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Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 10-309. Rate locks

Current as of January 01, 2025 | Updated by Findlaw Staff

If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall:

1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;

2. Select a time period within which the loan can reasonably be expected to close; and

3. Use good faith efforts to close the loan within the rate lock period.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 10-309. Rate locks - last updated January 01, 2025 | https://codes.findlaw.com/me/title-9-a-maine-consumer-credit-code/me-rev-st-tit-9-a-sect-10-309/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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