revision clause. Wherever in the Maine Revised Statutes the words "Director of the Office of Consumer Credit Regulation" appear or reference is made to that entity or those words, those words are amended to read or mean, as appropriate, "Superintendent of Consumer Credit Protection" or "superintendent," and the Revisor of Statutes shall implement this revision when updating, publishing or republishing the statutes.
Sec. B-7. Effective date. This Part takes effect when approved.
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