Maine Revised Statutes Title 9-A Sec. 2-308 – Regular schedule of payments; maximum loan term
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1. Except as provided in section 3?308, supervised loans, not made pursuant to open-end credit and in which the amount financed is $1,000 or less and the principal of which is payable in more than a single payment, must be scheduled to be payable in substantially equal installments at equal periodic intervals except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor and over a period of not more than 25 months.
A. [PL 1985, c. 763, Pt. A, §29 (RP).]
B. [PL 1985, c. 763, Pt. A, §29 (RP).]
[PL 1997, c. 727, Pt. B, §8 (AMD).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 2-308
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
2.
[PL 1997, c. 727, Pt. B, §9 (RP).]
3.
[PL 1995, c. 614, Pt. A, §3 (RP).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 173, §1 (AMD). PL 1985, c. 113, §1 (AMD). PL 1985, c. 763, §§A29,30 (AMD). PL 1985, c. 819, §A11 (AMD). PL 1995, c. 614, §A3 (AMD). PL 1997, c. 727, §§B8,9 (AMD).