Governor Proclaims Consumer Protection Week

Press Release

Governor Proclaims Consumer Protection Week

In recognition of Consumer Protection Week, Governor John E. Baldacci joined specialists from the Maine Department of Professional and Financial Regulation on Thursday to focus attention on the escalating nationwide problem of financial fraud, and to highlight resources available to safeguard the public from these types of scams.

"Advances in technology and an aging population have combined to increase the number of people in Maine targeted by those who perpetrate financial scams," Governor Baldacci commented. "Although many State and local agencies aggressively pursue these criminals, and provide services to victims, it's important for Maine people to have the information and tools needed to prevent these crimes from occurring."

Acting Commissioner Lloyd P. LaFountain III and Superintendent of the Bureau of Consumer Credit Protection Will Lund presented the Governor will the first copy of a new publication called Consumer Credit 101 being offered to the public by the Department of Professional and Financial Regulation. The 60-page consumer protection guide provides detailed information on a range of topics including mortgage loans and reverse mortgages, personal and payday loans, foreclosure and bankruptcy, credit cards and credit reports, and ways to report potential fraud.

"The Department of Professional and Financial Regulation is one of many State agencies actively addressing cases involving financial scams. We have increased our educational outreach to consumers, particularly seniors, in an effort to reduce the number of people who fall victim to these crimes," Acting Commissioner LaFountain stated.

During Thursday's event, the Governor signed a proclamation designating March 2-8, 2008, as Consumer Protection Week throughout the State of Maine. The proclamation language is below.

WHEREAS, the Federal Bureau of Investigation estimates that more than 500,000 consumers are the victim of identity theft or other financial scams each year in the United States; and

WHEREAS, consumers in Maine are not immune from fraud and deception perpetrated through online messages, websites, telephone solicitations and the mail; and

WHEREAS, Maine's older population may be especially susceptible to scams involving unsuitable or fraudulent investment products, requests for charitable contributions, and bogus insurance products; and

WHEREAS, law enforcement authorities are currently reporting a substantial increase in fraud related to phony tax refunds; and

WHEREAS, in recognition of the need to safeguard the public from escalating problems associated with financial scams and predatory practices, the Legislature enacted strong, protective mortgage lending laws last year; and

WHEREAS, the State is aggressively pursuing those who commit fraud or deception and working proactively to raise awareness and provide the tools needed for consumers to safeguard their identity and monetary assets; and

WHEREAS, consumers are encouraged to protect themselves by never giving out their Social Security Number or other personal identifying information to strangers and by obtaining and reviewing their credit report without cost or obligation each year from www.annualcreditreport.com,

NOW, THEREFORE, I, JOHN E. BALDACCI, Governor of the State of Maine, do hereby proclaim March 2 - 8, 2008 as

CONSUMER PROTECTION WEEK

throughout the State of Maine, and urge all citizens to recognize this observance.

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