Maine Revised Statutes, Title 9-A, § 3-316: Real estate settlement procedures
A creditor and its mortgage loan originators must comply with RESPA and Regulation X.
- Compliance
- Mortgage lending
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Maine Revised Statutes, Title 9-A, § 3-401: Restriction on liability in consumer lease
A lessee’s obligation after a consumer lease ends cannot exceed twice the average monthly payment, except for damages or other default charges.
- Consumer lease charges
- Lease liability limitation
Maine Revised Statutes, Title 9-A, § 3-402: Limitation on default charges
A consumer credit agreement generally may not impose default charges, except for specified authorized and reasonable charges; violating terms are unenforceable.
- Attorney's fees
- Default charges
- Dishonored instruments
- Security interests
- Unenforceability
Maine Revised Statutes, Title 9-A, § 3-403: Assignee subject to defenses
An assignee of the seller’s or lessor’s rights in a consumer credit sale or consumer lease is subject to the buyer’s or lessee’s claims and defenses arising from the sale or lease.
- Assignee liability
- Buyer defenses
- Consumer credit sale
- Consumer lease
Maine Revised Statutes, Title 9-A, § 3-404-A: Interlocking leases
A lessor in a consumer lease can be subject to the consumer’s claims and defenses against the seller, and the lessor’s liability is capped by the amount due if the lease ended when notice was received.
- Consumer leasing
- Lessor liability
Maine Revised Statutes, Title 9-A, § 3-404: Interlocking loans
A lender making a consumer loan to help a consumer buy goods or services from a seller is subject to the consumer’s claims and defenses against the seller if the listed conditions are met.
- Consumer loan
- Lender liability
- Loan consolidation
- Seller claims and defenses
Maine Revised Statutes, Title 9-A, § 3-501: Definition: "Home solicitation sale"
This section defines “home solicitation sale” and lists what counts and what does not.
- Consumer credit sales
- Home solicitation sales
- Rescission exceptions
Maine Revised Statutes, Title 9-A, § 3-502: Buyer's right to cancel
1. In addition to any right otherwise to revoke an offer, the buyer has the right to cancel a home solicitation sale until midnight of the third business day after the day on which the buyer signs an agreement or offer to purchase which
- Cancellation rights
- Home food service plans
- Home solicitation sales
Maine Revised Statutes, Title 9-A, § 3-503: Form of agreement or offer; statement of buyer's rights
1. In a home solicitation sale, the seller must present to the buyer and obtain the buyer's signature to a written agreement or offer to purchase that designates as the date of the transaction the date on which the buyer actually signs,
- Consumer cancellation rights
- Home solicitation sales
- Sales contracts
Maine Revised Statutes, Title 9-A, § 3-504: Restoration of down payment; no retention of cancellation fee
After a home solicitation sale is cancelled or an offer to purchase is revoked, the seller must return the buyer’s payments and debt papers within 20 days, cannot keep a cancellation fee, and must return traded-in goods in good condition or the buyer may recover the trade-in allowance.
- Cancellation fees
- Home solicitation sales
- Refunds
- Trade-in goods
Maine Revised Statutes, Title 9-A, § 3-505: Duty of buyer; no compensation for services prior to cancellation
After a home solicitation sale is cancelled or an offer is revoked, the buyer must, on demand, return delivered goods within a reasonable time; the buyer may do so only at the buyer’s residence, and the seller cannot recover compensation for services performed before cancellation.
- Buyer duties
- Home solicitation sales
- Seller compensation
Maine Revised Statutes, Title 9-A, § 3-506: Limitation
This Part does not apply to certain consumer credit transactions or to certain securities sales by registered dealers and their agents or salespersons.
- Dealer sales
- Registered securities
- Transaction exemptions
Maine Revised Statutes, Title 9-A, § 3-507: Violation as unfair trade practice
A violation of this Part is treated as a violation of Maine’s Unfair Trade Practices Act.
- Statutory violation
- Trade practices
Maine Revised Statutes, Title 9-A, § 4-101: Short title
This section gives the article its short title and says it may be cited as the “Maine Consumer Credit Code -- Insurance.”
Maine Revised Statutes, Title 9-A, § 4-102: Scope; relation to Credit Insurance Act; applicability to parties
This section says Parts 1, 2, and 3 of the Article generally apply to insurance tied to a consumer credit transaction, with an exception for certain insurance-financed loans.
- Administrative enforcement
- Cancellation by creditor
- Consumer credit insurance
- Loan financing
Maine Revised Statutes, Title 9-A, § 4-103: Definition: "consumer credit insurance," "Credit Insurance Act"
Defines “consumer credit insurance” and “Credit Insurance Act.”
- Credit transactions
- Insurance products
Maine Revised Statutes, Title 9-A, § 4-104: Creditor's provision of and charge for insurance; excess amount of charge
A creditor may provide and charge separately for insurance in covered consumer credit transactions, but accident-and-health consumer credit insurance has extra limits, including a $30 monthly minimum payment or 18-month loan duration, a 30-day waiting period, and a required consumer option and cost disclosure.
- Consumer credit insurance
- Creditor charges
- Finance charges
Maine Revised Statutes, Title 9-A, § 4-105: Conditions applying to insurance to be provided by creditor
The provisions of Title 24‑A, section 2857, shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
- Coverage conditions
- Credit insurance
Maine Revised Statutes, Title 9-A, § 4-106: Unconscionability
When applying unconscionability rules to a separate insurance charge, the listed factors must be considered.
- Insurance charges
- Unconscionability
Maine Revised Statutes, Title 9-A, § 4-107: Maximum charge by creditor for insurance
A creditor generally may not charge a consumer for insurance more than the insurer’s premium, but for open-end credit consumer credit insurance the charge may be calculated each billing cycle using the current premium rate on the unpaid balance.
- Consumer credit insurance
- Credit charges
- Open end credit
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