9-A M.R.S. § 1-102
This is the official text of 9-A M.R.S. § 1-102, part of Maine’s M.R.S — part of the compiled statutory law of Maine, published by the state as "M.R.S." Browse the sections below, each linked to its official government source.
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9-A §1-102. Purposes; rules of construction
Official statutory text
1. This Act shall be liberally construed and applied to promote its underlying purposes and policies. [PL 1973, c. 762, §1 (NEW).]
2. The underlying purposes and policies of this Act are: A. To simplify, clarify and modernize the law governing retail installment sales, consumer credit, small loans and usury; [PL 1973, c. 762, §1 (NEW).] B. To provide rate ceilings to assure an adequate supply of credit to consumers; [PL 1973, c. 762, §1 (NEW).] C. To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost; [PL 1973, c. 762, §1 (NEW).] D. To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors; [PL 1973, c. 762, §1 (NEW).] E. To permit and encourage the development of fair and economically sound consumer credit practices; and [PL 1973, c. 762, §1 (NEW).] F. To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]
3. A reference to a requirement imposed by this Act includes reference to a related rule of the administrator adopted pursuant to this Act. [PL 1973, c. 762, §1 (NEW).]
2. The underlying purposes and policies of this Act are: A. To simplify, clarify and modernize the law governing retail installment sales, consumer credit, small loans and usury; [PL 1973, c. 762, §1 (NEW).] B. To provide rate ceilings to assure an adequate supply of credit to consumers; [PL 1973, c. 762, §1 (NEW).] C. To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost; [PL 1973, c. 762, §1 (NEW).] D. To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors; [PL 1973, c. 762, §1 (NEW).] E. To permit and encourage the development of fair and economically sound consumer credit practices; and [PL 1973, c. 762, §1 (NEW).] F. To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]
3. A reference to a requirement imposed by this Act includes reference to a related rule of the administrator adopted pursuant to this Act. [PL 1973, c. 762, §1 (NEW).]
Status: in_force · Read it on the official government site
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