Sec. 1. 9-A MRSA §6-203, sub-§3-C is enacted to read:

3-C.__The administrator may adjust the volume fees set out in subsections 2, 3 and 3-B by rule not more frequently than annually.__In setting the fees, the administrator shall consider the reasonable costs of regulation of all aspects of such transactions and the staffing levels required to administer the responsibilities of the Office of Consumer Credit Regulation.__ The fee assessed pursuant to subsections 2 and 3 may not exceed $25 per $100,000, and the fee assessed pursuant to subsection 3-B may not exceed $20 per $100,000.__Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

Sec. 2. Report. The Department of Professional and Financial Regulation, Office of Consumer Credit Regulation shall review the various license and registration fees assessed by the office and make recommendations on how to assess those fees in an equitable manner. The recommendations must be submitted to the joint standing committee of the Legislature having jurisdiction over business matters and the joint standing committee of the Legislature having jurisdiction over banking matters on or before January 5, 2005. Nothing in this section prohibits the Director of the Office of Consumer Credit Regulation from adjusting volume fees pursuant to the Maine Revised Statutes, Title 9-A, section 6-203, subsection 3-C prior to a review under this section.

SUMMARY

This bill permits the Director of the Office of Consumer Credit Regulation within the Department of Professional and Financial Regulation to adjust the volume fee rate for creditors and lenders by regulation, subject to a rate cap at the current statutory levels. The bill also directs the Office of Consumer Credit Regulation to review the license and registration fees assessed by the office and to report to the Joint Standing Committee on Business, Research and Economic Development and the Joint Standing Committee on Banking and Financial Institutions.