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25,400 statutes · page 1250 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A consumer is entitled to a copy of a qualifying written consumer credit agreement when the transaction is completed, or within a reasonable time afterward for mail, telephone, or electronic transactions.
The consumer is authorized to pay the original creditor until the consumer receives notification of assignment of rights to payment pursuant to a consumer credit transaction and that payment is to be made to the assignee. A notification
A creditor may change an open-end credit account’s terms, but usually must give the consumer written notice 30 days before changes to penalties, interest, or other charges. Some changes cannot affect prior balances unless specific conditions are met.
Creditors and sellers must give written receipts for certain consumer credit payments, and a debtor may request a payment history statement and paid-in-full evidence.
A consumer cosigner is not bound unless the creditor gives required written notice at the right time.
A seller may take a security interest in goods sold in a consumer credit sale, and in some related goods or land if the debt meets stated minimums. A seller may not otherwise take a security interest in the buyer’s property for that debt. A lessor may not take a security interest in a lessee’s property for a consumer l
A seller in a consumer credit sale may take cross-collateral security interests in other property or in the later-sold property, if the seller already has a security interest from a prior sale.
When certain consumer credit sales are cross-collateralized or consolidated, seller payments are treated as applying first to the earliest debts; open-end credit accounts apply payments first to finance charges, then to debts in entry order, and same-day consolidated sales are applied first to the smallest debt.
A creditor may not use multiple agreements to get a higher finance charge than Article II allows.
A creditor may not take a consumer’s earnings assignment to collect or secure a debt from a consumer credit transaction.
A consumer credit agreement may not authorize anyone to confess judgment, and a seller or lessor may not take such an authorization.
A creditor may not take a negotiable instrument in a consumer credit sale or consumer lease, except a currently dated check or a draft payable within 7 days.
This section limits how creditors may structure consumer credit payment schedules, with exceptions for seasonal income, certain deferrals, and qualifying final balloon payments.
A seller or lessor in a consumer credit sale or consumer lease may not offer rebates, discounts, or other value as an inducement for referrals if payment depends on a later event.
For variable-rate consumer credit transactions, the creditor must make the required disclosures and may use only an index or other method beyond its control to set rate changes.
A supervised lender that requires an attorney title search for a one- to four-unit residential mortgage loan must let the prospective mortgagor choose a qualified attorney, and must give written notice of that right.
A supervised lender that holds a mortgagor’s escrow funds for taxes or insurance must pay interest on those funds under Title 9-B, section 429.
If a creditor charges a fee for a real estate appraisal, it must give the person one free copy of the appraisal on request within the stated 90-day window.
A creditor covered by the stated federal privacy rules must comply with them, and the section does not authorize releasing health care information except as otherwise allowed by cited law.
A supervised lender may not interfere with a purchaser’s or borrower’s choice of certain accounting, tax, or attest services provider when credit is extended.
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