§1121. Purpose The purpose of this chapter is to enable the average consumer, who makes a reasonable effort under ordinary circumstances, to read and understand the terms of loan and lease documents without having to obtain the assistance of a professional. [PL 1985, c. 763, Pt. A, §66 (AMD).] SECTION HISTORY PL 1979, c. […]
§1122. Definitions As used in this chapter unless the context clearly indicates otherwise, the following terms shall have the following meanings. [PL 1979, c. 483 (NEW).] 1. Agreement. “Agreement” means any writing which is substantially prepared in advance of a consumer loan or consumer lease and which a supervised lender or lessor furnishes to […]
§1123. Scope 1. Application. Except as provided in subsection 2, this chapter applies to any agreement signed in connection with a consumer loan or consumer lease entered into in this State between a consumer who is a resident of this State at the time of the loan or lease and a supervised lender or lessor. […]
§1124. Requirements for agreements After October 1, 1982, every consumer loan agreement, and after January 1, 1987, every consumer lease agreement, shall be: [PL 1985, c. 763, Pt. A, §71 (AMD).] 1. Plain language. Written in a clear and coherent manner using words with common and everyday meanings; and [PL 1981, c. 236, […]
§1125. Enforcement A supervised lender’s or lessor’s failure to comply with the requirements of section 1124 shall constitute a violation of Title 9‑A which shall be enforceable under Title 9‑A, section 6‑108. [PL 1985, c. 763, Pt. A, §72 (AMD).] SECTION HISTORY PL 1979, c. 483 (NEW). PL 1985, c. 763, §A72 (AMD).
§1126. Certification of compliance 1. Certification. A supervised lender or lessor, or any trade organization or association acting on behalf of supervised lenders or lessors, may submit any proposed form of agreement to the Office of Consumer Credit Regulation or, in the case of forms of agreement from supervised financial organizations, the Bureau of Financial […]
