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The Maine Department of Professional and Financial Regulation is part of the Executive Branch of State Government involved in the regulation of financial services, including insurance companies, state-chartered banks and credit unions, investment advisors and mortgage companies. The Department also regulates numerous professions, occupations, and entities. The Department strives to encourage sound ethical business practices through high quality and efficient regulation to protect the citizens of the State.
The Department is committed to placing all of our license applications, laws and rules online. This information should be available to the public over time.
The Bureau of Financial Institutions is a Division of the Maine Department of Financial regulation and was established in 1827 to supervise all financial institutions chartered by the State in a manner to maintain and promote: safe and sound financial practices; strength, stability and efficiency of financial institutions; security of deposit and share funds; reasonable and orderly competition; and development and expansion of financial services advantageous to the public welfare.
The Bureau has the power and responsibility to promulgate rules and regulations to: govern the activities, operations, and procedures of financial institutions; conduct an on-site examination of each financial institution supervised by the Bureau at least once every 36 months; require reports and information necessary for proper supervision; summon persons and subpoena witnesses in connection with Bureau matters; order any person to cease violation of any law or regulation or cease engaging in any unsafe and unsound financial practice; approve or deny applications for new charters and applications by existing financial institutions to branch, merge, acquire, consolidate, relocate offices or convert to another charter. Effective January 1, 1996, the Bureau became the administrator of the Maine Consumer Credit Code as it relates to supervised financial organizations.
For more information, use the following link to access their website.
http://www.state.me.us/pfr/bkg/bkg_index.htm
Contacts
Use the following link to access specific contact information for the department’s staff.
http://www.state.me.us/pfr/email_directory.htm
Complaints
Consumer inquiries cover a broad range of topics including lending, funds availability, deposit accounts, fees and charges, customer service issues, escrow accounts, electronic transactions, and early withdrawal penalties. Complaints may involve allegations that a financial institution has made an error in processing a transaction, has violated a law, or the terms of a contractual agreement. The Consumer Outreach Program welcomes questions regarding banking issues. Staff are available to answer questions related to practices, regulations and laws applicable to financial institutions.
Use the following link to access information on how to file a complaint.
http://www.state.me.us/pfr/bkg/bkg_consumer.htm#information
Entities Regulated
The following entities are regulated by the department..
- Insurance companies,
- State-chartered banks
- Credit unions,
- Investment advisors
- Mortgage companies.
Laws and Regulations
Use the following link to access information on the laws and regulations the department is responsible for enforcing.
http://www.state.me.us/pfr/bkg/bkg_proposed.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT
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