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| 3.__Notwithstanding subsections 1 and 2, a creditor that complies | | with Title 14, sections 6071 and 6073 is entitled to the remedies | | provided in those sections when an instrument that the creditor has | | taken in connection with a consumer loan, consumer lease or | | consumer credit sale is dishonored. |
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| | | Sec. 7. 9-A MRSA §9-309, as enacted by PL 1987, c. 396, §12, is | | amended to read: |
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| | | §9-309. Real estate appraisals; copies |
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| | | Anywhichany | | 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, | | 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. 8. 9-B MRSA §447, as enacted by PL 1987, c. 265, §2, is | | amended to read: |
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| | | §447. Real estate appraisals; copies |
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| | | Anywhichany | | 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 | | financial institution shall provide a copy to the applicant | | according to the terms set forth in 12 Code of Federal | | Regulations, 202.5a(2)(11). |
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| | | Sec. 9. 10 MRSA §1320, sub-§§2-A and 2-B, as enacted by PL 1991, c. 453, | | §4 and affected by §10, are repealed. |
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| | | This bill conforms certain portions of Maine's consumer credit | | laws to federal law and makes other changes in order to reduce | | the regulatory burden on Maine lenders and to encourage out-of- | | state lenders to make loans in Maine. |
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