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25,400 statutes · page 1244 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
An application must include evidence of a surety bond approved by the administrator, generally in the amount of $25,000; a $10,000 bond applies for certain refund-anticipation-only loan brokers.
Loan brokers must put consumer fees, except bona fide third-party fees, into a separate escrow account until services are completed.
Consumer-loan broker agreements must be written, dated, and signed by the consumer, and must include service details, payment terms, and a consumer notice.
A loan broker must act in good faith, use reasonable care, disclose material information, and seek a reasonably advantageous loan for the borrower.
A loan broker must give the consumer a written disclosure of material consumer protections before the agreement is made or before any consumer payment is made, whichever happens first.
A loan broker may not use false or misleading advertising about offered services, and must include its license number in all print advertising in the state.
The administrator may adopt reasonable rules for loan brokers, subject to the Maine Administrative Procedure Act and this article.
A loan broker must comply with federal consumer privacy rules if it is a financial institution under those regulations.
A loan broker and its mortgage loan originators must comply with the Truth in Lending provisions of Article 8‑A and any rules adopted under that Article.
A loan broker and its mortgage loan originators must comply with RESPA and Regulation X.
A loan broker or its mortgage loan originator must not knowingly help a consumer submit false information on a credit application, and must not knowingly falsify that information.
If a loan broker takes a fee to lock in an interest rate, the broker must secure that rate for the promised period, set a reasonable closing window, and make good-faith efforts to close the loan during the rate-lock period.
Facilitators of refund anticipation loans or checks must make specified disclosures and follow several advertising, fee, and conduct restrictions.
Loan brokers and their mortgage loan originators that violate the Title or administrator rules, or use unfair, unconscionable, or deceptive practices causing actual consumer damage, are subject to administrative and civil remedies.
This Article may be cited as the "Maine Consumer Credit Code - Rental-purchase Agreements."
This Article must be read and applied to further its purposes and policies.
The Article is supplemented by the Uniform Commercial Code and general principles of law and equity unless a particular provision of the Article displaces them.
This Article applies to rental-purchase agreements made in this State, and also to related acts, practices, or conduct when a resident consumer is solicited in this State.
This section defines terms used in the article, including administrator, advertisement, cash price, consumer, merchant, rental payment, rental period, rental-purchase agreement, rental-purchase cost, and total of payments to acquire ownership.
Certain rental-purchase agreements are excluded from this Article, and the Article also does not apply to several listed types of transactions.
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