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Maine Issues Compliance Guidance Regarding the Federal Reserve's Interim TIL Rule

The Department of Professional and Financial Regulation in Maine issued a joint advisory ruling regarding compliance with inconsistent disclosure requirements between the Federal interim rule regarding TIL disclosures and Maine's disclosure provisions. The ruling indicates that state-regulated lenders are expected to comply with Maine's Regulation Z-2, but the state will use statutory discretion for those that follow the Federal interim rule where there are inconsistencies. To read the complete joint advisory ruling, please click here.

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