reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-303. Revocation or suspension of license

§2-303. Revocation or suspension of license
1.
The administrator may file a complaint with the District Court to suspend or revoke a license to make, originate or service supervised loans if the administrator finds reason to believe, after investigation or hearing, or both, that:
A. The licensee has violated this Act or any rule or order made pursuant to this Act; or   [PL 2011, c. 427, Pt. B, §7 (AMD).]
B. Facts or conditions exist that would clearly have justified the administrator in refusing to grant a license had these facts or conditions been known to exist at the time the application for the license was made.   [PL 2011, c. 427, Pt. B, §7 (AMD).]
An affirmative finding by the District Court of either cause is sufficient to suspend or revoke the license.
[PL 2017, c. 106, §6 (AMD).]
1-A.
The administrator may refuse to renew a license, after notice and opportunity for a hearing has been provided to the licensee, for any of the reasons set forth in subsection 1.
[PL 2011, c. 427, Pt. B, §7 (AMD).]
2.
No revocation or suspension of a license impairs or affects the obligation of any preexisting lawful contract between the licensee and any debtor.
[PL 2011, c. 427, Pt. B, §7 (AMD).]
3.
The administrator may reinstate a license, terminate a suspension or grant a new license to a person whose license has been revoked if no fact or condition then exists that clearly would have justified the administrator in refusing to grant a license.
[PL 2011, c. 427, Pt. B, §7 (AMD).]
4.
No revocation, suspension, annulment or withdrawal of a license is lawful unless, prior to the institution of proceedings by the administrator, the administrator gave notice by mail to the licensee of facts or conduct that warrant the intended action and the licensee was given an opportunity to show compliance with all lawful requirements for the retention of the license.
[PL 2011, c. 427, Pt. B, §7 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 135, §§1,2 (AMD). PL 1977, c. 694, §§155-D (RPR). PL 1983, c. 720, §9 (AMD). PL 1985, c. 763, §A26 (AMD). PL 1999, c. 547, §B78 (AMD). PL 1999, c. 547, §B80 (AFF). PL 2005, c. 164, §6 (AMD). PL 2011, c. 427, Pt. B, §7 (AMD). PL 2017, c. 106, §6 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-303-A. Temporary suspension of license

§2-303-A. Temporary suspension of license
Notwithstanding Title 5, sections 10003 and 10004 and Title 10, section 8003, if the public interest or the protection of borrowers so requires, the administrator may, by order, suspend a license to make or service supervised loans or a license as a mortgage loan originator or postpone the effective date of such a license. Upon entry of the order, the administrator shall promptly notify the applicant or licensee that an order has been entered, of the reasons for the order and that, within 15 days after the receipt of a written request by the applicant or licensee, the matter must be scheduled for hearing. Section 2‑303 applies to all subsequent proceedings.   [PL 2017, c. 106, §7 (AMD).]
SECTION HISTORY
PL 2001, c. 371, §4 (NEW). PL 2005, c. 164, §7 (AMD). PL 2011, c. 427, Pt. B, §8 (AMD). PL 2017, c. 106, §7 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-304. Records; annual and quarterly reports

§2-304. Records; annual and quarterly reports
1.
[PL 1985, c. 336, §3 (RP).]
2.
The administrator may direct each licensee to file composite annual and quarterly reports relating to all supervised loans made, arranged or serviced by that licensee. Information contained in annual and quarterly reports is confidential and may be published only in composite form. The administrator may at any time require additional reports if the administrator determines such action necessary to the proper supervision of licensees.
[PL 2017, c. 106, §8 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1985, c. 336, §3 (AMD). PL 1985, c. 336, §4 (AMD). PL 2013, c. 466, §6 (AMD). PL 2017, c. 106, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-305. Examinations and investigations (REPEALED)

§2-305. Examinations and investigations
(REPEALED)
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 235, §2 (AMD). PL 1987, c. 129, §36 (RP).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-306. Application of administrative procedure (REPEALED)

§2-306. Application of administrative procedure
(REPEALED)
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1985, c. 819, §A10 (RP).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-307. Restrictions on interest in land as security

§2-307. Restrictions on interest in land as security
1.
With respect to a supervised loan in which the annual percentage rate disclosed is greater than 18%, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.
[PL 1973, c. 762, §1 (NEW).]
2.
With respect to a supervised loan in which the amount financed is $2,800 or less, a lender may not take a security interest in the principal residence of the consumer. This subsection does not apply when the lender holds a first mortgage on the residence at the time the loan is made or when the loan is made pursuant to an open-end credit plan involving a commitment to advance amounts in excess of $2,800. Notwithstanding Title 14, a judgment of foreclosure of a mortgage upon the principal residence of a consumer may not be entered on account of the consumer's failure to repay supervised loans under an open-end credit plan, unless the consumer's outstanding balance in the account at the end of the statement period has at some time exceeded $2,800 and the consumer has not paid the account in full subsequent to the date of the last periodic statement showing an outstanding balance in excess of $2,800.
[PL 2011, c. 427, Pt. D, §8 (AMD).]
3.
[PL 1997, c. 727, Pt. B, §7 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1979, c. 660, §6 (AMD). PL 1981, c. 470, §A18 (AMD). PL 1985, c. 137, §§1,2 (AMD). PL 1985, c. 763, §§A27,28 (AMD). PL 1997, c. 727, §§B6,7 (AMD). PL 2011, c. 427, Pt. D, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-308. Regular schedule of payments; maximum loan term

§2-308. Regular schedule of payments; maximum loan term
1.
Except as provided in section 3‑308, supervised loans, not made pursuant to open-end credit and in which the amount financed is $1,000 or less and the principal of which is payable in more than a single payment, must be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and over a period of not more than 25 months.
A.   [PL 1985, c. 763, Pt. A, §29 (RP).]
B.   [PL 1985, c. 763, Pt. A, §29 (RP).]
[PL 1997, c. 727, Pt. B, §8 (AMD).]
2.
[PL 1997, c. 727, Pt. B, §9 (RP).]
3.
[PL 1995, c. 614, Pt. A, §3 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 173, §1 (AMD). PL 1985, c. 113, §1 (AMD). PL 1985, c. 763, §§A29,30 (AMD). PL 1985, c. 819, §A11 (AMD). PL 1995, c. 614, §A3 (AMD). PL 1997, c. 727, §§B8,9 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-309. No other business for purpose of evasion

§2-309. No other business for purpose of evasion
A supervised lender may not carry on other business for the purpose of evasion or violation of this Act at a location where the supervised lender makes or services supervised loans.   [PL 2017, c. 106, §9 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 2017, c. 106, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 3: CONSUMER LOANS: SUPERVISED LENDERS › 9-A §2-310. Servicing requirements of assigned supervised loans

§2-310. Servicing requirements of assigned supervised loans
No supervised loan secured by a mortgage on real estate may be assigned under this Article unless:
1.
The supervised lender making the loan retains servicing of the loan and either maintains a place of business in this State or maintains a toll-free telephone number or other free means of oral communication that is disclosed to mortgagors and staffed in the manner described in subsection 2; or
[PL 1987, c. 129, §37 (AMD).]
2.
The assignee or servicing agent retained to collect the loan maintains a toll-free telephone number, or other free means of oral communication, that is disclosed to mortgagors in each coupon book or on each periodic billing notice or statement of account and that is staffed during normal business hours for mortgagors to use to communicate with the assignee or servicing agent concerning the supervised loan.
[PL 1987, c. 129, §37 (AMD).]
SECTION HISTORY
PL 1983, c. 720, §10 (NEW). PL 1987, c. 129, §37 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-504. Finance charge on refinancing

§2-504. Finance charge on refinancing
With respect to a consumer credit transaction, except a consumer lease, the creditor by agreement with the consumer may refinance the unpaid balance and contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charge for consumer credit sales other than open-end credit, section 2‑201, if a consumer credit sale is refinanced, or for consumer loans, section 2‑401, if a consumer loan is refinanced. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing is composed of the following:   [PL 1989, c. 457, §2 (RPR); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
1.
An amount equal to:
A. If the transaction was not precomputed, the total of the unpaid balance and the accrued charges, with the exception of any minimum charge, on the date of the refinancing; or   [PL 1987, c. 129, §48 (NEW).]
B. If the transaction was precomputed, the amount which the consumer would have been required to pay upon prepayment pursuant to the provision on rebate upon prepayment, section 2‑510, on the date of refinancing, but for the purpose of computing this amount no minimum charge is permitted; and   [PL 1987, c. 129, §48 (NEW).]
[PL 1987, c. 129, §48 (RPR).]
2.
Appropriate additional charges, section 2‑501, payment of which is deferred.
[PL 1987, c. 129, §48 (RPR).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 173, §2 (AMD). PL 1979, c. 660, §§7,8 (AMD). PL 1981, c. 235, §3 (AMD). PL 1983, c. 77 (AMD). PL 1985, c. 316, §1 (AMD). PL 1985, c. 819, §A12 (AMD). PL 1987, c. 129, §48 (RPR). PL 1987, c. 129, §§49,50 (RPR). PL 1989, c. 457, §§2,8,9 (AMD). PL 1989, c. 600, §§B7,8 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-505. Finance charge on consolidation

§2-505. Finance charge on consolidation
1.
If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction and becomes obligated on another consumer credit transaction with the same creditor, the parties may agree to a consolidation resulting in a single schedule of payments. If the previous consumer credit transaction was not precomputed, the parties may agree to add the unpaid amount of the amount financed and accrued charges on the date of consolidation to the amount financed with respect to the subsequent consumer credit transaction. If the previous consumer credit transaction was precomputed, the parties may agree to refinance the unpaid balance pursuant to the provisions on refinancing, section 2‑504, and to consolidate the amount financed resulting from the refinancing by adding it to the amount financed with respect to the subsequent consumer credit transaction. In either case the creditor may contract for and receive a finance charge as provided in subsection 2 based on the aggregate amount financed resulting from the consolidation.
[PL 1973, c. 762, §1 (NEW).]
2.
If the debts consolidated arise exclusively from consumer credit sales, the transaction is a consolidation with respect to a consumer credit sale and the amount of the finance charge is governed by the provisions on finance charge for consumer credit sales other than open-end credit, section 2‑201. If the debts consolidated include a debt arising from a consumer loan, the transaction is a consolidation with respect to a consumer loan and the amount of the finance charge is governed by the provisions on finance charge for consumer loans, section 2‑401.
[PL 1987, c. 129, §51 (AMD).]
3.
If a consumer owes an unpaid balance to a creditor with respect to a consumer credit transaction arising out of a consumer credit sale, and becomes obligated on another consumer credit transaction arising out of another consumer credit sale by the same seller, the parties may agree to a consolidation resulting in a single schedule of payments either pursuant to subsection 1 or by adding together the unpaid balances with respect to the two sales, except where adding the unpaid balances together results in a decrease of the maturity of an earlier transaction.
[PL 1975, c. 181 (AMD).]
4.
Any consolidation under this section involving a supervised loan is subject to section 2‑308.
[PL 1973, c. 762, §1 (NEW).]
5.
This section does not apply to consumer leases or to successive transactions pursuant to an open-end credit arrangement.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 181 (AMD). PL 1987, c. 129, §51 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-506. Advances to perform covenants of consumer

§2-506. Advances to perform covenants of consumer
1.
If the agreement with respect to a consumer credit transaction contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer, he may add the amounts paid to the debt. Within a reasonable time after advancing any sums, he shall state to the consumer in writing the amount of the sums advanced, any charges with respect to this amount, and any revised payment schedule and, if the duties of the consumer performed by the creditor pertain to insurance, a brief description of the insurance paid for by the creditor including the type and amount of coverages. No further information need be given.
[PL 1987, c. 129, §52 (AMD).]
2.
A finance charge may be made for sums advanced pursuant to subsection 1 at a rate not exceeding the rate stated to the consumer pursuant to law in a disclosure statement, except that with respect to open-end credit the amount of the advance may be added to the unpaid balance of the debt and the creditor may make a finance charge not exceeding that permitted by the appropriate provisions on finance charge for consumer credit sales pursuant to open-end credit, section 2‑202, or for consumer loans, section 2‑402, whichever is appropriate.
[PL 1987, c. 129, §53 (AMD).]
3.
This section does not apply to consumer leases.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1987, c. 129, §§52,53 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-507. Attorney's fees and collection costs

§2-507. Attorney's fees and collection costs
1.
With respect to a consumer credit sale or lease, or a supervised loan, the agreement may not provide for the payment by the consumer of attorney's fees or any other collection cost. A provision in violation of this section is unenforceable.
[PL 1973, c. 762, §1 (NEW).]
2.
With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision in violation of this subsection is unenforceable.
[PL 1973, c. 762, §1 (NEW).]
3.
[PL 1981, c. 618, §6 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 281, §2 (AMD). PL 1981, c. 618, §6 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-508. Conversion to open end credit

§2-508. Conversion to open end credit
The parties may agree to add the unpaid balance of a consumer credit transaction not made pursuant to open-end credit to the consumer's open-end credit account with the creditor. The unpaid balance so added is an amount equal to the amount financed determined according to the provisions on finance charge on refinancing, section 2‑504. This section does not apply to consumer leases.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 5: CONSUMER CREDIT TRANSACTIONS: OTHER CHARGES AND MODIFICATIONS › 9-A §2-509. Right to prepay

§2-509. Right to prepay
Subject to the provisions on rebate upon prepayment, section 2‑510, the consumer may prepay, in full or in part, the unpaid balance of a consumer credit transaction at any time without penalty, except for minimum charges as permitted by law. Notwithstanding any other provision of this Title, a reasonable charge may be assessed upon a consumer related to prepayment of a consumer loan made by a supervised financial organization and secured by an interest in land, other than a high-cost mortgage loan, as defined in the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq. if the charge is reasonably calculated to offset the cost of origination of the loan. The administrator shall adopt rules to implement this section. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2011, c. 427, Pt. D, §9 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 2003, c. 263, §1 (AMD). PL 2007, c. 99, §1 (AMD). PL 2007, c. 273, Pt. C, §2 (AMD). PL 2009, c. 362, Pt. C, §1 (AMD). PL 2011, c. 427, Pt. D, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 6: OTHER CREDIT TRANSACTIONS › 9-A §2-601. Finance charge for other credit transactions

§2-601. Finance charge for other credit transactions
Except where otherwise provided by law with respect to a credit transaction other than a consumer credit transaction, the parties may contract for the payment by the debtor of any finance charge.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 7: FRAUDULENT PRACTICES › 9-A §2-701. Engaging in pretense to evade requirements of this Article prohibited

§2-701. Engaging in pretense to evade requirements of this Article prohibited
An entity covered by this Article may not engage in any device, subterfuge or pretense to evade the requirements of this Article, including, but not limited to, making a loan disguised as a personal property sale and leaseback transaction, disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services or making, offering, assisting or arranging a debtor to obtain a loan with a greater rate of interest, consideration or charge than is permitted by this Article through any method. A loan made in violation of this Part is void and uncollectible as to any principal, fee, interest or charge.   [PL 2021, c. 297, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 297, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 2: FINANCE CHARGES AND RELATED PROVISIONS › Part 7: FRAUDULENT PRACTICES › 9-A §2-702. Purporting to act as agent or service provider for another entity exempt from this Article

§2-702. Purporting to act as agent or service provider for another entity exempt from this Article
A person is a lender subject to the requirements of this Article notwithstanding the fact that the person purports to act as an agent or service provider or in another capacity for another entity that is exempt from this Article, if, among other things:   [PL 2021, c. 297, §1 (NEW).]
1.
The person holds, acquires or maintains, directly or indirectly, the predominant economic interest in the loan;
[PL 2021, c. 297, §1 (NEW).]
2.
The person markets, brokers, arranges or facilitates the loan and holds the right, requirement or first right of refusal to purchase the loan or a receivable or interest in the loan; or
[PL 2021, c. 297, §1 (NEW).]
3.
The totality of the circumstances indicate that the person is the lender and the transaction is structured to evade the requirements of this Article. Circumstances that weigh in favor of a person being a lender include, without limitation, when the person:
A. Indemnifies, insures or protects an exempt entity for any costs or risks related to the loan;   [PL 2021, c. 297, §1 (NEW).]
B. Predominantly designs, controls or operates the loan program; or   [PL 2021, c. 297, §1 (NEW).]
C. Purports to act as an agent or service provider or in another capacity for an exempt entity while acting directly as a lender in other states.   [PL 2021, c. 297, §1 (NEW).]
[PL 2021, c. 297, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 297, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 1: GENERAL PROVISIONS › 9-A §3-101. Short title

§3-101. Short title
This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Regulation of Agreements and Practices."   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 1: GENERAL PROVISIONS › 9-A §3-102. Scope

§3-102. Scope
Parts 2, 3 and 4 of this Article apply, respectively, to disclosure, limitations on agreements and practices, and limitations on consumer's liability with respect to consumer credit transactions. Part 5 applies to home solicitation sales.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 2: DISCLOSURE › 9-A §3-201. Advertising

§3-201. Advertising
1.
No creditor may engage in this State in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit transaction or an open-end credit plan.
[PL 1987, c. 129, §54 (AMD).]
2.
Without limiting the generality of subsection 1 and without requiring a statement of rate of finance charge if the finance charge is not more than $5 when the amount financed does not exceed $75, or $7.50 when the amount financed exceeds $75, an advertisement with respect to a consumer credit transaction or an open-end credit plan is misleading if:
A. It states the rate of finance charge and the rate is not stated in the form required by the provisions on disclosure; or   [PL 1973, c. 762, §1 (NEW).]
B. It states the dollar amounts of the finance charge or instalment payments, and does not also state the rate of any finance charge and the number and amount of the installment payments.   [PL 1985, c. 819, Pt. A, §13 (AMD).]
[PL 1987, c. 129, §55 (AMD).]
3.
In this section a catalog or other multiple-page advertisement is considered a single advertisement if it clearly and conspicuously displays a credit terms table setting forth the information required by this section.
[PL 1973, c. 762, §1 (NEW).]
4.
This section imposes no liability on the owner or personnel, as such, of any medium in which an advertisement appears or through which it is disseminated.
[PL 1973, c. 762, §1 (NEW).]
5.
Advertising which complies with the Federal Consumer Credit Protection Act, 15 U.S.C.A. § 1601 et seq., does not violate subsection 2.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1985, c. 819, §A13 (AMD). PL 1987, c. 129, §§54,55 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 2: DISCLOSURE › 9-A §3-202. Entitlement to copy of written agreement

§3-202. Entitlement to copy of written agreement
When a written agreement that requires or provides for the signature of the consumer and that evidences a consumer credit transaction other than one pursuant to open-end credit, the consumer is entitled to a copy of the agreement upon consummation of the transaction or within a reasonable time thereafter in the case of transactions entered into by mail, telephone or electronic means.   [PL 1999, c. 150, §1 (RPR).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 281, §3 (AMD). PL 1981, c. 293, §3 (AMD). PL 1981, c. 618, §7 (RPR). PL 1999, c. 150, §1 (RPR).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 2: DISCLOSURE › 9-A §3-203. Notice of assignment

§3-203. Notice of assignment
The consumer is authorized to pay the original creditor until he receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification which does not clearly and conspicuously identify the rights assigned is ineffective. If requested by the consumer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless he does so the consumer may pay the original creditor.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 2: DISCLOSURE › 9-A §3-204. Change in terms of open-end credit accounts

§3-204. Change in terms of open-end credit accounts
1.
If a creditor makes a change in the terms of an open-end credit account without complying with this section, any additional cost or charge to the consumer resulting from the change is an excess charge and subject to the remedies available to consumers, section 5‑201, and to the administrator, section 6‑113.
[PL 1973, c. 762, §1 (NEW).]
2.
Unless otherwise provided for in Article 8‑A, a creditor may change the terms of an open-end credit account. Except as provided in subsections 3 and 3‑A, the creditor shall give to the consumer written notice of any change of terms relating to penalties, interest or other charges at least 30 days before the effective date of the change. A change of terms that would increase any penalty, interest or other charges may not affect outstanding balances incurred prior to the effective date of any such change unless:
A. The creditor includes in the notice of change an offer to finance by a separate loan arrangement the outstanding unpaid balance as of the effective date of the change at the same rate of interest with the same repayment schedule as applies to that open-end credit account;   [PL 1983, c. 212, §6 (AMD).]
B. The consumer may accept the offer of a separate loan arrangement with respect to the then existing unpaid balance anytime prior to 7 days before the change is to become effective;   [PL 1983, c. 212, §6 (AMD).]
C. The creditor has legal authority to make such a loan; and   [PL 1983, c. 212, §6 (AMD).]
D. No minimum finance charge is assessed nor prepayment penalty charged on the loan.   [PL 1983, c. 212, §6 (AMD).]
[PL 2011, c. 427, Pt. A, §9 (AMD).]
3.
The notice procedure specified in subsection 2 does not have to be followed if:
A. The consumer, after receiving the notice of the change and his rights specified in subsection 2, agrees in writing to the change; or   [PL 1983, c. 720, §12 (AMD).]
B.   [PL 1983, c. 720, §12 (RP).]
C. The change applies only to debts incurred after a date specified in a notice of the change given 15 days prior to the effective date of the change.   [PL 1983, c. 212, §7 (AMD).]
[PL 1983, c. 720, §12 (AMD).]
3-A.
No notice of a change in terms is required if the change involves no significant cost to the consumer.
[PL 1983, c. 720, §13 (NEW).]
4.
The notice provided for in this section is given to the consumer when mailed to him at the address used by the creditor for sending periodic billing statements.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 178 (AMD). PL 1983, c. 212, §§6,7 (AMD). PL 1983, c. 720, §§11-13 (AMD). PL 1999, c. 150, §2 (AMD). PL 2011, c. 427, Pt. A, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 2: DISCLOSURE › 9-A §3-205. Receipts; statements of account; evidence of payment

§3-205. Receipts; statements of account; evidence of payment
1.
The creditor shall give or send to the consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. A seller, but not an assignee, shall send, without request, a written receipt for each payment by money order on an obligation pursuant to a consumer credit sale. Sending to the customer a periodic statement showing a payment received by mail complies with this subsection, if it is sent to the debtor within 45 days after receipt of the payment.
[PL 1973, c. 762, §1 (NEW).]
2.
Upon written request of the consumer, the person to whom an obligation is owed pursuant to a consumer credit transaction, other than one pursuant to open end credit, shall provide a written statement of the dates and amounts of payments made within the past 15 months and the total amount unpaid. The statement shall be provided without charge once during each year of the term of the obligation. If additional statements are requested, the creditor may charge not in excess of $1 for each additional statement.
[PL 1973, c. 762, §1 (NEW).]
3.
Within 30 days after the consumer has fulfilled all obligations with respect to a consumer credit transaction, other than one pursuant to open end credit, the person to whom the obligation was owed shall give or send to the consumer written evidence acknowledging payment in full of all obligations with respect to the transaction.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-301. Security in sales or leases

§3-301. Security in sales or leases
1.
With respect to a consumer credit sale, a seller may take a security interest in the property sold. In addition, a seller may take a security interest in goods upon which services are performed or in which goods sold are installed or to which they are annexed, or in land to which the goods are affixed or which is maintained, repaired or improved as a result of the sale of the goods or services, if in the case of a security interest in land the debt secured is $2,800 or more, or, in the case of a security interest in goods, the debt secured is $1,000 or more. Except as provided with respect to cross-collateral, section 3‑302, a seller may not otherwise take a security interest in property of the buyer to secure the debt arising from a consumer credit sale.
[PL 1997, c. 727, Pt. B, §13 (AMD).]
2.
With respect to a consumer lease, a lessor may not take a security interest in property of the lessee to secure the debt arising from the lease.
[PL 1981, c. 243, §§16 and 26 (AMD).]
3.
A security interest taken in violation of this section is void.
[PL 1973, c. 762, §1 (NEW).]
4.
[PL 1997, c. 727, Pt. B, §14 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 243, §§15,16,26 (AMD). PL 1981, c. 551, §3 (AMD). PL 1985, c. 316, §2 (AMD). PL 1985, c. 763, §§A36,37 (AMD). PL 1997, c. 727, §§B13,14 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-302. Cross-collateral

§3-302. Cross-collateral
1.
In addition to contracting for a security interest pursuant to the provisions on security in sales or leases, section 3‑301, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.
[PL 1973, c. 762, §1 (NEW).]
2.
If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on consolidation involving a refinancing, section 2‑505, subsection 1. The seller has a reasonable time after so contracting to make any adjustments required by this section. "Seller" in this section does not include an assignee not related to the original seller.
[PL 1987, c. 129, §60 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1987, c. 129, §60 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-303. Debt secured by cross-collateral

§3-303. Debt secured by cross-collateral
1.
If debts arising from 2 or more consumer credit sales, other than sales pursuant to open-end credit, are secured by cross-collateral, section 3‑302 or consolidated into one debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debts originally incurred with respect to each item is paid.
[PL 1981, c. 243, §17 (AMD).]
2.
Payments received by the seller upon an open-end credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made.
[PL 1973, c. 762, §1 (NEW).]
3.
If the debts consolidated arose from two or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 243, §17 (AMD). PL 1981, c. 243, §§17,26 (AMD). PL 1981, c. 551, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-304. Use of multiple agreements

§3-304. Use of multiple agreements
1.
A creditor may not use multiple agreements with intent to obtain a higher finance charge than would otherwise be permitted by the provisions of the Article on Finance Charges and Related Provisions, Article II.
[PL 1973, c. 762, §1 (NEW).]
2.
With respect to a supervised loan, a lender uses multiple agreements if, with intent to obtain a higher finance charge than would otherwise be permitted, he allows any person, or husband and wife, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender.
[PL 1973, c. 762, §1 (NEW).]
3.
The intent necessary, under subsections 1 and 2, shall be rebuttably presumed in any transaction in which a creditor who is required to disclose an annual percentage rate which is greater than 18% per year in a significant portion of its consumer credit transactions uses multiple agreements with the result of obtaining a higher credit service charge than would otherwise be permitted by this Article.
[PL 1973, c. 762, §1 (NEW).]
4.
The excess amount of finance charge provided for in this section is an excess charge for the purposes of the provisions on rights of parties, section 5‑201, and the provisions on civil actions by administrator, section 6‑113.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-305. No assignment of earnings

§3-305. No assignment of earnings
1.
A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the consumer. This section does not prohibit an employee from authorizing deductions from his earnings if the authorization is revocable at will.
[PL 1973, c. 762, §1 (NEW).]
2.
A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to him secured by an assignment of earnings.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-306. Authorization to confess judgment prohibited

§3-306. Authorization to confess judgment prohibited
No agreement for a consumer credit transaction may contain an authorization for any person to confess judgment on any claim. No seller or lessor may take such an authorization. Any such authorization is void.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-307. Certain negotiable instruments prohibited

§3-307. Certain negotiable instruments prohibited
With respect to a consumer credit sale or consumer lease, the creditor may not take a negotiable instrument, other than a currently dated check or a draft payable within 7 days of such sale or lease.   [PL 1981, c. 243, §18 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1981, c. 243, §§18,26 (AMD). PL 1981, c. 551, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-309. Referral sales

§3-309. Referral sales
With respect to a consumer credit sale or consumer lease, the seller or lessor may not give or offer to give a rebate or discount or otherwise pay or offer to pay value to the buyer or lessee as an inducement for a sale or lease in consideration of his giving to the seller or lessor the names of prospective purchasers or lessees, or otherwise aiding the seller or lessor in making a sale or lease to another person, if the earning of the rebate, discount or other value is contingent upon the occurrence of an event subsequent to the time the buyer or lessee agrees to buy or lease. An agreement containing a violation of this section is unenforceable by the seller or lessor; and the buyer or lessee, at his option, may rescind the agreement or retain the goods delivered and the benefit of any services performed, without any obligation to pay for them.   [PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-310. Variable rate transactions

§3-310. Variable rate transactions
1.
In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor shall make disclosures in accordance with section 8‑504.
A. [PL 2013, c. 464, §1 (RP).]
B. [PL 2013, c. 464, §1 (RP).]
C. [PL 2013, c. 464, §1 (RP).]
D. [PL 2013, c. 464, §1 (RP).]
E. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
F. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
G. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
H. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
[PL 2013, c. 464, §1 (AMD).]
1-A.
In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor may only use an index or other method that is beyond its control for determining any increase or decrease in the interest rate.
[PL 1989, c. 457, §§4, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
2.
A variation in the interest rate in accordance with the disclosures required by subsection 1 shall not be considered a refinancing under section 2‑504 or a change in terms under section 3‑204.
[PL 1989, c. 457, §§5, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
3.
A variation in the interest rate not in accordance with the disclosures of limits on interest rate changes and examples of the effects of a change made in accordance with subsection 1, shall be considered a charge in excess of that allowed by this Code under section 5‑201, subsections 3 and 4.
[PL 1989, c. 457, §§6, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
4.
Subsection 1‑A does not apply to a consumer loan secured by a savings or time deposit if the difference between the rate of interest on the savings or time deposit and the interest rate on the loan at no time exceeds the difference between the 2 when the loan was made.
[PL 1989, c. 457, §§7, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
5.
[PL 1987, c. 396, §9 (RP).]
6.
[PL 1987, c. 396, §10 (RP).]
SECTION HISTORY
PL 1981, c. 138 (NEW). PL 1981, c. 579 (AMD). PL 1983, c. 212, §8 (AMD). PL 1983, c. 720, §§14-20 (AMD). PL 1985, c. 336, §§5, 6 (AMD). PL 1985, c. 763, §A38 (AMD). PL 1987, c. 129, §61 (AMD). PL 1987, c. 396, §§9, 10 (AMD). PL 1989, c. 457, §§3-7, 9 (AMD). PL 1989, c. 600, §§B7, 8 (AFF). PL 1999, c. 150, §3 (AMD). PL 2011, c. 427, Pt. A, §10 (AMD). PL 2013, c. 464, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-311. Consumer's choice of attorney in residential mortgage transaction

§3-311. Consumer's choice of attorney in residential mortgage transaction
Every supervised lender which accepts an application for a residential mortgage loan for one to 4 residential units and which requires that an attorney search the title of the subject real estate shall permit the prospective mortgagor to select a qualified attorney of his own choice to search the title of the subject real estate and certify that title to the lender or land title insurance company, provided that the lender may require the prospective mortgagor's attorney to provide it with evidence of adequate liability insurance or land title insurance or such other written policy requirements as the lender may deem necessary to protect its interests, provided that if all such requirements are met by the attorney chosen by the mortgagor, no additional legal costs may be assessed by the lender against the mortgagor for review of the title search or any other relevant title documents by the lender, its title company or attorney.   [PL 1985, c. 311, §1 (RPR).]
Every supervised lender subject to this section shall provide written notice to the prospective mortgagor that he has the right to select a qualified attorney of his own choice for the performance of title work. The notice shall inform the prospective mortgagor that if the attorney chosen by the mortgagor meets the lender's requirements, then no additional fees may be charged to the mortgagor for title work. If the prospective mortgagor indicates on the written notice that he does not wish to exercise his right to select an attorney, then the lender may recommend an attorney.   [PL 1985, c. 311, §1 (NEW).]
Nothing in this section may be construed to require certification of title to a supervised lender if that lender does not so require, or to a land title insurance company if that company does not so require.   [PL 1985, c. 311, §1 (RPR).]
SECTION HISTORY
PL 1983, c. 150, §1 (NEW). PL 1985, c. 311, §1 (RPR).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-312. Interest to be paid on funds held in escrow

§3-312. Interest to be paid on funds held in escrow
A supervised lender, including any of its assignees, that makes loans secured by a mortgage on real estate and which holds funds of a mortgagor in an escrow account for the payment of taxes or insurance premiums, either on its own behalf or on behalf of another mortgagee, shall pay interest on those funds in accordance with Title 9‑B, section 429.   [PL 1983, c. 679, §1 (NEW).]
SECTION HISTORY
PL 1983, c. 679, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 3: REGULATION OF AGREEMENTS AND PRACTICES › Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES › 9-A §3-313. Real estate appraisals; copies

§3-313. Real estate appraisals; copies
A creditor that imposes a fee on a person for the cost of an appraisal of any real estate shall furnish to the person, at no cost, one copy of the appraisal upon request, if the request is made within 90 days after the creditor has provided notice of action taken on the application for credit or the date of the closing, whichever is later, or 90 days after the application is withdrawn.   [PL 1999, c. 150, §4 (AMD).]
SECTION HISTORY
PL 1987, c. 265, §1 (NEW). PL 1999, c. 150, §4 (AMD).