Maine financial regulators have now finalized Regulation Z-3 in order to harmonize the State’s Truth-in-Lending rules with recently adopted changes approved by the Consumer Financial Protection Bureau.
Under the new rules, federal Regulation Z (12 CFR Part 1026) and Regulation M (12 CFR Part 1013) are conformed to Maine law. The new rule also includes changes to both rules that were adopted on September 13th of this year by the CPFB.
The original notice of rulemaking was issued on August 20, 2013 as reported in Banking Law Update.
Regulation Z-3 became effective on October 15, 2013.