2012 Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES
9-A §9-313. Rate locks
Part 3: REGULATION OF AGREEMENTS AND PRACTICES
§9-313. Rate locks
If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall: [2007, c. 273, Pt. A, §27 (NEW); 2007, c. 273, Pt. A, §41 (AFF).]
1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
[ 2007, c. 273, Pt. A, §27 (NEW); 2007, c. 273, Pt. A, §41 (AFF) .]
2. Select a time period within which the loan can reasonably be expected to close; and
[ 2007, c. 273, Pt. A, §27 (NEW); 2007, c. 273, Pt. A, §41 (AFF) .]
3. Use good faith efforts to close the loan within the rate lock period.
[ 2007, c. 273, Pt. A, §27 (NEW); 2007, c. 273, Pt. A, §41 (AFF) .]
SECTION HISTORY
2007, c. 273, Pt. A, §27 (NEW). 2007, c. 273, Pt. A, §41 (AFF).
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