An Act Regarding the Regulation of Consumer Finance Companies
Sec. 1. 9-A MRSA §2-401, sub-§2, as amended by PL 1997, c. 727, Pt. B, §10, is further amended to read:
(i) 30% per year on that part of the unpaid balances of the amount financed that is $2,000 $4,000 or less;
(ii) 24% per year on that part of the unpaid balances of the amount financed that is more than $2,000 $4,000 but does not exceed $4,000 $8,000; and
(iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000 $8,000.
Notwithstanding paragraph A, with respect to a consumer loan in which the amount financed exceeds $8,000 $12,000, a lender may not contract for and receive a finance charge calculated according to the actuarial method in excess of 18% per year on the entire amount of the loan.
summary
This bill updates the allowable finance charges on consumer loans by companies subject to the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection.