Maine Revised Statutes Title 9-A Sec. 3-506 – Limitation
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Terms Used In Maine Revised Statutes Title 9-A Sec. 3-506
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- 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
This Part does not apply to any consumer credit transaction covered by Article 8?A and subject to the right of rescission pursuant to the Federal Truth in Lending Act, 15 United States Code § 1601 et seq., nor does it apply to any sale, by any dealer or agent or salesperson of a registered dealer, registered pursuant to Title 32, chapter 135, of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to Title 32, chapter 135 or expressly exempt from registration thereof. [PL 2011, c. 427, Pt. D, §11 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1977, c. 564, §45 (AMD). PL 1981, c. 698, §19 (AMD). PL 1987, c. 129, §62 (AMD). PL 2005, c. 65, §C4 (AMD). PL 2011, c. 427, Pt. D, §11 (AMD).