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United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 9-A, § 3-402: Limitation on default charges, 1973

A consumer credit agreement generally may not impose default charges, except for specified authorized and reasonable charges; violating terms are unenforceable.

Source excerpt

attorney's feesdefault chargesdishonored instrumentssecurity interestsunenforceability
Jurisdiction
United States — Maine
Structure
1 provisions
Official identity
Year 1973
Dates
Enacted 1973 · Source version 1 Oct 2025
More statute details
Dates
Enacted 1973 · Source version 1 Oct 2025
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“A consumer credit agreement generally may not impose default charges, except for specified authorized and reasonable charges; violating terms are unenforceable.”

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    Enacted 1973 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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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.

Section 3-402

04

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Source record from legislature.maine.gov · Enacted 1973 · Source version 1 Oct 2025

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Part 4

part 4 LIMITATIONS ON CONSUMER'S LIABILITY

§ 3-402Limitation on default chargesProvision

Source excerpt

A consumer credit agreement generally may not impose default charges, except for specified authorized and reasonable charges; violating terms are unenforceable.

1. The agreement with respect to a consumer credit transaction may not provide for any charges as a result of default by the consumer, except that the agreement may provide for the following: A. Charges authorized by other provisions of this Act; [PL 1991, c. 237 (NEW).] B. Notwithstanding section 2‑507, reasonable charges incurred in realizing on a security interest in personal property securing a consumer loan, consumer lease or a consumer credit sale, other than attorney's fees; and [PL 1999, c. 150, §5 (AMD).] C. Notwithstanding section 2‑507, reasonable attorney's fees, legal expenses and other reasonable costs incurred in realizing on real property securing a consumer loan or a consumer credit sale. [PL 1991, c. 237 (NEW).] [PL 1999, c. 150, §5 (AMD).] 2. A provision in violation of this section is unenforceable. [PL 1991, c. 237 (NEW).] 3. Notwithstanding subsections 1 and 2, a creditor that complies with Title 14, sections 6071 and 6073 is entitled to the remedies provided in those sections when an instrument that the creditor has taken in connection with a consumer loan, consumer lease or consumer credit sale is dishonored. [PL 1999, c. 150, §6 (NEW).]
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  • 1 Oct 2025 · currentEnglish

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