An Act To Amend the Maine Consumer Credit Code Regarding Interest Charged on Deferred Payments
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §3-308, sub-§3, as amended by PL 2001, c. 482, §1, is further amended to read:
3. A schedule of payments may provide for the deferral of the first periodic payment subsequent to any down payment for a period of not more than 12 months, except that interest or costs may not accrue in connection with the deferral of the first periodic payment if the deferral is for a period of time in excess of 90 120 days;
Effective 90 days following adjournment of the 125th Legislature, First Regular Session, unless otherwise indicated.