Maine Revised Statutes Title 10 Sec. 1124 – Requirements for agreements
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After October 1, 1982, every consumer loan agreement, and after January 1, 1987, every consumer lease agreement, shall be: [PL 1985, c. 763, Pt. A, §71 (AMD).]
1. Plain language. Written in a clear and coherent manner using words with common and everyday meanings; and
[PL 1981, c. 236, §1 (AMD).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1124
- Agreement: means any writing which is substantially prepared in advance of a consumer loan or consumer lease and which a supervised lender or lessor furnishes to a consumer for the consumer to sign in connection with that loan or lease. See Maine Revised Statutes Title 10 Sec. 1122
- Consumer: means an individual to whom a consumer loan or consumer lease is made. See Maine Revised Statutes Title 10 Sec. 1122
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
2. Meaningful arrangement. Appropriately divided and captioned by its various sections.
[PL 1979, c. 483 (NEW).]
SECTION HISTORY
PL 1979, c. 483 (NEW). PL 1981, c. 236, §1 (AMD). PL 1981, c. 551, §1 (AMD). PL 1985, c. 763, §A71 (AMD).