2009 Maine Code
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 10: LOAN BROKERS
9-A §10-303. Requirement for written disclosure
Title 9-A: MAINE CONSUMER CREDIT CODE
Article 10: LOAN BROKERS HEADING: PL 1989, C. 70, §3 (NEW); 2005, C. 683, PT. B, §3 (RPR)
Part 3: REGULATION OF PRACTICES HEADING: PL 1989, C. 70, §3 (NEW)
§10-303. Requirement for written disclosure
Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following: [2005, c. 274, §10 (AMD).]
1. The existence and purpose of the surety bond on file with the State, and the procedure for instituting an action against that bond;
[ 1989, c. 70, §3 (NEW) .]
2. The requirement that all fees from the consumer, other than bona fide 3rd-party fees, be placed in an escrow account; and
[ 1989, c. 70, §3 (NEW) .]
3. The requirement for a written, signed agreement between the parties.
[ 1989, c. 70, §3 (NEW) .]
SECTION HISTORY
1989, c. 70, §3 (NEW). 2005, c. 274, §10 (AMD).
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