Title 9-A: MAINE CONSUMER CREDIT CODE

Article 9: CONSUMER CREDIT TRANSACTIONS MADE TO ACQUIRE REAL ESTATE OR SECURED BY FIRST-LIEN MORTGAGES

Part 3: REGULATION OF AGREEMENTS AND PRACTICES

§9-313. Rate locks

If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall:   [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

1.  Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;  

[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

2.  Select a time period within which the loan can reasonably be expected to close; and  

[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

3.  Use good faith efforts to close the loan within the rate lock period.  

[PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

SECTION HISTORY

PL 2007, c. 273, Pt. A, §27 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).