Maine Revised Statutes, Title 9-A, § 2-309: No other business for purpose of evasion
A supervised lender must not carry on other business to evade or violate this Act at a location where it makes or services supervised loans.
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Maine Revised Statutes, Title 9-A, § 2-310: Servicing requirements of assigned supervised loans
A supervised loan secured by a mortgage on real estate cannot be assigned unless servicing and mortgagor contact requirements are met.
- Assignment restrictions
- Loan servicing
- Mortgage lending
Maine Revised Statutes, Title 9-A, § 2-401: Finance charge for consumer loans
1. [PL 1987, c. 129, §38 (RP).] 2. With respect to a consumer loan, other than a loan pursuant to open-end credit, a lender may contract for and receive a finance charge calculated according to the actuarial method, not exceeding the
- Consumer loan terms
- Finance charge
- Interest rate limits
Maine Revised Statutes, Title 9-A, § 2-402: Finance charge for loans on open-end credit
A creditor may charge finance charges on open-end credit loans, but the charge cannot exceed the limits in this section.
- Finance charges
- Lender credit cards
- Open-end credit
Maine Revised Statutes, Title 9-A, § 2-501: Additional charges
A creditor may charge certain additional amounts in consumer credit transactions or open-end credit plans, and a supervised lender or financial organization may also charge additional finance charges on some lender credit card plans if the consumer agreement allows it.
- Additional charges
- Credit cards
- Insurance charges
- Late charges
Maine Revised Statutes, Title 9-A, § 2-502: Delinquency charges
A creditor may charge a delinquency fee on certain overdue consumer-credit installments, subject to a cap and timing rules.
- Delinquency charges
- Finance charges
- Installment payments
- Loan conversion
- Open-end credit plans
Maine Revised Statutes, Title 9-A, § 2-503: Deferral charges
This section defines terms for precomputed consumer credit transactions and sets when creditors may charge deferral charges.
- Deferral charges
- Delinquency charges
- Finance charges
- Installments
Maine Revised Statutes, Title 9-A, § 2-504: Finance charge on refinancing
A creditor may refinance a consumer credit transaction (other than a consumer lease) only by agreement with the consumer, and any finance charge must stay within the stated rate limits.
- Finance charge
- Refinancing
Maine Revised Statutes, Title 9-A, § 2-505: Finance charge on consolidation
The parties may consolidate certain consumer credit transactions into one payment schedule, and the creditor may charge finance charges on the consolidated amount under the stated rules.
- Consolidation
- Payment schedules
- Refinancing
Maine Revised Statutes, Title 9-A, § 2-506: Advances to perform covenants of consumer
A creditor may add certain advances for a consumer’s collateral or insurance duties to the debt, and must give the consumer written notice of the amount, charges, and any revised payment schedule within a reasonable time.
- Collateral
- Debt servicing
- Finance charges
- Insurance
Maine Revised Statutes, Title 9-A, § 2-507: Attorney's fees and collection costs
Some consumer credit agreements may not require consumers to pay attorney’s fees or collection costs; in one category, reasonable attorney’s fees up to 15% of the unpaid debt may be included after default and referral to a non-salaried attorney.
- Attorney's fees
- Collection costs
- Unenforceability
Maine Revised Statutes, Title 9-A, § 2-508: Conversion to open end credit
The parties may agree to add an unpaid consumer credit balance to the consumer’s open-end credit account, and the added amount equals the amount financed under section 2-504.
- Consumer leases
- Finance charge
- Open-end credit
Maine Revised Statutes, Title 9-A, § 2-509: Right to prepay
A consumer may prepay a consumer credit transaction early, in full or in part, without penalty, subject to limited lawful charges and rebate rules.
- Loan charges
- Prepayment
- Rulemaking
Maine Revised Statutes, Title 9-A, § 2-510: Rebate upon prepayment
1. Except as provided in subsection 2, upon prepayment in full of the unpaid balance of a precomputed consumer credit transaction, an amount not less than the unearned portion of the finance charge calculated according to this section
- Consumer rights
- Credit transactions
- Creditor rules
- Prepayment
- Rebates
Maine Revised Statutes, Title 9-A, § 2-601: Finance charge for other credit transactions
The parties may agree that the debtor will pay any finance charge, except where other law provides otherwise for a non-consumer credit transaction.
- Credit transactions
- Finance charge
Maine Revised Statutes, Title 9-A, § 2-701: Engaging in pretense to evade requirements of this Article prohibited
An entity covered by this Article may not use devices or disguises to evade this Article’s requirements.
Maine Revised Statutes, Title 9-A, § 2-702: Purporting to act as agent or service provider for another entity exempt from this Article
A person can be treated as a lender subject to this Article even if it claims to act for an exempt entity.
- Consumer finance
- Lending
- Loan origination
Maine Revised Statutes, Title 9-A, § 3-101: Short title
This section gives the Article a short title and allows it to be cited by that name.
- Agreements
- Practices
Maine Revised Statutes, Title 9-A, § 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.
Maine Revised Statutes, Title 9-A, § 3-201: Advertising
Credit advertising cannot be false or misleading about credit terms in Maine.
- Advertising compliance
- Credit terms disclosure
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