9-A §8-106-A. Number of percentage points
Title 9-A: MAINE CONSUMER CREDIT CODE
Article 8: TRUTH-IN-LENDING
Part 1: GENERAL PROVISIONS
§8-106-A. Number of percentage points
1. Beginning 2 years after the effective date of the regulations adopted under the federal Riegle Community Development and Regulatory Improvement Act of 1994, Public Law No. 103-325, Section 155, 108 Stat. 2160, 2197 (1994) and no more often than biennially after the first increase or decrease in the number of percentage points under this section, the administrator may by rule increase or decrease the number of percentage points specified in section 8-103, subsection 1-A, paragraph FF if the administrator determines that the increase or decrease is:
A. Consistent with the consumer protection against abusive lending provided by amendments made by the federal Riegle Community Development and Regulatory Improvement Act of 1994, Title I, subtitle B, Public Law No. 103-325, 108 Stat. 2160, 2190 (1994); and [1995, c. 326, §4 (NEW).]
B. Warranted by the need for credit. [1995, c. 326, §4 (NEW).]
[ 2007, c. 471, §18 (AFF); 2007, c. 471, §9 (AMD) .]
2. An increase or decrease under subsection 1 may not result in the number of percentage points referred to in subsection 1 being less than 8 percentage points or greater than 12 percentage points.
[ 1995, c. 326, §4 (NEW) .]
3. In determining whether to increase or decrease the number of percentage points referred to in subsection 1, the administrator shall consult with representatives of consumers, including low-income consumers, and lenders.
[ 1995, c. 326, §4 (NEW) .]
The dollar amount specified in section 8-103, subsection 1-A, paragraph FF must be adjusted annually on January 1st by the annual percentage change in the Consumer Price Index, as reported on June 1st of the year preceding the adjustment. [2007, c. 471, §10 (AMD); 2007, c. 471, §18 (AFF).]
This section may not be construed to limit the rate of interest or the finance charge that a person may charge a consumer for an extension of credit. [1995, c. 326, §4 (NEW).]
SECTION HISTORY
1995, c. 326, §4 (NEW). 2007, c. 273, Pt. C, §5 (AMD). 2007, c. 471, §§9, 10 (AMD). 2007, c. 471, §18 (AFF).