SP0184
LD 455
Session - 127th Maine Legislature
 
LR 1458
Item 1
Bill Tracking, Additional Documents Chamber Status

An Act To Prohibit Deceptive Practices Regarding Unsolicited Loans

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 9-A MRSA §3-201, sub-§1,  as amended by PL 1987, c. 129, §54, is further amended to read:

1.    No creditor may engage in this State in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit transaction or an open-end credit plan. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

Sec. 2. 9-A MRSA §9-301, sub-§1,  as enacted by PL 1987, c. 396, §12, is amended to read:

1.    No creditor may engage in this State in false or misleading advertising concerning the terms and conditions of a consumer credit transaction subject to this article. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

Sec. 3. 9-B MRSA §242, sub-§5  is enacted to read:

5 Unsolicited loan offers.   A financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

summary

This bill prohibits financial institutions and creditors from mailing unsolicited loan offers in the form of checks that when cashed by the recipient constitute acceptance of a loan.


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