Archive for the ‘Maine Agencies and Departments’ Category

Do you have questions about credit cards? Check out this source.

offers news and advice.

May 22, 2017 from 6 steps to close accounts when a cardholder dies

When someone dies, the task of notifying financial institutions and closing credit card accounts can easily be forgotten or pushed aside.

Unfortunately, if card accounts are not dealt with properly and immediately, problems can crop up that make life more difficult later. Family members and others may innocently – or not so innocently – continue to use the deceased person’s card. Identity thieves troll the obituaries and online records to learn about recent deaths, so they can steal from accounts or create new ones. Banks may send out late notices and add extra fees when the next payment is missed…

Additional information provided by Maine’s Bureau of Consumer Credit Protection: 

As the article states, creditors like a credit card company come last in priority, just in front of heirs.  Secured claims, taxes, administrative expenses and various rights of spouses and heirs all come before unsecured creditors receive anything.  If there is no money left in the estate, such creditors will receive nothing.

In Maine, a notice to creditors is published by the clerk of probate.  Creditors (other than the government) have four months to file a claim or the collection of the debt is barred.  Payment is not usually made until at least 6 months has passed and usually longer.

May 19, 2017 from Suspect card fraud? How to file a claim

If you spot an unauthorized purchase on your credit or debit card statement, will you know what to do, who to call, and how to protect your account?

Forty-seven percent of Americans have experienced card fraud in the past five years, according to the ACI Worldwide 2016 Global Consumer Card Fraud report.

Knowing what actually constitutes fraud, and what to do when it happens, is the best way to protect yourself from additional bogus charges, and potential liability for not reporting it in a timely manner…

 

More information provided by Maine’s Bureau of Consumer Credit Protection: 

Mainers are uniquely protected by one of the finest file freeze law in the U.S.

Maine’s file freeze law went into effect on 10/15/15, and allows adult Maine residents to place a lock or freeze on their credit files with the major reporting agencies: Equifax (1-800-349-9960), Experian (1-888-397-3742) and Trans Union (1-888-909-8872).   Each consumer reporting agency (CRA) has a separate file freeze number (previously listed), which allows consumers to speak on a secure, automated line—providing personal information like their name, address, Social Security number, and date of birth.  The file freeze is immediate, and the length of the freeze is the option of the consumer.   The CRA then mails (10 days to 3 weeks) an envelope to the consumer containing a special personal identification number or PIN, and a dedicated toll-free number to call to lock/unlock the credit file.  A personal assistant or executor of an estate should consider locking down the decedent’s credit file upon death to reduce the chance of nefarious/illegal uses of that person’s identity. 

A national law, the Fair and Accurate Credit Transactions Act or FACT Act, allows each consumer to order a free copy of their credit files (Equifax, Experian & Trans Union) once each year by calling 1-877-322-8228).   A review of the active credit accounts of a decedent, including credit cards, is a good first step in determining if the estate has any outstanding credit accounts that need to be paid off. 

Secretary Dunlap releases animated version of Used Vehicle Buyer’s Guide

05/15/2017 11:16 AM EDT

AUGUSTA – Secretary of State Matthew Dunlap is unveiling an animated version of the Used Vehicle Buyer’s Guide, which explains the buyer’s rights when purchasing a used car in the State of Maine.

“Many people have misconceptions about the law when purchasing a used car, so we hope that putting this information in an animated format will make it easier for the public to access the facts they need to know before making such a significant purchase,” said Secretary Dunlap.

Bureau of Motor Vehicles, is the only law enforcement agency that specializes in the enforcement of regulatory compliance and prosecutes crimes under motor vehicle and criminal law. Its detectives investigate an average of 4,000 cases a year. Their work includes enforcement of laws concerning various types of vehicle dealers, title fraud, odometer fraud, automobile identification, auto theft investigations, registration evasion, insurance fraud, driver license and state identification card fraud, and consumer complaints.

Treasurer Hayes Warns of Suspicious, Unofficial Unclaimed Property Websites or Notices

State Treasurer Seeking Rightful Owners of Property, Urges Caution Against Suspicious Websites

PRESS RELEASE
04/13/2017 12:28 PM EDT

AUGUSTA – New scams, promising to return unclaimed property for a fee, are targeting Maine residents through unofficial websites and notices in the mail.

State Treasurer Terry Hayes is warning residents to be wary of these websites and to be cautious of mailings or emails stating that you have unclaimed property with the State of Maine. “Each year, new schemes are created that attempt to take advantage of Mainer’s familiarity with our Unclaimed Property Program. While there are many differences between our program and these schemes, the easiest way to spot a scheme is if it asks for payment information.” says Treasurer Hayes.

The Office of the State Treasurer does maintain a list of unclaimed property, and receives new properties each year. However, there is no fee for you to review the list, or to claim your property. To ensure that you are obtaining the correct information for unclaimed property with the State of Maine, go to the official website  or call the Treasurer’s Office at (207) 624-7470. To search for unclaimed property in other states, visit www.missingmoney.com, a nationally recognized database of state unclaimed property programs.

Unclaimed Property consists of cash and other financial assets that are considered lost or abandoned when an owner cannot be located after a specified period of time. It includes, among other items, checking accounts, certificates of deposit, over payments, gift certificates, life insurance policies, unpaid wages, uncashed checks, death benefits, dividends, insurance payments, refunds, savings accounts, stocks and contents of safe deposit boxes. Unclaimed Property does not include real estate, animals or vehicles. During the period from July 2016 through March 2017, over 17,000 Mainers reclaimed more than $13 million of lost funds.

Consumers Impacted by Scams Utilizing Western Union May Be Eligible for Restitution Payments

Deadline April 3, 2017

PRESS RELEASE
03/02/2017 09:18 AM EST

Image linked to Western Union Scam Fighting Advice

 

AUGUSTA – Attorney General Janet Mills requests all Mainers who were scammed out of money and asked to utilize Western Union as a payment method to contact her office as they may be eligible for restitution payments. Under a recent settlement with the federal government consumers may be eligible for some restitution if the payments were sent between 1/1/2004 and 1/19/17.

In January, the Federal Trade Commission announced a settlement it made with Western Union that will require them to return $586 million dollars through a claims settlement process to consumers. Going forward, Western Union must go one step further by creating a real and strong anti-fraud program. Western Union agreed to this settlement after ignoring for years the more than 550,000 complaints it received about money transfers made for fraudulent lottery and prizes, family emergency calls – also known as the grandparent scam, advance fee loan payments, online dating scams, the more recent IRS scam, among others.

Attorney General Mills said “I ask all Mainers who have been scammed out of money and were asked to use Western Union to make these fraud-induced payments to contact my office so that we can connect them with the federal agencies managing this claims process. I realize some may be embarrassed that they fell for a scam. You are not alone. Do not be embarrassed, please take this opportunity to be reimbursed for the money you have lost.”

Under the settlement, Western Union will return $586 million dollars through a process to be determined at a later date. The company will have to train and monitor its agents so that people are protected. The company won’t be allowed to transmit a money transfer that it knows – or should know – is a fraud. It has to block money transfers to anyone who has a fraud report, make it easier for people to report fraud, give clear warnings to people who are sending money, and refund a fraud-related money transfer if the company didn’t comply with its own anti-fraud procedures. Additionally, consistent with the telemarketing sales rule, Western Union must not process a money transfer that it knows or should know is payment for a telemarketing transaction. If you ever wire money, also keep in mind that it’s illegal for a telemarketer to ask you to pay with a money transfer. Scammers love using money transfer services because once you send the money, it’s gone forever. So, if a telemarketer asks you to wire money, already you know they’re a crook.

Consumers who made payments for a scam between 1/1/2004 and 1/19/2017 may be eligible for reimbursement. Please contact the Consumer Protection Division at the Attorney General’s Office if you were scammed during this time. You will need to provide your basic contact information, approximate dates of the transaction(s), amounts of the transaction(s) and any relevant transaction identification numbers, if available. Your information will then be provided to our federal partners administering the claims process.

For this case, we prefer receiving information by email – consumer.mediation@maine.gov – but we can also be reached at (207) 626-8849 or 1-800-436-2131.

The deadline for consumers to submit this information to the Attorney General’s Office is Monday, April 3, 2017.

Information for Maine JobLink Account Holders

More than 12,000 resumes in the database

America’s JobLink (AJL) Data Incident

Press Release
TOPEKA, Kan., March 21, 2017 – America’s JobLink (AJL), a multi-state web-based system that links job seekers with employers, has been the victim of a hacking incident from an outside source. AJLA–TS is developed and maintained by American’s Job Link Alliance–Technical Support (AJLA–TS). AJLA–TS has been in business for almost 50 years; this is the first known intrusion AJLA–TS has experienced.

On March 21st, AJLA–TS confirmed that a malicious third party “hacker” exploited a vulnerability in the AJL application code to view the names, Social Security Numbers, and dates of birth of job seekers in the AJL systems of up to ten states: Alabama, Arizona, Arkansas, Delaware, Idaho, Illinois, Kansas, Maine, Oklahoma, and Vermont. Upon discovery of this activity, AJLA–TS immediately intervened and deployed its technical team to assess and stop the incursion, disabling the hacker’s access to the AJL systems.

AJLA–TS is working diligently with law enforcement officials to identify and apprehend the perpetrator. An independent forensic firm is completing work to determine how many job seeker accounts may have been viewed and where those individuals are located. The firm has verified that the method of the hacker’s attack has been remediated and is no longer a threat to the AJLA–TS system.

AJLA–TS also develops and maintains ReportLink, a workforce program data management system, and CertLink, a Work Opportunity Tax Credit (WOTC) management system. The forensic firm has concluded that the code vulnerability did not affect those systems.

Media and individuals with additional questions should contact Christine Bohannon, Director, AJLA–TS at christineb@ajla.net.

Information for Maine JobLink Account Holders, Especially Those Containing Valid Social Security Numbers

New accounts created on or after March 16 are not affected.

Job seeker accounts that include a valid Social Security Number are potentially at most risk. To check this please log into your JobLink account; as long as you were not actively filing for unemployment benefits you can delete your Social Security Number from your JobLink account. You can do this online without calling the department.

Additional information will be sent to the email on file in Maine JobLink to individuals determined most at risk in accordance with state law.

The department recommends that you put a freeze on your credit report if you had a valid Social Security Number in your JobLink account. Maine law allows you to freeze your credit report for free.

A credit freeze will prevent unauthorized parties from accessing your credit report unless you give them specific permission. Freezing your credit will not affect your credit score. The three Credit Reporting Agencies are Equifax, https://www.freeze.equifax.com ; Experian, https://www.experian.com/freeze/center.html ; and Trans Union, http://www.transunion.com/securityfreeze .

It is possible for you to place a free, 90-day fraud alert on your credit reports with the three major credit reporting organizations, and to extend the 90-day alert by calling for an extension after the initial 90 days.

Under Maine law, you are also entitled to a free credit report from the three reporting agencies each year. Detailed instructions for taking these steps are available on the Department of Professional and Financial Regulation’s website, http://www.maine.gov/pfr/financialinstitutions/consumer/credit_report.htm .

Questions can be addressed by calling the Maine Department of Labor at 1-888-457-8883. Due to an expected high call volume, your patience is appreciated.

 

In First Move on Student Loans, Administration Announces Fee Hike on Struggling Borrowers

Education Department to Allow Debt Collectors to Charge 16% Default Penalty

The Consumer Federation of America press release

Washington, D.C. – In its first major policy decision on student loan issues, the U.S. Department of Education took action to give agencies collecting on certain defaulted student debt the right to charge a 16% fee to borrowers who promptly seek to back their loans. The action reverses previous guidance that forbid fees that lead to ballooning borrower costs.

“The Administration’s first move on the student loan default crisis will do nothing to stop the tidal wave of defaults that is sweeping across the nation,” said Rohit Chopra, Senior Fellow at the Consumer Federation of America and the former Student Loan Ombudsman at the Consumer Financial Protection Bureau. “With more than 3,000 Americans defaulting on a student loan every day, this just adds insult to injury.”

Current guidance forbids the guaranty agencies that collect on defaulted debt to tack on large collection fees if the student loan borrower makes – and honors – a repayment arrangement within 60 days of the notice of default. Federal student loans typically enter a default status when borrowers are 270 days late on their payments. Due to servicing mistakes, many borrowers may be learning about problems with their loan for the first time. These agencies are entitled to “reasonable” collection costs under existing law, but hefty fees were considered inappropriate for borrowers who promptly seek to address their default.

The action applies only to borrowers who took out loans from banks and other institutions, not Federal Direct Loans.

One of these agencies, USA Funds, fought the Education Department for the right to charge large collection fees to these borrowers who quickly make arrangements to get out of default.

Last week, the Consumer Federation of America released an analysis that showed that 1.1 million Americans defaulted on a federal student loan in 2016. Americans are now in default on $137 billion in federal student loans.

The Consumer Federation of America is an association of more than 250 non-profit consumer groups that, since 1968, has sought to advance the consumer interest through research, education, and advocacy.

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Link for managing student loans

State Officials Offer Auto Buying and Financing Guide In Time for Presidents’ Day Sales

Bureau of Consumer Credit Protection PRESS RELEASE

GARDINER – With annual Presidents’ Day auto sales ongoing, Governor Paul R. LePage joined staff at Maine’s Bureau of Consumer Credit Protection, an agency within the Department of Professional and Financial Regulation, in offering an auto buying publication.  The Downeaster Common Sense Guide: Automobile Buying and Financing is a 32-page booklet available online or in paper copy free to Maine residents.

Auto Guide 1st Ed Web

“Maine consumers have many reputable auto dealers throughout the state who treat customers well and contribute to their communities,” Governor LePage said.  “Purchasing a car or truck, however, can be complicated.  This guide offers important information and guidance to assist buyers in making sound financial decisions when considering a new vehicle.”

David Leach, the Bureau of Consumer Credit Protection Principal Examiner, who coauthored the guide, emphasized that purchasing or leasing an auto is a significant financial commitment that often involves a large number of considerations.  He outlined the topics covered in the guide:

  • Determining how much vehicle you can afford;
  • Understanding how to conduct auto buying research;
  • Learning how to check your credit reports before applying for an auto loan;
  • Determining the lowest Annual Percentage Rate or APR for your vehicle loan;
  • Learning the pros and cons of leasing an auto;
  • Understanding why “No money down” financing can be an expensive decision;
  • Learning how to negotiate the best price for your new vehicle and trade in;
  • Preparing yourself for the “closing room” at the auto dealership; and
  • Evaluating the pros and cons of add-ons like extended warranty programs and credit insurance.

“This guide explains the many important steps involved in responsible auto buying and financing,” Leach said.  “The purchase and financing of a vehicle is a significant economic decision, and one that should be made with as much thought as possible, and not an impulse decision.”

An online copy of the auto buying guide, and several other Downeaster Common Sense financial publications, can be found at www.Credit.Maine.gov by clicking “Publications.”  Copies can also be ordered by calling the Bureau of Consumer Credit Protection at 1-800-332-8529 (toll-free in Maine) or 624-8527.

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