Sec. 10. 9-A MRSA §2-202, sub-§7, as amended by PL 1999, c. 184, §1, is repealed.

Sec. 11. 9-A MRSA §2-401, sub-§2, as amended by PL 1997, c. 727, Pt. B, §10, is repealed.

Sec. 12. 9-A MRSA §2-401, sub-§2-A is enacted to read:

2-A.__With respect to a consumer loan, a lender may contract for and receive a finance charge, calculated according to the actuarial method, not exceeding 12% per year on the entire amount of the loan.

Sec. 13. 9-A MRSA §2-401, sub-§8, ¶B, as enacted by PL 1983, c. 87, §2, is amended to read:

B. 18% 12% per year.

Sec. 14. 9-A MRSA §2-401, sub-§9, as enacted by PL 1985, c. 763, Pt. A, §33, is amended to read:

9. Notwithstanding any other subsection, the finance charge on an insurance premium loan may not exceed 18% 12% per year on the unpaid balances of the amount financed, except for any minimum charge that may be allowed pursuant to subsection 7.

Sec. 15. 9-A MRSA §2-402, sub-§3, as amended by PL 1993, c. 618, §1, is further amended to read:

3. Except with respect to loans made pursuant to a lender credit card as provided in subsection 4, the charge earned in each billing cycle may not exceed the greater of the product of the average daily balance times the number of days in the billing cycle times .049315% .032876% or, if the billing cycle is monthly, 1 1/2% 1% of the amount pursuant to subsection 2. A billing cycle is monthly if the closing date of the cycle is the same date each month or does not vary by more than 4 days from the regular date.

Sec. 16. 9-A MRSA §2-402, sub-§5, as enacted by PL 1993, c. 618, §2, is amended to read:

5. With respect to loans made pursuant to a lender credit card, a creditor may not impose a finance charge if it is in