Maine Revised Statutes Title 9-A Sec. 2-509 – Right to prepay
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Terms Used In Maine Revised Statutes Title 9-A Sec. 2-509
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
Subject to the provisions on rebate upon prepayment, section 2?510, the consumer may prepay, in full or in part, the unpaid balance of a consumer credit transaction at any time without penalty, except for minimum charges as permitted by law. Notwithstanding any other provision of this Title, a reasonable charge may be assessed upon a consumer related to prepayment of a consumer loan made by a supervised financial organization and secured by an interest in land, other than a high-cost mortgage loan, as defined in the Federal Truth in Lending Act, 15 United States Code § 1601 et seq. if the charge is reasonably calculated to offset the cost of origination of the loan. The administrator shall adopt rules to implement this section. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2?A. [PL 2011, c. 427, Pt. D, §9 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 2003, c. 263, §1 (AMD). PL 2007, c. 99, §1 (AMD). PL 2007, c. 273, Pt. C, §2 (AMD). PL 2009, c. 362, Pt. C, §1 (AMD). PL 2011, c. 427, Pt. D, §9 (AMD).