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Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 2-504. Finance charge on refinancing

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

With respect to a consumer credit transaction, except a consumer lease, the creditor by agreement with the consumer may refinance the unpaid balance and contract for and receive a finance charge based on the amount financed resulting from the refinancing at a rate not exceeding that permitted by the provisions on finance charge for consumer credit sales other than open-end credit, section 2-201, if a consumer credit sale is refinanced, or for consumer loans, section 2-401, if a consumer loan is refinanced. For the purpose of determining the finance charge permitted, the amount financed resulting from the refinancing is composed of the following:

1. An amount equal to:

A. If the transaction was not precomputed, the total of the unpaid balance and the accrued charges, with the exception of any minimum charge, on the date of the refinancing; or

B. If the transaction was precomputed, the amount which the consumer would have been required to pay upon prepayment pursuant to the provision on rebate upon prepayment, section 2-510, on the date of refinancing, but for the purpose of computing this amount no minimum charge is permitted; and

2. Appropriate additional charges, section 2-501, payment of which is deferred.

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Cite this article: FindLaw.com - Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 2-504. Finance charge on refinancing - last updated January 01, 2025 | https://codes.findlaw.com/me/title-9-a-maine-consumer-credit-code/me-rev-st-tit-9-a-sect-2-504/

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