Me. Stat. tit. 9-A § 10-309

Current through 131st (2023-2024) Legislature Chapter 634

Section 10-309 - Rate locks

If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall: [2007, c. 273, Pt. A, §33 (NEW); 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;

[2007, c. 273, Pt. A, §33 (NEW); 2007, c. 273, Pt. A, §41 (AFF).]

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

[2007, c. 273, Pt. A, §33 (NEW); 2007, c. 273, Pt. A, §41 (AFF).]

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

[2007, c. 273, Pt. A, §33 (NEW); 2007, c. 273, Pt. A, §41 (AFF).]

9-A M.R.S. § 10-309

2007, c. 273, Pt. A, §33 (NEW) . 2007, c. 273, Pt. A, §41 (AFF) .