Maine Revised Statutes, Title 9-A, § 4-108: Refund or credit required; amount
Title 24-A, sections 2859, 2860, and 2861 apply to insurance provided or to be provided for a consumer credit transaction.
- Coverage applicability
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Maine Revised Statutes, Title 9-A, § 4-109: Existing insurance; choice of insurer
The provisions of Title 24‑A, section 2863 shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
- Consumer credit transactions
- Policy applicability
Maine Revised Statutes, Title 9-A, § 4-110: Charge for insurance in connection with a refinancing or consolidation
The provisions of Title 24‑A, section 2856, subsection 4 and section 2859, shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
- Consolidation
- Refinancing
Maine Revised Statutes, Title 9-A, § 4-111: Cooperation between administrator and Superintendent of Insurance
The administrator and the Superintendent of Insurance must consult and assist each other to maintain compliance, may jointly pursue investigations and related official action if empowered to do so, and the administrator must notify the Superintendent if informed of certain violations or suspected violations.
- Administrative cooperation
- Enforcement
- Insurance regulation
- Investigations
Maine Revised Statutes, Title 9-A, § 4-112: Administrative action of Superintendent of Insurance
The Superintendent of Insurance must issue rules on insurers and related refunds, forms, premium rates and charges, and approvals or disapprovals, and may issue a compliance order if there is a violation.
- Insurance compliance
- Rulemaking
Maine Revised Statutes, Title 9-A, § 4-201: Term of insurance
Title 24-A, section 2856 applies to insurance provided or to be provided for a consumer credit transaction.
- Coverage scope
Maine Revised Statutes, Title 9-A, § 4-202: Amount of insurance
The provisions of Title 24‑A, section 2855, shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
- Coverage scope
Maine Revised Statutes, Title 9-A, § 4-203: Filing and approval of rates and forms
The provisions of Title 24‑A, section 2858, shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
- Credit transactions
- Insurance coverage
Maine Revised Statutes, Title 9-A, § 4-204: Notice of right to cancel credit insurance in open-end transactions
A creditor providing consumer credit insurance for open-end credit must tell the consumer, at least once a year, that the insurance is voluntary and may be canceled at will.
- Consumer credit insurance
- Consumer disclosure
- Open-end credit
Maine Revised Statutes, Title 9-A, § 4-301: Property insurance
A creditor generally may not charge separately for property insurance in a consumer credit transaction unless the insurance is reasonable, covers a substantial risk, and meets stated value and term limits; for open-end credit, the administrator may adopt consistent rules.
- Credit transactions
- Property insurance charges
Maine Revised Statutes, Title 9-A, § 4-302: Insurance on creditor's interest only
If a creditor buys or receives separate insurance on property, the consumer bears the risk of loss or damage only up to any deficiency in the insurance’s effective coverage, even if the insurance protects only the creditor’s interest.
Maine Revised Statutes, Title 9-A, § 4-304: Cancellation by creditor
A creditor may not request cancellation of a property or liability insurance policy except after consumer default or with the consumer’s written authorization, and only after written notice is delivered or mailed to the consumer.
- Notice requirements
- Policy cancellation
Maine Revised Statutes, Title 9-A, § 4-401: Scope
This Part applies to supervised lenders that are not supervised financial organizations, with listed insurance-related exceptions.
- Insurance exceptions
- Scope of application
Maine Revised Statutes, Title 9-A, § 4-402: Insurance producer activities
A supervised lender and any affiliate may become licensed under Title 24-A as an insurance producer or consultant, and may act as one, for the sale of insurance products in this State.
Maine Revised Statutes, Title 9-A, § 4-403: Definitions
This section defines terms used in the Part, including affiliate, customer, insurance consultant, insurance producer, insurance product, licensed 3rd-party agent, ownership interest, and subsidiary.
- Affiliate definitions
- Customer definition
- Insurance product
- Subsidiary definition
Maine Revised Statutes, Title 9-A, § 4-404: Choice of insurance producer
A supervised lender or its affiliate may not interfere, in connection with credit, with a purchaser’s or borrower’s free choice of insurance producer or company.
- Extension of credit
- Insurance producer choice
- Supervised lenders
Maine Revised Statutes, Title 9-A, § 4-405: Tie-in arrangements
A supervised lender and related subsidiaries may not sell insurance or change its price if the customer must also get extra credit, property, or other services from them.
- Credit practices
- Insurance product sales
- Tie-in arrangements
Maine Revised Statutes, Title 9-A, § 4-406: Distinguishing insurance products from loan products; identification of insurance producers
Insurance sales should be handled to reduce customer confusion, and a supervised lender or its affiliates may comply by using clearly visible signs that distinguish insurance products from noninsurance products and identify affiliated insurance producers and consultants.
- Customer disclosure
- Sales practices
Maine Revised Statutes, Title 9-A, § 4-407: Rulemaking
The Superintendent of Financial Institutions, the Superintendent of Insurance and the Superintendent of Consumer Credit Protection may undertake joint rulemaking, pursuant to this section, Title 9‑B, section 448, subsection 5 and Title
- Consumer protection
- Insurance sales
- Rulemaking
Maine Revised Statutes, Title 9-A, § 5-101: Short title
This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Remedies and Penalties." [PL 1973, c. 762, §1 (NEW).]
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