Bill > LD2056

This bill modifies an existing Maine state law (specifically 9-A MRSA §3-308) governing consumer credit payment schedules by creating an exception that allows for more flexible payment structures in simple interest transactions. Currently, the law requires that consumer credit payments be substantially equal to each other. The proposed change would permit payment schedules where individual payments can vary, as long as no single payment exceeds 50% more than any other payment. This modification provides consumers and creditors with additional flexibility in structuring loan repayment plans. The bill preserves existing exceptions for down payments and transactions with varying payment intervals, and specifically focuses on simple interest transactions—loans where interest is calculated solely on the principal amount. By allowing slight variations in payment amounts, the bill aims to create more adaptable financing options for consumers while still maintaining protections against dramatically unequal payment schedules.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=2056&snum=132