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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 9-A, § 3-310: Variable rate transactions, 1981

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.

Source excerpt

creditor disclosuresindex selectionrate variationvariable rate transactions
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 1981
Dates
Enacted 1981 · Source version 1 Oct 2025
More statute details
Dates
Enacted 1981 · Source version 1 Oct 2025
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“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.”

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Variable rate transactions

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.

Section 3-310

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Source record from legislature.maine.gov · Enacted 1981 · Source version 1 Oct 2025

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Part 3-310

part 3 LIMITATIONS ON AGREEMENTS AND PRACTICES

§ 3-310Variable rate transactionsProvision

Source excerpt

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.

1. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor shall make disclosures in accordance with section 8‑504. A. [PL 2013, c. 464, §1 (RP).] B. [PL 2013, c. 464, §1 (RP).] C. [PL 2013, c. 464, §1 (RP).] D. [PL 2013, c. 464, §1 (RP).] E. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] F. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] G. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] H. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] [PL 2013, c. 464, §1 (AMD).] 1-A. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor may only use an index or other method that is beyond its control for determining any increase or decrease in the interest rate. [PL 1989, c. 457, §§4, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] 2. A variation in the interest rate in accordance with the disclosures required by subsection 1 shall not be considered a refinancing under section 2‑504 or a change in terms under section 3‑204. [PL 1989, c. 457, §§5, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] 3. A variation in the interest rate not in accordance with the disclosures of limits on interest rate changes and examples of the effects of a change made in accordance with subsection 1, shall be considered a charge in excess of that allowed by this Code under section 5‑201, subsections 3 and 4. [PL 1989, c. 457, §§6, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] 4. Subsection 1‑A does not apply to a consumer loan secured by a savings or time deposit if the difference between the rate of interest on the savings or time deposit and the interest rate on the loan at no time exceeds the difference between the 2 when the loan was made. [PL 1989, c. 457, §§7, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] 5. [PL 1987, c. 396, §9 (RP).] 6. [PL 1987, c. 396, §10 (RP).]
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  • 1 Oct 2025 · currentEnglish

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