Me. Stat. tit. 9-B § 432

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

Section 432 - Interest on loans

1.Interest absent in writing. The maximum legal rate of interest on a loan made by a financial institution, in the absence of an agreement in writing establishing a different rate, shall be 6 percent per year.

[1975, c. 500, §1 (NEW).]

2.Interest: noncommercial or consumer loans.

A. The legal rate of interest, whether set forth in writing or not, on a noncommercial or consumer loan, shall be established in accordance with and subject to the limitations set forth in Title 9-A.

A loan made by a financial institution which is secured by a first mortgage on real estate shall not be within the interest limitations set forth in Title 9-A; provided that the security interest in real estate is not given for purpose of evading said Title 9-A. [1975, c. 500, §1 (NEW).]

[1975, c. 500, §1 (NEW).]

9-B M.R.S. § 432

1975, c. 500, § 1 (NEW) .