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25,400 statutes · page 1255 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
Persons subject to this Part must file a notification with the administrator before starting business in the State and then every year by January 31 or another date the administrator sets.
Certain notification filers must pay annual and volume fees to the administrator.
1. The administrator may impose a penalty of $5 per day on any person failing to comply with the requirements of sections 6‑106, subsection 6; 6‑202 and 6‑203. [PL 1987, c. 129, §69 (AMD).] 2. No penalty may be imposed if the fees required
This Article may be known and cited as the "Maine Consumer Credit Code - Truth-in-Lending." [PL 2011, c. 427, Pt. A, §15 (NEW).]
The Legislature finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of
Unless the context says otherwise, terms not defined here but defined in federal Truth in Lending materials keep their federal meaning.
1. Compliance with Federal Truth in Lending Act. Notwithstanding any other law, a creditor shall comply with the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code, Section 1601 et
1. Enforcement under Article 6. The administrator shall enforce this Article under the provisions of Article 6. When the Superintendent of Financial Institutions is acting as administrator, the superintendent may, in addition to the
This section adds extra mortgage-lending restrictions for creditors, including limits on high-cost mortgage loans, ability-to-repay requirements, anti-flipping rules, and remedies for violations.
The administrator may take action to seek or preserve a federal exemption determination for certain credit transactions, and this Article does not apply to transactions already covered by the federal Truth in Lending Act unless a federal exemption is in effect.
The administrator may issue rules or orders to prohibit certain residential mortgage loan practices found to be unfair, deceptive, evasive of section 8-506, abusive, or not in the borrowing public’s interest.
A seller generally may not add a surcharge when a customer pays by credit or debit card, but a governmental entity may do so for certain payments if it gives clear advance notice and stays within specified cost limits.
Disclosure of lists containing credit card holders’ names, addresses, and account numbers is generally prohibited unless an exception applies or the card holders give express written permission.
If a sale of goods, services or insurance is charged to a credit card or charge card account on an annual basis without substantially contemporaneous authorizations by the consumer, the seller shall inform the consumer of the voluntary
This Article applies to certain consumer credit transactions and their servicing.
Sections 2-301 to 2-304 control the authority of certain supervised lenders and mortgage loan servicers to make or service loans under this Article.
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The administrator may adopt reasonable rules for alternative mortgage transactions and may specify certain APR, notice, index, example, payment, amortization, prepayment, and refund details.
A creditor in certain consumer credit transactions involving 1 to 4 residential units must let the mortgagor choose the title attorney, give written notice of that choice, and may not charge extra title-review costs if the attorney meets the creditor’s requirements.
A consumer credit transaction secured by a mortgage on real estate may not be assigned unless servicing and mortgagor contact requirements are met.
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