Maine Revised Statutes Title 9-A Sec. 3-310 – Variable rate transactions
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1. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor shall make disclosures in accordance with section 8?504.
A. [PL 2013, c. 464, §1 (RP).]
B. [PL 2013, c. 464, §1 (RP).]
C. [PL 2013, c. 464, §1 (RP).]
D. [PL 2013, c. 464, §1 (RP).]
E. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
F. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
G. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
H. [PL 1989, c. 457, §§3, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
[PL 2013, c. 464, §1 (AMD).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 3-310
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
1-A. In connection with a consumer credit transaction in which the interest rate may vary during the term of the transaction, the creditor may only use an index or other method that is beyond its control for determining any increase or decrease in the interest rate.
[PL 1989, c. 457, §§4, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
2. A variation in the interest rate in accordance with the disclosures required by subsection 1 shall not be considered a refinancing under section 2?504 or a change in terms under section 3?204.
[PL 1989, c. 457, §§5, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
3. A variation in the interest rate not in accordance with the disclosures of limits on interest rate changes and examples of the effects of a change made in accordance with subsection 1, shall be considered a charge in excess of that allowed by this Code under section 5?201, subsections 3 and 4.
[PL 1989, c. 457, §§6, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
4. Subsection 1?A does not apply to a consumer loan secured by a savings or time deposit if the difference between the rate of interest on the savings or time deposit and the interest rate on the loan at no time exceeds the difference between the 2 when the loan was made.
[PL 1989, c. 457, §§7, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]
5.
[PL 1987, c. 396, §9 (RP).]
6.
[PL 1987, c. 396, §10 (RP).]
SECTION HISTORY
PL 1981, c. 138 (NEW). PL 1981, c. 579 (AMD). PL 1983, c. 212, §8 (AMD). PL 1983, c. 720, §§14-20 (AMD). PL 1985, c. 336, §§5, 6 (AMD). PL 1985, c. 763, §A38 (AMD). PL 1987, c. 129, §61 (AMD). PL 1987, c. 396, §§9, 10 (AMD). PL 1989, c. 457, §§3-7, 9 (AMD). PL 1989, c. 600, §§B7, 8 (AFF). PL 1999, c. 150, §3 (AMD). PL 2011, c. 427, Pt. A, §10 (AMD). PL 2013, c. 464, §1 (AMD).