reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-305-B. Timely responses to requests for payoff figures

§9-305-B. Timely responses to requests for payoff figures
A creditor, assignee or servicer shall respond to a request for a payoff figure within 3 business days following receipt of such a request from a consumer or an agent of the consumer for a consumer credit transaction secured by a mortgage on real estate. The response must include a precise payoff figure as of a date certain and must contain information permitting the consumer or the consumer's agent to update that figure, such as providing a per diem rate from a date certain. A charge may not be assessed for the first 2 requests in any calendar year, and a charge for each subsequent request may not exceed $5.   [PL 2005, c. 206, §3 (NEW).]
SECTION HISTORY
PL 2005, c. 206, §3 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-306. Notice of assignment

§9-306. Notice of assignment
A consumer is not obligated to make payments on a consumer credit transaction to any creditor, other than the original creditor, until he receives notification of assignment of rights to payment 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 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-307. Receipts; statements of account; evidence of payment

§9-307. Receipts; statements of account; evidence of payment
1.
The creditor shall give or send to a consumer, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a consumer credit transaction. Sending to the consumer 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 1987, c. 396, §12 (NEW).]
2.
Upon written request of a consumer, the person to whom an obligation is owed pursuant to a consumer credit transaction, 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 1987, c. 396, §12 (NEW).]
3.
Within 30 days after the consumer has fulfilled all obligations with respect to a consumer credit transaction, 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 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-308. Right to prepay

§9-308. Right to prepay
A consumer may prepay in full or in part the unpaid balance of a consumer credit transaction that is an alternative mortgage transaction, as defined in section 9‑302, subsection 1, at any time without penalty.   [PL 1995, c. 614, Pt. A, §16 (AMD).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW). PL 1995, c. 614, §A16 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-309. Real estate appraisals; copies

§9-309. 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, §7 (AMD).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW). PL 1999, c. 150, §7 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-310. Privacy of consumer financial information

§9-310. Privacy of consumer financial information
A creditor shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the creditor is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24.   [RR 2001, c. 1, §14 (COR).]
SECTION HISTORY
RR 2001, c. 1, §14 (COR). PL 2001, c. 262, §A2 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-311. Choice of accounting, tax or attest services provider

§9-311. Choice of accounting, tax or attest services provider
A creditor may not, in connection with the extension of credit, interfere with a purchaser's or borrower's free choice of an accounting, tax or attest services provider who is accredited as a certified public accountant, public accountant or enrolled agent, except that the creditor may require the provider chosen by the purchaser or borrower to provide adequate evidence of liability insurance or such other written policy requirements as the creditor may determine necessary to protect its interest.   [PL 2007, c. 466, Pt. B, §7 (RPR); PL 2007, c. 466, Pt. B, §10 (AFF).]
SECTION HISTORY
PL 2007, c. 185, §2 (NEW). PL 2007, c. 273, Pt. A, §25 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF). PL 2007, c. 466, Pt. B, §7 (RPR). PL 2007, c. 466, Pt. B, §10 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-311-A. Real estate settlement procedures

§9-311-A. Real estate settlement procedures
A creditor and its mortgage loan originators shall comply with the provisions of the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq.   [PL 2013, c. 464, §11 (AMD).]
SECTION HISTORY
PL 2007, c. 466, Pt. B, §8 (NEW). PL 2007, c. 466, Pt. B, §10 (AFF). PL 2011, c. 427, Pt. B, §12 (AMD). PL 2013, c. 464, §11 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-312. False information on application for credit

§9-312. False information on application for credit
A supervised lender, or any mortgage loan originator of a supervised lender, may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a supervised lender or mortgage loan originator of a supervised lender knowingly falsify such information on a consumer's application.   [PL 2011, c. 427, Pt. B, §13 (AMD).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §26 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF). PL 2011, c. 427, Pt. B, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-313. Rate locks

§9-313. Rate locks
If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall:   [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
1.
Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
2.
Select a time period within which the loan can reasonably be expected to close; and
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
3.
Use good faith efforts to close the loan within the rate lock period.
[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §27 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-314. Prepayment penalty riders

§9-314. Prepayment penalty riders
A supervised lender may not impose a prepayment penalty provision through use of a rider or amendment to the loan contract if the terms of the loan contract state that no such prepayment penalty may be imposed or that such a penalty is not specifically authorized under state law.   [PL 2007, c. 273, Pt. A, §28 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §28 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 3: REGULATION OF AGREEMENTS AND PRACTICES › 9-A §9-315. Notice of rights under federal Homeowners Protection Act of 1998

§9-315. Notice of rights under federal Homeowners Protection Act of 1998
1.  Definitions.
As used in this section, unless the context otherwise indicates, the following terms have the following meanings.
A. "Private mortgage insurance" has the same meaning as in the federal Homeowners Protection Act of 1998, as in effect on January 1, 2023, 12 United States Code, Section 4901(13).   [PL 2023, c. 258, §1 (NEW).]
B. "Residential mortgage transaction" means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment contract or equivalent consensual security interest is created or retained against a single-family dwelling or a dwelling that consists of no more than 4 units that is the principal residence of the mortgagor to finance the acquisition, initial construction or refinancing of that dwelling.   [PL 2023, c. 258, §1 (NEW).]
[PL 2023, c. 258, §1 (NEW).]
2.  Annual notice.
A supervised lender, or a mortgage loan servicer acting on behalf of a supervised lender, in a residential mortgage transaction shall disclose in an annual written statement to the mortgagor:
A. The rights of the mortgagor under the federal Homeowners Protection Act of 1998 to cancellation or termination of the private mortgage insurance requirement; and   [PL 2023, c. 258, §1 (NEW).]
B. The address and telephone number that the mortgagor may use to contact the supervised lender or mortgage loan servicer to determine whether the mortgagor may cancel the private mortgage insurance.   [PL 2023, c. 258, §1 (NEW).]
[PL 2023, c. 258, §1 (NEW).]
SECTION HISTORY
PL 2023, c. 258, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-401. Misrepresentation

§9-401. Misrepresentation
A creditor or a person acting for him may not induce a consumer to enter into a consumer credit transaction by misrepresentation of a material fact with respect to the terms and conditions of the extension of credit. A consumer so induced may rescind the sale, lease or loan or recover actual damages, or both.   [PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-402. Unconscionability; inducement by unconscionable conduct

§9-402. Unconscionability; inducement by unconscionable conduct
1.
With respect to a consumer credit transaction, if the court as a matter of law finds:
A. The agreement to have been unconscionable at the time it was made, or to have been induced by unconscionable conduct, the court may refuse to enforce the agreement; or   [PL 1987, c. 396, §12 (NEW).]
B. Any clause of the agreement to have been unconscionable at the time it was made, the court may refuse to enforce the agreement, or may enforce the remainder of the agreement without the unconscionable clause, or may so limit the application of any unconscionable clause as to avoid any unconscionable result.   [PL 1987, c. 396, §12 (NEW).]
[PL 1987, c. 396, §12 (NEW).]
2.
If it is claimed or appears to the court that the agreement or any clause thereof may be unconscionable, the parties shall be afforded a reasonable opportunity to present evidence as to its setting, purpose and effect to aid the court in making the determination.
[PL 1987, c. 396, §12 (NEW).]
3.
For the purpose of this section, a change or practice expressly permitted by this article is not in and of itself unconscionable in the absence of other practices and circumstances.
[PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-403. Illegal, fraudulent or unconscionable conduct in attempted collection of debts

§9-403. Illegal, fraudulent or unconscionable conduct in attempted collection of debts
1.
In attempting to collect an alleged debt arising from a consumer credit transaction, a person shall not:
A. Use or threaten force or violence;   [PL 1987, c. 396, §12 (NEW).]
B. Threaten criminal prosecution;   [PL 1987, c. 396, §12 (NEW).]
C. Disclose or threaten to disclose information affecting the debtor's reputation for credit worthiness with knowledge or reason to know that the information is false;   [PL 1987, c. 396, §12 (NEW).]
D. Communicate more than twice or threaten to communicate more than twice to the debtor's employer information concerning the existence of a debt before or after obtaining final judgment against the debtor, except as permitted by law;   [PL 1987, c. 396, §12 (NEW).]
E. Disclose or threaten to disclose to a person other than the debtor or his spouse, information affecting the debtor's reputation, whether or not for credit worthiness, with knowledge or reason to know that the other person does not have a legitimate business need for the information, but this subsection does not prohibit the disclosure to another person of information permitted to be disclosed to him by law;   [PL 1987, c. 396, §12 (NEW).]
F. Disclose or threaten to disclose information concerning the existence of a debt known to be disputed by the debtor without disclosing that fact;   [PL 1987, c. 396, §12 (NEW).]
G. Claim, attempt or threaten to enforce a right that has been barred by law or a final order of the Supreme Judicial Court or a court of the United States;   [PL 1987, c. 396, §12 (NEW).]
H. Use a communication which simulates legal or judicial process or which gives the appearance of being authorized, issued or approved by a government, government agency or attorney-at-law when it is not; or   [PL 1987, c. 396, §12 (NEW).]
I. Engage in conduct in violation of a rule adopted and published by the administrator after like conduct has been restrained or enjoined by a final order of a court in a civil action by the administrator against any person pursuant to the provisions or injunctions against fraudulent or unconscionable agreements or conduct, section 6‑111.   [PL 1987, c. 396, §12 (NEW).]
[PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-404. Stay of enforcement of judgment

§9-404. Stay of enforcement of judgment
At any time after the entry of a judgment in favor of a creditor against a consumer in an action arising from a consumer credit transaction, the court, for cause and upon motion of a party or on its own motion, while such court retains jurisdiction, may stay enforcement of the judgment by order upon just and equitable conditions and continue, modify or revoke the order as the interests of justice may require.   [PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-406. Refunds and penalties as set-off to obligation

§9-406. Refunds and penalties as set-off to obligation
Refunds or penalties to which the consumer is entitled pursuant to this Part may be set off against the consumer's obligation and may be raised as a defense to a suit on the obligation without regard to the time limitations prescribed by this Part.   [PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-407. Criminal penalties

§9-407. Criminal penalties
Any creditor, any officer or employee of a creditor, or any other person who willfully and knowingly violates this article, or directly or indirectly counsels, aids or abets that violation, shall be punished by a fine of not more than $2,500 for each offense or by imprisonment for not more than 6 months, or by both.   [PL 1987, c. 396, §12 (NEW).]
SECTION HISTORY
PL 1987, c. 396, §12 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES › Part 4: REMEDIES AND PENALTIES › 9-A §9-408. Violation of the Maine Unfair Trade Practices Act

§9-408. Violation of the Maine Unfair Trade Practices Act
Any violation of this article constitutes a violation of the Maine Unfair Trade Practices Act.   [PL 2009, c. 402, §7 (NEW).]
SECTION HISTORY
PL 2009, c. 402, §7 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 1: GENERAL PROVISIONS › 9-A §10-101. Short title

§10-101. Short title
This article may be known and cited as the "Maine Consumer Credit Code - Loan Brokers."   [PL 2005, c. 274, §3 (AMD).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §3 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 2: REGISTRATION AND BONDING › 9-A §10-202. Bond

§10-202. Bond
Each application must be accompanied by evidence of a surety bond, in a form approved by the administrator in the aggregate amount of $25,000, to run to the State for use by the State and any person or persons who may have a cause of action against a loan broker. Notwithstanding this section, the aggregate amount of a surety bond accompanying the application of a loan broker conducting business solely as a facilitator of a refund anticipation loan or refund anticipation check must be $10,000. The terms of the bond must run concurrent with the period of time during which the license is in effect.   [PL 2009, c. 248, §8 (AMD).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 1997, c. 727, §B21 (AMD). PL 2005, c. 274, §6 (AMD). PL 2009, c. 248, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-301. Escrow of funds

§10-301. Escrow of funds
Each loan broker shall place fees from consumers, other than bona fide 3rd-party fees, in an escrow account separate from any operating accounts of the business, pending completion of services offered. With respect to loan brokers offering to arrange for or obtain extensions of credit for consumers, or provide advice or assistance to arrange for or obtain extensions of credit, "completion of services offered" means procurement of credit under the terms agreed to by the parties.   [PL 2005, c. 274, §7 (AMD).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §3 (AMD). PL 2005, c. 274, §7 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-302. Requirement for written agreement

§10-302. Requirement for written agreement
Each agreement between a consumer and a loan broker must be in writing, dated and signed by the consumer and must include the following:   [PL 2005, c. 274, §8 (AMD).]
1.
A full and detailed description of the services to be performed for the consumer, including all guarantees and all promises of full or partial refund of fees paid, whether or not services are completed, and the length of time for which the agreement remains in effect before return of the fees for nonperformance can be required by the consumer;
[PL 1993, c. 495, §4 (AMD).]
2.
The terms and conditions of payment, including the total of all payments to be made by the consumer or by any other person or entity, whether to the loan broker or to some other person; and
[PL 2007, c. 273, Pt. A, §29 (AMD); PL 2007, c. 273, Pt. A, §41 (AFF).]
3.
The following notice:
NOTICE TO CONSUMER: Do not sign this agreement before you read it. You are entitled to a copy of this agreement.
[PL 1989, c. 70, §3 (NEW).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §4 (AMD). PL 2005, c. 274, §§8,9 (AMD). PL 2007, c. 273, Pt. A, §29 (AFF). PL 2007, c. 273, Pt. A, §41 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-303. Requirement for written disclosure

§10-303. Requirement for written disclosure
Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following:   [PL 2005, c. 274, §10 (AMD).]
1.
The existence and purpose of the surety bond on file with the State, and the procedure for instituting an action against that bond;
[PL 1989, c. 70, §3 (NEW).]
2.
The requirement that all fees from the consumer, other than bona fide 3rd-party fees, be placed in an escrow account; and
[PL 1989, c. 70, §3 (NEW).]
3.
The requirement for a written, signed agreement between the parties.
[PL 1989, c. 70, §3 (NEW).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §10 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-303-A. Good faith and fair dealing

§10-303-A. Good faith and fair dealing
1.
A loan broker shall, in addition to duties imposed by other statutes or at common law:
A. Act in good faith and with fair dealing in any transaction, practice or course of business in connection with the brokering or making of any mortgage loan;   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
B. Safeguard and account for any money handled for the borrower;   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
C. Follow reasonable and lawful instructions from the borrower;   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
D. Use reasonable skill, care and diligence;   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
E. Timely and clearly disclose to the borrower material information that might reasonably affect the borrower's rights, interests or ability to receive the borrower's intended benefit from the residential mortgage loan, including the total compensation the broker would receive from any of the loan options the broker presents to the borrower; and   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
F. Make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges and repayment terms of the loan.   [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
[PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
2.
The duties and standards of care created in this section may not be waived or modified.
[PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §30 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-304. Advertising

§10-304. Advertising
1.
A loan broker may not engage in this State in false or misleading advertising concerning the terms and conditions of any services or assistance offered.
[PL 2005, c. 274, §11 (AMD).]
2.
This section imposes no liability on the owner or personnel of any medium in which an advertisement appears or through which it is disseminated.
[PL 1989, c. 70, §3 (NEW).]
3.
A loan broker shall include its license number in all print advertising in this State.
[PL 2005, c. 274, §11 (NEW).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §11 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-305. Rulemaking

§10-305. Rulemaking
The administrator may adopt reasonable rules pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375, and in accordance with this article governing loan brokers.   [PL 2005, c. 274, §12 (AMD).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §12 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-306. Privacy of consumer financial information

§10-306. Privacy of consumer financial information
A loan broker shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the loan broker is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24.   [PL 2005, c. 274, §13 (AMD).]
SECTION HISTORY
PL 2001, c. 262, §A3 (NEW). PL 2005, c. 274, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-307. Real estate settlement procedures

§10-307. Real estate settlement procedures
A loan broker and its mortgage loan originators shall comply with the provisions of 12 United States Code, Section 2601 et seq., the federal Real Estate Settlement Procedures Act of 1974 and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq.   [PL 2013, c. 464, §12 (AMD).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §31 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF). PL 2007, c. 466, Pt. B, §9 (AMD). PL 2007, c. 466, Pt. B, §10 (AFF). PL 2011, c. 427, Pt. B, §16 (AMD). PL 2013, c. 464, §12 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-307-A. Application of truth in lending limits

§10-307-A. Application of truth in lending limits
A loan broker and its mortgage loan originators shall comply with the provisions of the Federal Truth in Lending provisions of Article 8‑A and any rules adopted in accordance with that Article.   [PL 2011, c. 427, Pt. A, §16 (NEW).]
SECTION HISTORY
PL 2011, c. 427, Pt. A, §16 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-308. False information on application for credit

§10-308. False information on application for credit
A loan broker or any mortgage loan originator of a loan broker may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a loan broker or mortgage loan originator of a loan broker knowingly falsify such information on a consumer's application.   [PL 2011, c. 427, Pt. B, §17 (AMD).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §32 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF). PL 2011, c. 427, Pt. B, §17 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 3: REGULATION OF PRACTICES › 9-A §10-309. Rate locks

§10-309. Rate locks
If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall:   [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
1.
Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
2.
Select a time period within which the loan can reasonably be expected to close; and
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
3.
Use good faith efforts to close the loan within the rate lock period.
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §33 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 10: LOAN BROKERS › Part 4: REMEDIES AND PENALTIES › 9-A §10-401. Effects of violations on rights of parties

§10-401. Effects of violations on rights of parties
Any loan broker or mortgage loan originators of any loan broker that violate any provision of this Title or any rule issued by the administrator, or that through any unfair, unconscionable or deceptive practice cause actual damage to a consumer, are subject to the following:   [PL 2011, c. 427, Pt. B, §18 (AMD).]
1.
After notice and hearing, a cease and desist order from the administrator;
[PL 1989, c. 70, §3 (NEW).]
2.
After notice and hearing, forfeiture of such portion of the required bond as proportionately may make aggrieved parties whole;
[PL 1989, c. 70, §3 (NEW).]
3.
A civil action, by the administrator through the Attorney General, after which a court may assess a civil penalty of not more than $5,000;
[PL 1993, c. 495, §5 (AMD).]
4.
A civil action by an aggrieved consumer in which that consumer has the right to recover actual damages from the loan broker or its mortgage loan originators in an amount determined by the court, plus costs of the action together with reasonable attorney's fees; and
[PL 2011, c. 427, Pt. B, §19 (AMD).]
5.
Revocation, suspension or nonrenewal of its license.
[PL 2005, c. 274, §14 (AMD).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §5 (AMD). PL 2005, c. 164, §§10,11 (AMD). PL 2005, c. 274, §14 (AMD). PL 2005, c. 683, §§B5,6 (AMD). PL 2011, c. 427, Pt. B, §§18, 19 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-101. Short title

§11-101. Short title
This Article may be known and cited as the "Maine Consumer Credit Code - Rental-purchase Agreements."   [PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-102. Purpose; rules of construction

§11-102. Purpose; rules of construction
1.
This Article must be liberally construed and applied to promote its underlying purposes and policies.
[PL 1991, c. 787 (NEW).]
2.
The underlying purposes and policies of this Article are to:
A. Simplify, clarify and modernize the law governing rental-purchase agreements;   [PL 1991, c. 787 (NEW).]
B. Provide certain disclosures to consumers who enter into rental-purchase agreements and to promote consumer understanding of the terms of rental-purchase agreements;   [PL 1991, c. 787 (NEW).]
C. Protect consumers against unfair practices by some rental-purchase dealers, having due regard for the interests of legitimate and scrupulous rental-purchase dealers; and   [PL 1991, c. 787 (NEW).]
D. Permit and encourage the development of fair and economically sound rental-purchase practices.   [PL 1991, c. 787 (NEW).]
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-103. Supplementary general principles of law applicable

§11-103. Supplementary general principles of law applicable
Unless displaced by the particular provisions of this Article, the "Uniform Commercial Code" and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy or other validating or invalidating cause, supplement the provisions of this Article.   [PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-104. Application

§11-104. Application
This Article applies to rental-purchase agreements or acts, practices or conduct related to a rental-purchase agreement if:   [PL 1991, c. 787 (NEW).]
1.
The rental-purchase agreement is entered into in this State; or
[PL 1991, c. 787 (NEW).]
2.
The consumer is a resident of this State at the time the merchant, wherever located, offering the rental-purchase agreement solicits the rental-purchase agreement or modification of the rental-purchase agreement in this State, whether the solicitation is made personally, by mail or by telephone.
For the purposes of this Article, the residence of the consumer is the address given by the consumer as the consumer's residence in any writing signed by the consumer in connection with the rental-purchase agreement. Unless the consumer notifies the merchant of a new or different residence address, the given residence address is presumed to be unchanged.
[PL 2001, c. 287, §1 (AMD).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-107. General requirements of disclosure

§11-107. General requirements of disclosure
1.
The merchant shall disclose to the consumer the information required by this Article. In a transaction involving more than one merchant, only one merchant need make the disclosure but all merchants are bound by the disclosure.
[PL 1991, c. 787 (NEW).]
2.
The disclosure must be made during or before consummation of the rental-purchase agreement.
[PL 1991, c. 787 (NEW).]
3.
The disclosure must be made clearly and conspicuously, in a clear and coherent manner, in writing, in type size not less than 8-point standard type and appropriately divided and captioned by various sections. A copy of the rental-purchase agreement must be provided to the consumer. If more than one consumer executes a rental-purchase agreement, the merchant shall provide a copy of the agreement to each consumer. The disclosure required under section 11‑108 must be made above the line for the consumer's signature. If disclosures are made on more than one page, the contract complies with this subsection if the consumer signs each page of the contract.
[PL 2001, c. 287, §4 (AMD).]
4.
If a disclosure becomes inaccurate as a result of any act, occurrence or agreement by the consumer after delivery of the required disclosure, the inaccuracy is not a violation of this Article.
[PL 1991, c. 787 (NEW).]
5.
A merchant may disclose information that is not required by this Article if the additional information is not stated, used or placed in a manner that contradicts, obscures or distracts attention from the required information.
[PL 2001, c. 287, §5 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §§4,5 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-109. Prohibited practices

§11-109. Prohibited practices
A rental-purchase agreement may not contain:   [PL 1991, c. 787 (NEW).]
1.
A confession of judgment;
[PL 1991, c. 787 (NEW).]
2.
A negotiable instrument;
[PL 1991, c. 787 (NEW).]
3.
A security interest or any other claim of a property interest in any goods except those goods delivered by the merchant pursuant to the rental-purchase agreement;
[PL 1991, c. 787 (NEW).]
4.
A wage assignment;
[PL 1991, c. 787 (NEW).]
5.
A waiver by the consumer of claims or defenses;
[PL 1991, c. 787 (NEW).]
6.
A provision authorizing the merchant or a person acting on the merchant's behalf to enter on the consumer's premises or commit any breach of the peace in repossession of goods;
[PL 1991, c. 787 (NEW).]
7.
A provision requiring the purchase from the merchant of a liability damage waiver or insurance for the merchandise;
[PL 1991, c. 787 (NEW).]
8.
A provision requiring the payment of a late charge unless a rental payment is more than 3 days late for an agreement that is renewed on a weekly basis or more than 5 days late for an agreement that is renewed less frequently than on a weekly basis;
[PL 1991, c. 787 (NEW).]
9.
A provision requiring a payment at the end of the rental-purchase agreement period in excess of or in addition to a regular periodic payment in order for the consumer to acquire ownership of the property or payment of rental payments in excess of the total amount necessary to acquire ownership of the property;
[PL 1991, c. 787 (NEW).]
10.
A penalty for early termination of a rental-purchase agreement or for the return of an item at any time;
[PL 1991, c. 787 (NEW).]
11.
A provision for payment by a cosigner of the rental-purchase agreement of any fees or charges that could not be assessed to the consumer as part of the rental-purchase agreement; or
[PL 1991, c. 787 (NEW).]
12.
An offer of insurance from the merchant to the consumer.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-110. Calculation of late charges

§11-110. Calculation of late charges
Any late charge assessed pursuant to section 11‑109, subsection 8 may not exceed the greater of 5% of the delinquent payment amount or $3. Only one late charge may be assessed on any delinquent payment, regardless of how long the payment remains unpaid.   [PL 2001, c. 287, §11 (AMD).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §11 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-111. Allowable charges

§11-111. Allowable charges
In addition to rental payments, a merchant may contract for and receive the following charges or fees.   [PL 2001, c. 287, §12 (AMD).]
1.
An initial administrative fee not to exceed $15 may be assessed but the fee must be refunded to the consumer if the rental agreement is not consummated. If a consumer enters into more than one rental-purchase agreement with a merchant on the same day, only one initial administrative fee may be assessed.
[PL 2001, c. 287, §12 (AMD).]
2.
An optional delivery charge may not exceed $30 for 3 or fewer items actually delivered or $60 for 4 or more items actually delivered.
[PL 2001, c. 287, §12 (AMD).]
3.
An optional payment pick-up fee may not exceed $7.50 and may be assessed only once per payment.
[PL 2001, c. 287, §12 (AMD).]
4.
A liability damage waiver fee may be contracted for and received pursuant to section 11‑115.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §12 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-113. Reinstatement

§11-113. Reinstatement
1.
A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing any rights or options that exist under the agreement by payment of:
A. All past due rental charges; and   [PL 1991, c. 787 (NEW).]
B. Other charges expressly provided in this Article, except any initial administrative fee.   [PL 2001, c. 287, §13 (AMD).]
[PL 2001, c. 287, §13 (AMD).]
2.
[PL 2001, c. 287, §13 (RP).]
3.
[PL 2001, c. 287, §13 (RP).]
4.
A consumer who has returned or surrendered the rental property within the reinstatement period set forth in subsection 1 may reinstate the agreement during a period of not less than 180 days after the date of the missed payment.
[PL 2001, c. 287, §13 (AMD).]
5.
Nothing in this section prevents a merchant from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate.
[PL 1991, c. 787 (NEW).]
6.
Upon reinstatement, the merchant shall provide the consumer with the same property or substitute property of comparable quality and condition.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §13 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-114. Consumer's right to acquire ownership when 50% of payments equals cash price

§11-114. Consumer's right to acquire ownership when 50% of payments equals cash price
1.
The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property. When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to the consumer pursuant to section 11‑108, subsection 1, paragraph E, the consumer acquires ownership of the property and the rental-purchase agreement terminates.
[PL 1991, c. 787 (NEW).]
2.
At any time after tendering an initial lease payment, a consumer may acquire ownership of the property that is the subject of the rental-purchase agreement by tendering an amount equal to the amount by which the cash price of the rented property exceeds 50% of all rental payments made by the consumer.
[PL 1991, c. 787 (NEW).]
3.
It is not a violation of this section for the merchant and the consumer to agree in writing to allow the consumer to acquire ownership of the property for a lesser amount than the maximum limits set forth in subsections 1 and 2.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-115. Liability damage waivers; fees

§11-115. Liability damage waivers; fees
In addition to the other charges permitted by this Article, the parties may contract for a liability damage waiver. The fee for the liability damage waiver may not exceed the greater of 5% of any periodic rental payment due or $3 in the case of any rental-purchase agreement with renewal periods more frequent than monthly or the greater of 5% of any periodic rental payment due or $7.50 in the case of any rental-purchase agreement with monthly renewal dates. The selling or offering for sale of a liability damage waiver pursuant to this Article is subject to the following prohibitions and requirements.   [PL 2001, c. 287, §14 (AMD).]
1.
The restrictions, conditions and exclusions of the liability damage waiver must be disclosed on a separate contract, sheet or handout given to the consumer prior to entering into the rental-purchase agreement. The separate contract, sheet or handout must be signed or otherwise acknowledged as received by the consumer prior to entering into the rental-purchase agreement.
[PL 1991, c. 787 (NEW).]
2.
A merchant may not sell or offer to sell a liability damage waiver unless all restrictions, conditions and exclusions are printed in the rental-purchase agreement or in a separate agreement in 8-point type or larger, written in ink or typewritten on the face of the rental-purchase agreement in a blank space provided. The liability damage waiver may exclude only loss or damage that is caused intentionally by the consumer or resulting from the consumer's willful or wanton misconduct to the property that is the subject of the rental-purchase agreement.
[PL 1991, c. 787 (NEW).]
3.
The liability damage waiver agreement must include a statement of the total charge for the liability damage waiver and must display in 8-point boldface type the following notice or a notice in a substantially similar form:
NOTICE: THIS CONTRACT OFFERS, FOR AN ADDITIONAL CHARGE, A LIABILITY DAMAGE WAIVER TO COVER YOUR RESPONSIBILITY FOR DAMAGE TO THE PROPERTY. BEFORE DECIDING WHETHER TO PURCHASE THE LIABILITY DAMAGE WAIVER, YOU MAY WISH TO DETERMINE WHETHER YOUR HOMEOWNERS OR CASUALTY INSURANCE AFFORDS YOU COVERAGE FOR DAMAGE TO THE RENTAL PROPERTY AND THE AMOUNT OF THE DEDUCTIBLE UNDER YOUR OWN INSURANCE COVERAGE. THE PURCHASE OF THIS LIABILITY DAMAGE WAIVER IS NOT MANDATORY AND MAY BE DECLINED.
[PL 2001, c. 287, §15 (AMD).]
4.
A liability damage waiver may not be a factor in the approval by the merchant of the rental-purchase transaction and the contract may take effect only after the consumer has signed or initialed an affirmative request to purchase the liability damage waiver after written disclosure of the cost of the liability damage waiver.
[PL 2001, c. 287, §16 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §§14-16 (AMD).