Sec. 1. 9-A MRSA §6-203, sub-§3-A, as enacted by PL 1993, c. 268, §2, is amended to read:

3-A. Notwithstanding subsections 2 and 3, lenders who are supervised financial organizations shall pay a volume fee of $20 for each $100,000, or part thereof, of the original unpaid balances arising from or taken by assignment from consumer credit transactions entered into in this a fee of $10 for each new consumer credit transaction that is either entered into with a consumer in the State or taken by assignment from an assignor who has entered into a transaction with a consumer in the State during the previous calendar year. A refinancing of a loan is not considered a new loan for purposes of calculating the fee required by this subsection if the refinancing is completed within 5 years of the closing on the prior loan.

Sec. 2. 9-A MRSA §6-203, sub-§3-B, as enacted by PL 1993, c. 268, §2, is repealed.

SUMMARY

This bill reduces to $10 for each $100,000 the volume fee for loans secured by an interest in land.