C.M.R. 02, 029, ch. 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42)
- § 029-142-I - AUTHORITY
- § 029-142-II - PURPOSE
- § 029-142-III - DEFINITIONS
- § 029-142-IV - GENERAL PROVISIONS
- § 029-142-V - EXCEPTIONS
- § 029-142-VI - FEDERAL RULES AND REGULATIONS
SUMMARY
Public Law 2003, Chapter 263, § 1, effective September 13, 2003, amended Title 9-A M.R.S.A. §2 - 509. The amendment authorizes supervised financial organizations to assess a consumer a reasonable charge related to the prepayment of a consumer loan secured by an interest in land. That charge must be reasonably calculated to offset only the cost of origination of the loan. Title 9-A M.R.S.A. §2 - 509 as amended requires the Superintendent to adopt rules to implement its provisions. Rules adopted pursuant to § 2-509 are routine technical rules as defined in Title 5, chapter 375, sub-chapter 2-A.
Notes
March 24, 2004 - filing 2004-89
STATUTORY AUTHORITY: Title 9-A M.R.S.A. §2 - 509; Title 9-B M.R.S.A. §§111 , 215 , 241 , 242 , and 251
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