Notices to Interested Parties : Bureau of Financial Institutions

STATE OF MAINE

DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION

BUREAU OF FINANCIAL INSTITUTIONS

OFFICE OF CONSUMER CREDIT REGULATION

NOTICE TO INTERESTED PARTIES

The purpose of this rulemaking is to repeal and replace the Office of Consumer Credit Regulation Chapter 120, Multiple of the Federal Minimum Wage, with a rule adopted jointly by the Office of Consumer Credit Regulation and the Bureau of Financial Institutions. The Office of Consumer Credit Regulation originally issued Chapter 120 with an effective date of September 7, 1981. The rule is required by §5-105(2) of the Maine Consumer Credit Code. The rule establishes a method for calculating the maximum earnings subject to garnishment when an individual debtor is not paid on a weekly basis. The proposed rule eliminates the outdated example used in the original rule and provides additional guidance for those seeking to abide by its terms.

Notice of this proposed Rule is being published by the Secretary of State. Interested parties may submit written comments or requests for a hearing to the Bureau of Financial Institutions, 36 State House Station, Augusta, Maine 04333-0036 or the Office of Consumer Credit Regulation, 35 State House Station, Augusta, Maine 04333-0035 by March 10, 2005. Electronic comments or requests for a hearing may be submitted by accessing the Internet Home Page of the Bureau of Financial Institutions at http://www.maine.gov/financialinstitutions or the Home Page of the Office of Consumer Credit Regulation at http://www.MaineCreditReg.org.

/s/ Colette L. Mooney, Acting Superintendent

Bureau of Financial Institutions

/s/ William N. Lund, Director

Office of Consumer Credit Regulation

Gardiner, Maine

February 9, 2005