Maine Consumer Credit Code

Maine · Truth-in-Lending (Repealed) · §§ 1-101 to 11-122 · 208 sections

Overview

This act regulates consumer credit and related consumer transactions, defining which agreements and parties fall within its scope, which are excluded, and how it operates alongside federal truth-in-lending and consumer credit law. It requires creditors to disclose contract terms to consumers, limits the charges that may be imposed — including late charges and fees for liability damage waivers — restricts advertising and collection practices, and bars consumers from waiving the protections it grants. It also prescribes procedures for default, notice and an opportunity to cure, reinstatement, renegotiation, record retention and the privacy of consumer financial information, and provides for enforcement through penalties for violations.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

Me. Rev. Stat. tit. 9-A, § 1-101Short title
Me. Rev. Stat. tit. 9-A, § 1-102Purposes; rules of construction
Me. Rev. Stat. tit. 9-A, § 1-103Supplementary general principles of law applicable
Me. Rev. Stat. tit. 9-A, § 1-104Construction against implicit repeal
Me. Rev. Stat. tit. 9-A, § 1-105Severability
Me. Rev. Stat. tit. 9-A, § 1-106Adjustment of dollar amounts
Me. Rev. Stat. tit. 9-A, § 1-107Waiver; agreement to forego rights; settlement of claims
Me. Rev. Stat. tit. 9-A, § 1-108Effect of Act on powers of organizations
Me. Rev. Stat. tit. 9-A, § 1-109Transactions subject to Act by agreement
Me. Rev. Stat. tit. 9-A, § 1-110Relationship to federal law
Me. Rev. Stat. tit. 9-A, § 1-111Record retention
Me. Rev. Stat. tit. 9-A, § 1-201Territorial application
Me. Rev. Stat. tit. 9-A, § 1-202Exclusions
Me. Rev. Stat. tit. 9-A, § 1-203Jurisdiction and service of process
Me. Rev. Stat. tit. 9-A, § 1-301General definitions
Me. Rev. Stat. tit. 9-A, § 1-302Definition: Federal Truth in Lending Act
Me. Rev. Stat. tit. 9-A, § 1-303Other defined terms
Me. Rev. Stat. tit. 9-A, § 2-101Short title
Me. Rev. Stat. tit. 9-A, § 2-102Scope
Me. Rev. Stat. tit. 9-A, § 2-201Finance charge for consumer credit sales other than open-end credit
Me. Rev. Stat. tit. 9-A, § 2-202Finance charge for consumer credit sales pursuant to open-end credit
Me. Rev. Stat. tit. 9-A, § 2-301Authority to make or service supervised loans
Me. Rev. Stat. tit. 9-A, § 2-302License to make or service supervised loans
Me. Rev. Stat. tit. 9-A, § 2-303Revocation or suspension of license
Me. Rev. Stat. tit. 9-A, § 2-303-ATemporary suspension of license
Me. Rev. Stat. tit. 9-A, § 2-304Records; annual and quarterly reports
Me. Rev. Stat. tit. 9-A, § 2-305Examinations and investigations
Me. Rev. Stat. tit. 9-A, § 2-306Application of administrative procedure
Me. Rev. Stat. tit. 9-A, § 2-307Restrictions on interest in land as security
Me. Rev. Stat. tit. 9-A, § 2-308Regular schedule of payments; maximum loan term
Me. Rev. Stat. tit. 9-A, § 2-309No other business for purpose of evasion
Me. Rev. Stat. tit. 9-A, § 2-310Servicing requirements of assigned supervised loans
Me. Rev. Stat. tit. 9-A, § 2-401Finance charge for consumer loans
Me. Rev. Stat. tit. 9-A, § 2-402Finance charge for loans on open-end credit
Me. Rev. Stat. tit. 9-A, § 2-501Additional charges
Me. Rev. Stat. tit. 9-A, § 2-502Delinquency charges
Me. Rev. Stat. tit. 9-A, § 2-503Deferral charges
Me. Rev. Stat. tit. 9-A, § 2-504Finance charge on refinancing
Me. Rev. Stat. tit. 9-A, § 2-505Finance charge on consolidation
Me. Rev. Stat. tit. 9-A, § 2-506Advances to perform covenants of consumer
Me. Rev. Stat. tit. 9-A, § 2-507Attorney's fees and collection costs
Me. Rev. Stat. tit. 9-A, § 2-508Conversion to open end credit
Me. Rev. Stat. tit. 9-A, § 2-509Right to prepay
Me. Rev. Stat. tit. 9-A, § 2-510Rebate upon prepayment
Me. Rev. Stat. tit. 9-A, § 2-601Finance charge for other credit transactions
Me. Rev. Stat. tit. 9-A, § 2-701Engaging in pretense to evade requirements of this Article prohibited
Me. Rev. Stat. tit. 9-A, § 2-702Purporting to act as agent or service provider for another entity exempt from this Article
Me. Rev. Stat. tit. 9-A, § 3-101Short title
Me. Rev. Stat. tit. 9-A, § 3-102Scope
Me. Rev. Stat. tit. 9-A, § 3-201Advertising
Me. Rev. Stat. tit. 9-A, § 3-202Entitlement to copy of written agreement
Me. Rev. Stat. tit. 9-A, § 3-203Notice of assignment
Me. Rev. Stat. tit. 9-A, § 3-204Change in terms of open-end credit accounts
Me. Rev. Stat. tit. 9-A, § 3-205Receipts; statements of account; evidence of payment
Me. Rev. Stat. tit. 9-A, § 3-206Notice to cosigners and similar parties
Me. Rev. Stat. tit. 9-A, § 3-301Security in sales or leases
Me. Rev. Stat. tit. 9-A, § 3-302Cross-collateral
Me. Rev. Stat. tit. 9-A, § 3-303Debt secured by cross-collateral
Me. Rev. Stat. tit. 9-A, § 3-304Use of multiple agreements
Me. Rev. Stat. tit. 9-A, § 3-305No assignment of earnings
Me. Rev. Stat. tit. 9-A, § 3-306Authorization to confess judgment prohibited
Me. Rev. Stat. tit. 9-A, § 3-307Certain negotiable instruments prohibited
Me. Rev. Stat. tit. 9-A, § 3-308Schedule of payments; balloon payments
Me. Rev. Stat. tit. 9-A, § 3-309Referral sales
Me. Rev. Stat. tit. 9-A, § 3-310Variable rate transactions
Me. Rev. Stat. tit. 9-A, § 3-311Consumer's choice of attorney in residential mortgage transaction
Me. Rev. Stat. tit. 9-A, § 3-312Interest to be paid on funds held in escrow
Me. Rev. Stat. tit. 9-A, § 3-313Real estate appraisals; copies
Me. Rev. Stat. tit. 9-A, § 3-314Privacy of consumer financial information
Me. Rev. Stat. tit. 9-A, § 3-315Choice of accounting, tax or attest services provider
Me. Rev. Stat. tit. 9-A, § 3-316Real estate settlement procedures
Me. Rev. Stat. tit. 9-A, § 3-401Restriction on liability in consumer lease
Me. Rev. Stat. tit. 9-A, § 3-402Limitation on default charges
Me. Rev. Stat. tit. 9-A, § 3-403Assignee subject to defenses
Me. Rev. Stat. tit. 9-A, § 3-404Interlocking loans
Me. Rev. Stat. tit. 9-A, § 3-404-AInterlocking leases
Me. Rev. Stat. tit. 9-A, § 3-501Definition: "Home solicitation sale"
Me. Rev. Stat. tit. 9-A, § 3-502Buyer's right to cancel
Me. Rev. Stat. tit. 9-A, § 3-503Form of agreement or offer; statement of buyer's rights
Me. Rev. Stat. tit. 9-A, § 3-503-AFrozen food contracts
Me. Rev. Stat. tit. 9-A, § 3-504Restoration of down payment; no retention of cancellation fee
Me. Rev. Stat. tit. 9-A, § 3-505Duty of buyer; no compensation for services prior to cancellation
Me. Rev. Stat. tit. 9-A, § 3-506Limitation
Me. Rev. Stat. tit. 9-A, § 3-507Violation as unfair trade practice
Me. Rev. Stat. tit. 9-A, § 4-101Short title
Me. Rev. Stat. tit. 9-A, § 4-102Scope; relation to Credit Insurance Act; applicability to parties
Me. Rev. Stat. tit. 9-A, § 4-103Definition: "consumer credit insurance," "Credit Insurance Act"
Me. Rev. Stat. tit. 9-A, § 4-104Creditor's provision of and charge for insurance; excess amount of charge
Me. Rev. Stat. tit. 9-A, § 4-105Conditions applying to insurance to be provided by creditor
Me. Rev. Stat. tit. 9-A, § 4-106Unconscionability
Me. Rev. Stat. tit. 9-A, § 4-107Maximum charge by creditor for insurance
Me. Rev. Stat. tit. 9-A, § 4-108Refund or credit required; amount
Me. Rev. Stat. tit. 9-A, § 4-109Existing insurance; choice of insurer
Me. Rev. Stat. tit. 9-A, § 4-110Charge for insurance in connection with a refinancing or consolidation
Me. Rev. Stat. tit. 9-A, § 4-111Cooperation between administrator and Superintendent of Insurance
Me. Rev. Stat. tit. 9-A, § 4-112Administrative action of Superintendent of Insurance
Me. Rev. Stat. tit. 9-A, § 4-201Term of insurance
Me. Rev. Stat. tit. 9-A, § 4-202Amount of insurance
Me. Rev. Stat. tit. 9-A, § 4-203Filing and approval of rates and forms
Me. Rev. Stat. tit. 9-A, § 4-204Notice of right to cancel credit insurance in open-end transactions
Me. Rev. Stat. tit. 9-A, § 4-301Property insurance
Me. Rev. Stat. tit. 9-A, § 4-302Insurance on creditor's interest only
Me. Rev. Stat. tit. 9-A, § 4-303Liability insurance
Me. Rev. Stat. tit. 9-A, § 4-304Cancellation by creditor
Me. Rev. Stat. tit. 9-A, § 4-401Scope
Me. Rev. Stat. tit. 9-A, § 4-402Insurance producer activities
Me. Rev. Stat. tit. 9-A, § 4-403Definitions
Me. Rev. Stat. tit. 9-A, § 4-404Choice of insurance producer
Me. Rev. Stat. tit. 9-A, § 4-405Tie-in arrangements
Me. Rev. Stat. tit. 9-A, § 4-406Distinguishing insurance products from loan products; identification of insurance producers
Me. Rev. Stat. tit. 9-A, § 4-407Rulemaking
Me. Rev. Stat. tit. 9-A, § 5-101Short title
Me. Rev. Stat. tit. 9-A, § 5-102Scope
Me. Rev. Stat. tit. 9-A, § 5-103Restrictions on deficiency judgments
Me. Rev. Stat. tit. 9-A, § 5-104No garnishment before judgment
Me. Rev. Stat. tit. 9-A, § 5-105Limitation on garnishment
Me. Rev. Stat. tit. 9-A, § 5-106No discharge from employment for garnishment
Me. Rev. Stat. tit. 9-A, § 5-107Extortionate extensions of credit
Me. Rev. Stat. tit. 9-A, § 5-108Unconscionability; inducement by unconscionable conduct
Me. Rev. Stat. tit. 9-A, § 5-109Default
Me. Rev. Stat. tit. 9-A, § 5-110Notice of consumer's right to cure
Me. Rev. Stat. tit. 9-A, § 5-111Cure of default
Me. Rev. Stat. tit. 9-A, § 5-112Creditor's right to take possession after default
Me. Rev. Stat. tit. 9-A, § 5-113Venue
Me. Rev. Stat. tit. 9-A, § 5-114Stay of enforcement of judgment
Me. Rev. Stat. tit. 9-A, § 5-115Misrepresentation
Me. Rev. Stat. tit. 9-A, § 5-116Illegal, fraudulent or unconscionable conduct in attempted collection of debts
Me. Rev. Stat. tit. 9-A, § 5-116-ADebts owed to health care providers
Me. Rev. Stat. tit. 9-A, § 5-117Prohibited practices
Me. Rev. Stat. tit. 9-A, § 5-118Unlicensed loan transactions
Me. Rev. Stat. tit. 9-A, § 5-201Effect of violations on rights of parties
Me. Rev. Stat. tit. 9-A, § 5-202Refunds and penalties as set-off to obligation
Me. Rev. Stat. tit. 9-A, § 5-301Violations
Me. Rev. Stat. tit. 9-A, § 6-101Short title
Me. Rev. Stat. tit. 9-A, § 6-102Applicability
Me. Rev. Stat. tit. 9-A, § 6-103Administration
Me. Rev. Stat. tit. 9-A, § 6-104Powers of administrator; reliance on rules; duty to report
Me. Rev. Stat. tit. 9-A, § 6-104-ADeputy superintendent
Me. Rev. Stat. tit. 9-A, § 6-105Administrative powers with respect to supervised financial organizations
Me. Rev. Stat. tit. 9-A, § 6-105-AUniform multistate automated licensing system
Me. Rev. Stat. tit. 9-A, § 6-106Examinations and investigations
Me. Rev. Stat. tit. 9-A, § 6-107Application of part on administrative procedure and judicial review
Me. Rev. Stat. tit. 9-A, § 6-108Administrative enforcement orders
Me. Rev. Stat. tit. 9-A, § 6-109Assurance of discontinuance
Me. Rev. Stat. tit. 9-A, § 6-110Injunctions against violations of Act
Me. Rev. Stat. tit. 9-A, § 6-111Injunctions against unconscionable agreements and fraudulent or unconscionable conduct
Me. Rev. Stat. tit. 9-A, § 6-112Temporary relief
Me. Rev. Stat. tit. 9-A, § 6-113Civil actions by administrator
Me. Rev. Stat. tit. 9-A, § 6-114Consumer's remedies not affected
Me. Rev. Stat. tit. 9-A, § 6-115Venue
Me. Rev. Stat. tit. 9-A, § 6-116Confidentiality of records
Me. Rev. Stat. tit. 9-A, § 6-117Contracts with other state and federal agencies
Me. Rev. Stat. tit. 9-A, § 6-201Applicability
Me. Rev. Stat. tit. 9-A, § 6-202Notification
Me. Rev. Stat. tit. 9-A, § 6-203Fees
Me. Rev. Stat. tit. 9-A, § 6-204Penalty
Me. Rev. Stat. tit. 9-A, § 6-301Council of advisors on consumer credit
Me. Rev. Stat. tit. 9-A, § 6-302Function of council; conflict of interest
Me. Rev. Stat. tit. 9-A, § 6-303Meetings
Me. Rev. Stat. tit. 9-A, § 6-401Applicability and scope
Me. Rev. Stat. tit. 9-A, § 6-402Definitions in part: "contested case"; "license"; "licensing"
Me. Rev. Stat. tit. 9-A, § 6-403Public information; adoption of rules; availability of rules
Me. Rev. Stat. tit. 9-A, § 6-404Procedure for adoption of rules
Me. Rev. Stat. tit. 9-A, § 6-405Taking effect of rules
Me. Rev. Stat. tit. 9-A, § 6-406Publication of rules
Me. Rev. Stat. tit. 9-A, § 6-407Petition for adoption of rules
Me. Rev. Stat. tit. 9-A, § 6-408Declaratory judgment on validity or applicability of rules
Me. Rev. Stat. tit. 9-A, § 6-409Advisory rulings by administrator
Me. Rev. Stat. tit. 9-A, § 6-410Contested cases
Me. Rev. Stat. tit. 9-A, § 6-411Rules of evidence; official notice
Me. Rev. Stat. tit. 9-A, § 6-412Decisions and orders
Me. Rev. Stat. tit. 9-A, § 6-413Licenses
Me. Rev. Stat. tit. 9-A, § 6-414Judicial review of contested cases
Me. Rev. Stat. tit. 9-A, § 6-415Appeals
Me. Rev. Stat. tit. 9-A, § 8-501Short title
Me. Rev. Stat. tit. 9-A, § 8-502Findings and declaration of purpose
Me. Rev. Stat. tit. 9-A, § 8-503Conformity with federal law
Me. Rev. Stat. tit. 9-A, § 8-504Maine Consumer Credit Code - Truth-in-Lending
Me. Rev. Stat. tit. 9-A, § 8-505Enforcement
Me. Rev. Stat. tit. 9-A, § 8-506Enhanced restrictions on certain creditors
Me. Rev. Stat. tit. 9-A, § 8-507Exemption from the Federal Truth in Lending Act
Me. Rev. Stat. tit. 9-A, § 8-508Authority of administrator
Me. Rev. Stat. tit. 9-A, § 8-509Credit card and debit card surcharge prohibition
Me. Rev. Stat. tit. 9-A, § 8-510Disclosure of lists of the names, addresses and account numbers of credit card holders
Me. Rev. Stat. tit. 9-A, § 8-511Recurring charges to credit card or charge card accounts
Me. Rev. Stat. tit. 9-A, § 10-101Short title
Me. Rev. Stat. tit. 9-A, § 11-101Short title
Me. Rev. Stat. tit. 9-A, § 11-102Purpose; rules of construction
Me. Rev. Stat. tit. 9-A, § 11-103Supplementary general principles of law applicable
Me. Rev. Stat. tit. 9-A, § 11-104Application
Me. Rev. Stat. tit. 9-A, § 11-105Definitions
Me. Rev. Stat. tit. 9-A, § 11-106Inapplicability of other laws; exempt transactions
Me. Rev. Stat. tit. 9-A, § 11-107General requirements of disclosure
Me. Rev. Stat. tit. 9-A, § 11-108Disclosure
Me. Rev. Stat. tit. 9-A, § 11-109Prohibited practices
Me. Rev. Stat. tit. 9-A, § 11-110Calculation of late charges
Me. Rev. Stat. tit. 9-A, § 11-111Allowable charges
Me. Rev. Stat. tit. 9-A, § 11-112Default; notice of default and right to cure
Me. Rev. Stat. tit. 9-A, § 11-113Reinstatement
Me. Rev. Stat. tit. 9-A, § 11-114Consumer's right to acquire ownership when 50% of payments equals cash price
Me. Rev. Stat. tit. 9-A, § 11-115Liability damage waivers; fees
Me. Rev. Stat. tit. 9-A, § 11-116Receipts and accounts
Me. Rev. Stat. tit. 9-A, § 11-117Renegotiations and extensions
Me. Rev. Stat. tit. 9-A, § 11-118Advertising and point-of-sale disclosure
Me. Rev. Stat. tit. 9-A, § 11-119Collection activity
Me. Rev. Stat. tit. 9-A, § 11-120Enforcement; penalties
Me. Rev. Stat. tit. 9-A, § 11-121Effective date
Me. Rev. Stat. tit. 9-A, § 11-122Privacy of consumer financial information

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