Sec. 2. Bureau of Financial Institutions to adopt rules. Resolved: That the Department of Professional and Financial Regulation, Bureau of Financial Institutions shall adopt rules that require a financial institution licensed under the Maine Revised Statutes, Title 9-B to provide the fact sheet developed pursuant to section 1 to a couple who seeks to borrow money from that financial institution to purchase real estate. Rules adopted to carry out the purposes of this resolve are major substantive rules pursuant to Title 5, chapter 375, subchapter 2-A.

SUMMARY

This resolve requires the Department of Professional and Financial Regulation, Bureau of Financial Institutions to develop a fact sheet to provide information to married and unmarried couples on the implications of borrowing money to purchase real estate individually or as a couple and to require financial institutions licensed in the State to provide the fact sheet to couples who wish to borrow money to purchase real estate.