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25,400 statutes · page 1243 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
The director shall propose, revise, adopt and enforce rules necessary to carry out this chapter. Rules adopted pursuant to this chapter are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A. [PL 2013, c. 313, §26
This Act may be cited as the "Maine Consumer Credit Code."
This section says the Act should be read broadly to promote its purposes, and that references to requirements under the Act also include related administrator rules.
Unless displaced by this Act, the Uniform Commercial Code and general principles of law and equity supplement its provisions.
This section says the Act should not be treated as repealed by later laws if that can reasonably be avoided.
If any provision of this Act or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Act which can be given effect without the invalid provision or
1. Except as otherwise provided in this Act, a consumer may not waive or agree to forego rights or benefits under this Act. Any such waiver or agreement is unenforceable; and no creditor may take any such waiver or agreement to forego
This section says the Act sets maximum charges for covered creditors and displaces some existing limits on their powers, but it leaves certain lender and organization power limits in place.
Parties to a non-consumer sale, lease, or loan, or a modification of one, may agree in a signed writing to make the transaction subject to this Act’s consumer-credit provisions.
This section says the article II maximum finance charges apply to certain manufactured-housing consumer credit transactions and first-lien mortgages by licensed creditors, and it states that specified federal preemption does not apply.
Covered persons must keep consumer credit transaction records and retain them for at least 2 years, with a different timing rule for open-end credit.
This section says when the Act applies to consumer credit transactions and open-end credit plans, including out-of-state transactions tied to a consumer’s residence, and limits certain choice-of-law, jurisdiction, and venue agreements.
This section lists transactions that are excluded from the Act.
Courts may exercise jurisdiction over creditors under this Act, and a creditor may designate an in-state agent for service of process.
This section defines key terms used in the Act, including administrator, creditor, consumer, consumer credit sale, consumer lease, consumer loan, finance charge, goods, loan, and supervised loan.
This section defines “Federal Truth in Lending Act” for use in the Act.
This section lists other defined terms used in the Act and points to the sections where they are defined.
This section says the article may be cited as the “Maine Consumer Credit Code - Loan Brokers.”
This section defines several terms used in the article, including “loan broker,” “bona fide 3rd-party fee,” “facilitator of a refund anticipation loan or refund anticipation check,” “refund anticipation check,” “refund anticipation loan,” “refund anticipation loan fee,” and “refund anticipation loan interest rate.”
Loan brokers in this State must apply for a license, and the administrator may deny or condition licensing based on the application, investigation findings, fees, reporting, and renewal rules.
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