| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 9-A MRSA §3-202, as repealed and replaced by PL 1981, c. | 618, §7, is repealed and the following enacted in its place: |
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| §3-202.__Entitlement to copy of written agreement |
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| | When a written agreement that requires or provides for the | signature of the consumer and that evidences a consumer credit | transaction other than one pursuant to open-end credit, the | consumer is entitled to a copy of the agreement upon request to | the creditor. |
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| | Sec. 2. 9-A MRSA §3-204, sub-§2, as amended by PL 1983, c. 720, §11, | is further amended to read: |
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| | 2. A creditor may change the terms of an open-end credit | account whether or not the change is authorized by prior | agreement. Except as provided in subsections 3 and 3-A, the | creditor shall give to the consumer written notice of any change | of terms relating to penalties, interest or other charges at | least 30 days before the effective date of the change. Any | Except when an open-end credit account involving the use of a | credit card, a change of terms which that would increase any | penalty, interest or other charges may not affect outstanding | balances incurred prior to the effective date of any such change | unless: |
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| A. The creditor includes in the notice of change an offer | to finance by a separate loan arrangement the outstanding | unpaid balance as of the effective date of the change at the | same rate of interest with the same repayment schedule as | applies to that open-end credit account; |
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| B. The consumer may accept the offer of a separate loan | arrangement with respect to the then existing unpaid balance | anytime prior to 7 days before the change is to become | effective; |
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| C. The creditor has legal authority to make such a loan; | and |
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| D. No minimum finance charge is assessed nor prepayment | penalty charged on the loan. |
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| | Sec. 3. 9-A MRSA §3-310, sub-§1, ¶¶A and D, as repealed and replaced by | PL 1989, c. 457, §§3 and 9 and affected by c. 600, Pt. B, §§7 and | 8, are amended to read: |
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