Maine Revised Statutes Title 9-A Sec. 9-314 – Prepayment penalty riders
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Terms Used In Maine Revised Statutes Title 9-A Sec. 9-314
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Contract: A legal written agreement that becomes binding when signed.
A supervised lender may not impose a prepayment penalty provision through use of a rider or amendment to the loan contract if the terms of the loan contract state that no such prepayment penalty may be imposed or that such a penalty is not specifically authorized under state law. [PL 2007, c. 273, Pt. A, §28 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §28 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).