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USA Statutes : maine
Title : Title 10. COMMERCE AND TRADE
Chapter : Chapter 202. CONSUMER LOAN AND LEASE AGREEMENTS
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Title 10 - §1121. Purpose
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 202: CONSUMER LOAN AND LEASE AGREEMENTS
§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.
[1985, c. 763, Pt. A, § 66 (amd).]
Section History:
PL 1979,
Ch. 483,
§
(NEW).
PL 1985,
Ch. 763,
§A66
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 10 - §1123. Scope
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 202: CONSUMER LOAN AND LEASE AGREEMENTS
§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.
[1985, c. 763, Pt. A, § 70 (amd).]
2. Exclusions. This chapter does not apply:
A. To consumer loans or consumer leases in which the amount financed or in the case of consumer leases, the capitalized cost
of the leased property, exceeds $100,000; and
[1985, c. 763, Pt. A, § 70 (amd).]
B. To language or arrangement which is specifically required by federal or state law, regulation or official agency interpretation;
or to agreements, the form or any part of which is required by any governmental instrumentality as a condition of the assignability
of the agreement.
[1979, c. 483 (new).]
[1985, c. 763, Pt. A, § 70 (amd).]
Section History:
PL 1979,
Ch. 483,
§
(NEW).
PL 1985,
Ch. 763,
§A70
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 10 - §1124. Requirements for agreements
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 202: CONSUMER LOAN AND LEASE AGREEMENTS
§1124. Requirements for agreements
After October 1, 1982, every consumer loan agreement, and after January 1, 1987, every consumer lease agreement, shall be:
[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
[1981, c. 236, § 1 (amd).]
2. Meaningful arrangement. Appropriately divided and captioned by its various sections.
[1979, c. 483 (new).]
Section History:
PL 1979,
Ch. 483,
§
(NEW).
PL 1981,
Ch. 236,
§1
(AMD).
PL 1981,
Ch. 551,
§1
(AMD).
PL 1985,
Ch. 763,
§A71
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 10 - §1125. Enforcement
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 202: CONSUMER LOAN AND LEASE AGREEMENTS
§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.
[1985, c. 763, Pt. A, § 72 (amd).]
Section History:
PL 1979,
Ch. 483,
§
(NEW).
PL 1985,
Ch. 763,
§A72
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007Title 10 - §1126. Certification of compliance
Title 10: COMMERCE AND TRADE
Part 3: REGULATION OF TRADE
Chapter 202: CONSUMER LOAN AND LEASE AGREEMENTS
§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 Institutions. Within 45 days, the office or bureau shall
either certify the form as complying with the requirements of section 1124 or refuse to certify the form as complying, setting
forth written reasons for its refusal. Failure by the office or bureau to act under this section within 45 days is considered
a certification of the form's compliance. A certification of compliance under this section is an absolute bar to any legal
proceeding by the director or superintendent for failure to comply with the requirements of section 1124.
[2001, c. 44, §8 (amd); §14 (aff).]
2. Fees. Any form of agreement submitted to the office under this section must be accompanied by a fee of $25. The period within
which the office must act under this section commences upon receipt of the fee. The fees received under this section are to
be used by the director for the purposes of this chapter. The balance of any fees so received does not lapse.
[RR 1995, c. 1, §6 (cor); §7 (aff).]
Section History:
PL 1979,
Ch. 483,
§
(NEW).
PL 1981,
Ch. 236,
§2
(AMD).
PL 1981,
Ch. 501,
§82
(AMD).
PL 1981,
Ch. 551,
§2
(AMD).
PL 1985,
Ch. 763,
§A73
(AMD).
PL 1995,
Ch. 309,
§17
(AMD).
PL 1995,
Ch. 309,
§29
(AFF).
RR 1995,
Ch. 1,
§6
(COR).
RR 1995,
Ch. 1,
§7
(AFF).
PL 2001,
Ch. 44,
§14
(AFF).
PL 2001,
Ch. 44,
§8
(AMD).
The Revisor's Office cannot provide legal advice or
interpretation of Maine law to the public. If you need legal
advice, please consult
a qualified attorney.
Office of the Revisor of Statutes
7 State House Station
State House Room 108
Augusta, Maine 04333-0007
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