Maine has amended its Consumer Credit Code to target loans made using a bank partnership model. The amendments include an anti-evasion provision under which a purported agent or service provider is deemed a “lender” subject to Title 9-A, Article 2 of Maine Revised Statutes. Article 2 contains a licensing requirement and rate and fee limits for consumer loans.… Continue Reading
Maine
Maine federal district court rules FCRA preempts 2019 amendments to state’s credit reporting law
By John L. Culhane, Jr. on
A Maine federal district court ruled that that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act and granted the motion for judgment filed by the plaintiff, the Consumer Data Industry Association (CDIA).
One of the amendments prohibited a consumer reporting agency (CRA) from reporting medical debt on a consumer’s credit report until a delinquency was at least 180 days old. … Continue Reading
AFSA files amicus brief in support of trade association preemption challenge to Maine credit reporting law
By Alan S. Kaplinsky on
Posted in Credit Reports, Litigation and Court Decisions
The American Financial Services Association (AFSA) recently filed an amicus brief in Maine federal court in support of the motion for judgment on the record filed by the Consumer Data Industry Association (CDIA) in CDIA’s lawsuit seeking a declaratory judgment that two 2019 amendments to Maine’s credit reporting law are preempted by the federal Fair Credit Reporting Act.… Continue Reading
Maine Enacts Student Loan Servicing Law
By Ballard CFS Group on
We can add Maine to the list of states to have enacted a “Student Loan Bill of Rights” that requires student loan servicers to be licensed. On June 20th, Maine Governor Janet Mills signed into law LD 995, “An Act To Establish a Student Loan Bill of Rights To License and Regulate Student Loan Servicers,” a bill which the legislature had passed unanimously.… Continue Reading