| A. With respect to a closed-end transaction secured by the | consumer's principal dwelling with a term greater than one | year, the information required under 12 Code of Federal | Regulations, Section 226.19(b) shall must be disclosed at | the time an application form is provided or before the | consumer pays a nonrefundable fee, whichever is earlier. At | the same time, the consumer shall be informed in writing of | the right to request a hypothetical calculation showing the | effect on the transaction's other terms and schedule of | payments if the annual percentage rate when the credit is | extended were increased once by the maximum amount allowed | at any one time. If the consumer requests the hypothetical | calculation at or before the time of application, the | hypothetical calculation shall be disclosed to the consumer | in writing before the credit is extended. The creditor may | calculate the hypothetical calculation using either the | amortized balance or the original principal balance. |
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| D. With respect to an open-end credit plan other than one | described in paragraph B, the information required by 12 | Code of Federal Regulations, Section 226.6(a)(2) shall must | be disclosed before the first transaction under the plan. | The creditor shall disclose the amount of the increase in | the finance charge that would apply if the interest rate | applicable to the plan, as applied to a balance of $1,000 | for one month, were to increase by the lesser of 5% per year | or the maximum amount allowed under the plan. |
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| | Sec. 4. 9-A MRSA §3-313, as enacted by PL 1987, c. 265, §1, is | amended to read: |
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| §3-313. Real estate appraisals; copies |
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| | Any A creditor which that imposes a fee on any a person for | the cost of an appraisal of any real estate in connection with an | application for credit that is to be secured by a lien on a | dwelling shall furnish to the person, at no cost, applicant a | copy of the appraisal upon written request. A creditor shall | provide a copy to the applicant according to the terms set forth | in 12 Code of Federal Regulations. 202.5a(2)(ii). |
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| | Sec. 5. 9-A MRSA §3-402, sub-§1, ¶B, as enacted by PL 1991, c. 237, is | amended to read: |
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| B. Notwithstanding section 2-507, reasonable charges | incurred in realizing on a security interest in personal | property securing a consumer loan, consumer lease or a | consumer credit sale, other than attorney's fees; and |
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| | Sec. 6. 9-A MRSA §3-402, sub-§3 is enacted to read: |
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