02-030-150 Me. Code R. § 2
Current through 2024-51, December 18, 2024
Rate tables shall not be used in precomputed transactions when a significant prepayment is made at any time prior to prepayment in full. When a significant prepayment has been made, refunds shall be calculated by recasting all payments in accordance with the actuarial method; see Title 9-A, M.R.S.A. Section 2-510(3).
For purposes of this Rule, a significant prepayment is defined as any payment which is at least three times the size of the contracted payment amount.
NOTE: Consumer credit transactions may not contract for a refund of finance charges according to the Rule of 78ths after January 1, 1982; 9-A M.R.S.A., Section2-510(3), P.L. 1979, c. 661, §§ 2-3.
02-030 C.M.R. ch. 150, § 2