9-A §8-501. Short title
§8-501. Short title This Article may be known and cited as the “Maine Consumer Credit Code – Truth-in-Lending.” [PL 2011, c. 427, Pt. A, §15 (NEW).] SECTION HISTORY PL 2011, c. 427, Pt. A, §15 (NEW).
9-A §8-502. Findings and declaration of purpose
§8-502. Findings and declaration of purpose The Legislature finds that economic stabilization would be enhanced and the competition among the various financial institutions and other firms engaged in the extension of consumer credit would be strengthened by the informed use of credit. The informed use of credit results from an awareness of the cost thereof […]
9-A §8-503. Conformity with federal law
§8-503. Conformity with federal law Unless the context otherwise indicates, any word or phrase that is not defined in this Article but that is defined in the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code, Section 1601 et seq. or its implementing regulation, Regulation Z, […]
9-A §8-504. Maine Consumer Credit Code – Truth-in-Lending
§8-504. Maine Consumer Credit Code – Truth-in-Lending 1. Compliance with Federal Truth in Lending Act. Notwithstanding any other law, a creditor shall comply with the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code, Section 1601 et seq. and its implementing regulations, Regulation Z, 12 Code […]
9-A §8-505. Enforcement
§8-505. Enforcement 1. Enforcement under Article 6. The administrator shall enforce this Article under the provisions of Article 6. When the Superintendent of Financial Institutions is acting as administrator, the superintendent may, in addition to the enforcement authority under Article 6, use any authority provided in Title 9‑B for the supervision of financial institutions. […]
9-A §8-506. Enhanced restrictions on certain creditors
§8-506. Enhanced restrictions on certain creditors In addition to the compliance requirements of section 8‑504, subsection 1, unless otherwise required by rules adopted pursuant to section 8‑504, subsection 2, a creditor shall comply with the following enhanced restrictions. [PL 2011, c. 427, Pt. A, §15 (NEW).] 1. Definitions. The following definitions apply to the […]
9-A §8-507. Exemption from the Federal Truth in Lending Act
§8-507. Exemption from the Federal Truth in Lending Act 1. Preservation of federal exemption. As required by the Federal Truth in Lending Act, 15 United States Code, Section 1633 and its implementing regulation, Regulation Z, 12 Code of Federal Regulations, Section 1026.29, the administrator may take any action necessary to apply for or to preserve […]
9-A §8-508. Authority of administrator
§8-508. Authority of administrator The administrator, by rule or order, shall prohibit acts or practices in connection with: [PL 2011, c. 427, Pt. A, §15 (NEW).] 1. Unfair or deceptive mortgage loans. The making of a residential mortgage loan that the administrator finds unfair, deceptive or designed to evade the provisions of section 8‑506; […]
9-A §8-509. Credit card and debit card surcharge prohibition
§8-509. Credit card and debit card surcharge prohibition 1. Surcharge prohibited. A seller in a sales transaction may not impose a surcharge on a cardholder who elects to use a credit card or debit card in lieu of payment by cash, check or similar means. For purposes of this section, “surcharge” means any means of […]
9-A §8-510. Disclosure of lists of the names, addresses and account numbers of credit card holders
§8-510. Disclosure of lists of the names, addresses and account numbers of credit card holders 1. Disclosure prohibited. Except as provided in subsection 2, it is unlawful for a person, business, corporation, partnership, agency, financial institution, credit card registration service or other entity to rent, sell, exchange or otherwise disclose or make available to another […]
9-A §8-511. Recurring charges to credit card or charge card accounts
§8-511. Recurring charges to credit card or charge card accounts If a sale of goods, services or insurance is charged to a credit card or charge card account on an annual basis without substantially contemporaneous authorizations by the consumer, the seller shall inform the consumer of the voluntary nature of the charge to the credit […]