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FRANKLIN SAV. BANK v. BORDICK

Docket: BCD-23-56.

314 A.3d 181 (2024)

2024 ME 17

FRANKLIN SAVINGS BANK v. Michael T. BORDICK et al.

Supreme Judicial Court of Maine.

Decided: February 29, 2024.

Attorney(s) appearing for the Case

Daniel L. Rosenthal, Esq. (orally), and Trey R. Milam, Esq., Marcus Clegg, Portland, for appellants Michael T. Bordick and Monica P. Bordick.

David R. Dubord, Esq., and Alexander J. Mihalov, Esq. (orally), Skelton Taintor & Abbott, Lewiston, for appellee Franklin Savings Bank.

Ryan Cooper, Esq. (orally), Consumer Financial Protection Bureau, Washington, DC; and Darcie N. McElwee, United States Attorney, and Andrew K. Lizotte, Asst. U.S. Atty., United States Attorney's Office, Bangor, for amicus curiae Consumer Financial Protection Bureau.

Aaron M. Frey, Attorney General, James M. Bowie, Asst. Atty. Gen., Christina M. Moylan, Asst. Atty. Gen., and Michael T. Devine, Asst. Atty. Gen., Office of the Attorney General, Augusta, for amici curiae Bureau of Financial Institutions and Bureau of Consumer Credit Protection.

Panel: STANFILL, C.J., and MEAD, CONNORS, LAWRENCE, and DOUGLAS, JJ.

[¶1] This appeal involves the construction of two provisions of the Federal Truth in Lending Act (TILA): (1) 15 U.S.C.A. § 1603(1), which exempts from TILA disclosure requirements "[c]redit transactions involving extensions of credit primarily for business [or] commercial ... purposes," and (2) 15 U.S.C.A. § 1603(3), which...

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