If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall: [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
2. Select a time period within which the loan can reasonably be expected to close; and
3. Use good faith efforts to close the loan within the rate lock period.