CHAPTER 94
H.P. 554 - L.D. 745
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA �2-501, sub-�1, �G, as enacted by PL 1993, c. 618, �5, is amended to read:
G. A late fee on credit card accounts, not to exceed the lesser of $10 or 5% of the unpaid amount of the installment, on an installment not paid in full within 15 days after its scheduled or deferred due date.
Sec. 2. 9-A MRSA �3-308, sub-�4, as enacted by PL 1985, c. 113, �2, is amended to read:
4. A schedule of payments may require a final payment not substantially equal to all other periodic payments if the transaction is made for a term of not less than 4 years and if the contract evidencing the consumer credit transaction gives the consumer the right to refinance the amount of the final payment in order to fully amortize the obligation on terms at least as favorable, including, but not limited to, the rate of finance charge and periodic payment amount, as those specified in the original consumer credit transaction, in order to fully amortize the obligation then generally offered by the creditor, if the consumer satisfies reasonable credit standards and if the property satisfies reasonable loan to value standards. The administrator shall examine the reasonableness of standards during regular examinations and upon consumer complaint. At least 60 days but not more than 180 days prior to the maturity of the loan, the creditor must notify the consumer in writing of the maturity date and the amount due on the maturity date; and
See title page for effective date.
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