9-A M.R.S. § 2-507
This is the official text of 9-A M.R.S. § 2-507, 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 §2-507. Attorney's fees and collection costs
Official statutory text
1. With respect to a consumer credit sale or lease, or a supervised loan, the agreement may not provide for the payment by the consumer of attorney's fees or any other collection cost. A provision in violation of this section is unenforceable. [PL 1973, c. 762, §1 (NEW).]
2. With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision in violation of this subsection is unenforceable. [PL 1973, c. 762, §1 (NEW).]
3. [PL 1981, c. 618, §6 (RP).]
2. With respect to any other consumer credit transaction, the agreement may provide for the payment by the debtor of reasonable attorney's fees not in excess of 15% of the unpaid debt after default and referral to an attorney not a salaried employee of the creditor, but the agreement may not provide for the payment by the consumer of any other collection costs. A provision in violation of this subsection is unenforceable. [PL 1973, c. 762, §1 (NEW).]
3. [PL 1981, c. 618, §6 (RP).]
Status: in_force · Read it on the official government site
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