CHAPTER 55
S.P. 100 - L.D. 338
An Act To Clarify the Applicability of the Maine Consumer Credit Code to Affordable Housing Organizations
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §1-202, sub-§7, as amended by PL 1987, c. 129, §10, is further amended to read:
7. A loan or consumer credit sale made exclusively for the purpose of deferring or financing educational expenses and on which the finance charge does not exceed that rate per year on the unpaid balances of the amount financed, as shall be established by federal law, or, for loans or consumer credit sales for which federal law does not establish a rate, the highest rate established for educational loans under any federal program and which is insured, guaranteed, subsidized or made directly by the Federal Government, a state, a nonprofit private loan guaranty or organization, by the educational institution itself or through an endowment or trust fund affiliated with such an institution; or
Sec. 2. 9-A MRSA §1-202, sub-§8, ¶C, as amended by PL 1987, c. 396, §2, is further amended to read:
C. With respect to a creditor other than a supervised financial organization, the exemption provided by this subsection shall apply applies to articles II Articles 2, III 3, IV 4 and V 5 only.; or
Sec. 3. 9-A MRSA §1-202, sub-§10 is enacted to read:
10. A no-interest loan or credit sale by a nonprofit organization that assists in building or renovating housing for those in need. The exclusion in this subsection does not apply to Article 6, Part 1; section 6-201; section 6-202; section 6-203, subsection 1; section 6-204; or Article 8.
Effective September 17, 2005.
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