Prepayment penalty riders

  1. Law
  2. Maine Revised Statutes
  3. MAINE CONSUMER CREDIT CODE
  4. CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES
  5. REGULATION OF AGREEMENTS AND PRACTICES
  6. Prepayment penalty riders

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§9-314. Prepayment penalty riders

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).


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