9-A M.R.S. § 2-701
This is the official text of 9-A M.R.S. § 2-701, 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 §2-701. Engaging in pretense to evade requirements of this Article prohibited
Official statutory text
An entity covered by this Article may not engage in any device, subterfuge or pretense to evade the requirements of this Article, including, but not limited to, making a loan disguised as a personal property sale and leaseback transaction, disguising loan proceeds as a cash rebate for the pretextual installment sale of goods or services or making, offering, assisting or arranging a debtor to obtain a loan with a greater rate of interest, consideration or charge than is permitted by this Article through any method. A loan made in violation of this Part is void and uncollectible as to any principal, fee, interest or charge. [PL 2021, c. 297, §1 (NEW).]
Status: in_force · Read it on the official government site
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