Title 9-A, Title 9-A

1. A facilitator of a refund anticipation loan or refund anticipation check shall make the following disclosures in accordance with this section. A. A facilitator of a refund anticipation loan or refund anticipation check shall prominently display a schedule showing the current f…

Any loan broker or mortgage loan originators of any loan broker that violate any provision of this Title or any rule issued by the administrator, or that through any unfair, unconscionable or deceptive practice cause actual damage to a consumer, are subject to the following: [PL …

This Article may be known and cited as the "Maine Consumer Credit Code - Rental-purchase Agreements."

1. This Article must be liberally construed and applied to promote its underlying purposes and policies. 2. The underlying purposes and policies of this Article are to: A. Simplify, clarify and modernize the law governing rental-purchase agreements; [PL 1991, c. 787 (NEW).] B. Pr…

Unless displaced by the particular provisions of this Article, the "Uniform Commercial Code" and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy or…

This Article applies to rental-purchase agreements or acts, practices or conduct related to a rental-purchase agreement if: [PL 1991, c. 787 (NEW).] 1. The rental-purchase agreement is entered into in this State; or 2. The consumer is a resident of this State at the time the merc…

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 787 (NEW).] 1. "Administrator" means the administrator designated in Article VI, section 6‑103. 2. "Advertisement" means a commercial message in any medi…

1. A rental-purchase agreement that complies with this Article is not considered or governed by the laws related to: A. A "home solicitation sale" as defined in section 3‑501; [PL 1991, c. 787 (NEW).] B. A "consumer credit sale" as defined in section 1‑301, subsection 11; except …

1. The merchant shall disclose to the consumer the information required by this Article. In a transaction involving more than one merchant, only one merchant need make the disclosure but all merchants are bound by the disclosure. 2. The disclosure must be made during or before co…

1. For each rental-purchase agreement, the merchant shall disclose in the agreement the following items, as applicable: A. [PL 2001, c. 287, §6 (RP).] B. [PL 2001, c. 287, §6 (RP).] C. A statement that the consumer is responsible for the fair market value, remaining rent, early p…

A rental-purchase agreement may not contain: [PL 1991, c. 787 (NEW).] 1. A confession of judgment; 2. A negotiable instrument; 3. A security interest or any other claim of a property interest in any goods except those goods delivered by the merchant pursuant to the rental-purchas…

Any late charge assessed pursuant to section 11‑109, subsection 8 may not exceed the greater of 5% of the delinquent payment amount or $3. Only one late charge may be assessed on any delinquent payment, regardless of how long the payment remains unpaid.

In addition to rental payments, a merchant may contract for and receive the following charges or fees. [PL 2001, c. 287, §12 (AMD).] 1. An initial administrative fee not to exceed $15 may be assessed but the fee must be refunded to the consumer if the rental agreement is not cons…

1. An agreement of the parties to a rental-purchase agreement with respect to default on the part of the consumer is enforceable only to the extent that the consumer fails to renew an agreement and fails to return the rented property or make arrangements for its return as provide…

1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing…

1. The total number of rental payments necessary to acquire ownership of the property under any rental-purchase agreement may not exceed 2 times the cash price of the property. When 50% of all rental payments made by a consumer equals the cash price of the property disclosed to t…

In addition to the other charges permitted by this Article, the parties may contract for a liability damage waiver. The fee for the liability damage waiver may not exceed the greater of 5% of any periodic rental payment due or $3 in the case of any rental-purchase agreement with …

A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a wr…

1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations…

1. An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously: A. That the transaction advertised is a rental-purchase agreement; [PL 1991, c. 787 (NEW).] B. The rental-purcha…

The following provisions govern the debt collection practices of merchants under this Article. [PL 2001, c. 287, §18 (RPR).] 1. A merchant communicating with any person other than the consumer for the purpose of acquiring location information about the consumer may: A. Identify t…

A merchant who violates this Article or any rule issued by the administrator is subject to the following: [PL 1991, c. 787 (NEW).] 1. After notice and hearing, a cease and desist order and order of restitution from the administrator; 2. A civil action, by the administrator throug…

This Article takes effect January 1, 1993.

A merchant who enters into a rental-purchase agreement with a consumer shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, a…

This article may be known and cited as "the Maine Consumer Credit Code Legal Funding Practices."

As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 1. "Consumer" means a person or entity residing or domiciled in this State with a pending civil claim or actio…

1. This article does not apply to an advance made by a consumer's attorney to pay for expenses related to preparation for trial. 2. Legal funding that is made pursuant to this article is not a consumer credit transaction as defined in section 1‑301, subsection 12. 3. An advance m…

The following provisions govern the legal funding contracts used by a litigation funding provider. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] 1. All contracts must be written in a clear and coherent manner using words with common, everyday meanings to enable the aver…

1. A litigation funding provider may not assess fees for any period exceeding 42 months from the date of the contract with the civil litigant. 2. Fees assessed by a litigation funding provider may compound semiannually but may not compound based on any lesser time period. 3. In c…

1. Unless a litigation funding provider has first registered pursuant to this article, the litigation funding provider may not engage in the business of legal funding. 2. Registration must be filed in the manner prescribed by the administrator and must contain the information the…

1. The powers and functions of the administrator are as set forth in Article 6, except that references to "consumer credit transactions" in Article 6 are considered to be references to advances made pursuant to legal funding. 2. The administrator shall maintain a list of all regi…

This Article may be known and cited as "the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009."

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Clerical or support duties. "Clerical or support duties" may include subsequent to the receipt of an application: A. The receip…

1. Requirement. An individual, unless specifically exempted from this Article under subsection 2, may not engage in the business of a mortgage loan originator without obtaining and maintaining annually a license under this Article. Each licensed mortgage loan originator must regi…

1. Application form. An applicant for a license as a mortgage loan originator shall apply using a form prescribed by the administrator. The form must contain content as set forth by rule, instruction or procedure of the administrator and may be changed or updated as necessary by …

The administrator may not issue an applicant a mortgage loan originator license unless the applicant meets the following requirements. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. No license revocation. The applicant has never had a mortgage loan originator license revoked in any gover…

1. Minimum education requirements. In order to meet the prelicensing education requirement set forth in section 13‑105, subsection 4, a person must complete at least 20 hours of education approved in accordance with subsection 2. A. [PL 2013, c. 466, §8 (RP).] B. [PL 2013, c. 466…

1. Written test. In order to meet the written test requirement required under section 13‑105, subsection 5, an individual must pass, in accordance with the standards established under this section, a written test developed by the nationwide mortgage licensing system and registry …

1. Minimum standards. The minimum standards for license renewal for mortgage loan originators include the following: A. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13‑105, subsections 1 to 5; [PL 2009, c. 362, Pt. B, §1 …

1. Requirement. In order to meet the annual continuing education requirements set forth in section 13‑108, subsection 1, paragraph B, a licensed mortgage loan originator must complete at least 8 hours of education approved in accordance with subsection 2. A. [PL 2013, c. 466, §10…

In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry out this requirement, the administrator …

The administrator shall establish a process by which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the administrator.

1. Enforcement. In order to ensure the effective supervision and enforcement of this Article, the administrator may, pursuant to this Title and the Maine Administrative Procedure Act: A. Deny, suspend, revoke, condition or decline to renew a license for a violation of this Articl…

Mortgage loan originators must comply with either subsection 1 or subsection 2. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Surety bond. Unless in compliance with subsection 2, a mortgage loan originator must be covered by a surety bond in accordance with this subsection. A. In the ev…

1. Protections. Notwithstanding any provision of law to the contrary and except as otherwise provided in federal Public Law 110-289, Section 1512, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to t…

In addition to any authority allowed under this Article, the administrator may conduct an investigation and examination as follows. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Authority to access information. For purposes of initial licensing, license renewal, license suspension, lice…