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25,400 statutes · page 1245 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
Merchants must disclose the Article’s required information to consumers, in a timely and clearly written form, and may add extra information only if it does not obscure or contradict the required disclosure.
A merchant must disclose specified terms in each rental-purchase agreement, including payment amounts, fees, purchase-option terms, condition and damage descriptions, maintenance responsibility, termination and reinstatement notices, default conditions, and a payment schedule.
A rental-purchase agreement may not include certain terms, including confessions of judgment, negotiable instruments, extra security interests, wage assignments, consumer claim waivers, forced entry/repossessions, required insurance purchases, most late charges, extra end-of-term payments, early-termination penalties,
A late charge under section 11-109(8) cannot be more than the greater of 5% of the delinquent payment or $3.
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
1. An agreement of the parties to a rental-purchase agreement with respect to default on the part of the consumer is enforceable only to the extent that the consumer fails to renew an agreement and fails to return the rented property or
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,
A consumer may acquire ownership of rental-purchase property after certain payment thresholds are met, and the total number of rental payments cannot exceed twice the cash price.
Parties may contract for a liability damage waiver, but merchants face disclosure, formatting, pricing, and approval limits.
A merchant must give a written receipt for certain in-person payments and must provide a written statement of account within 7 days after the consumer requests it.
A renegotiation of a rental-purchase agreement happens when the old agreement is replaced by a new one with the same merchant and consumer, and it requires new disclosures.
Ads for rental-purchase agreements that mention a payment amount must clearly disclose that it is a rental-purchase agreement, the rental-purchase cost, and that ownership does not pass until all ownership payments are made. Merchants must also display a point-of-rental placard with specified disclosures for rental-pur
This section limits how merchants may collect debts, including rules for contacting consumers, contacting third parties, and using deceptive, harassing, or unfair tactics.
A merchant who violates this Article or any rule issued by the administrator is subject to the following: [PL 1991, c. 787 (NEW).] 1. After notice and hearing, a cease and desist order and order of restitution from the administrator; [PL
This article takes effect on January 1, 1993.
A merchant making a rental-purchase agreement with a consumer must follow federal privacy rules if the merchant is a financial institution.
This section gives the article its short title: "the Maine Consumer Credit Code Legal Funding Practices."
This section defines “consumer,” “legal funding,” and “litigation funding provider.”
This section excludes certain trial-preparation advances by a consumer's attorney from the article, says legal funding made under the article is not consumer credit, and treats consumer advances made outside the article's terms as supervised loans.
Legal funding contracts must be written clearly, include specific disclosures and notices, allow cancellation within 5 business days, and cannot require mandatory arbitration.
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