Sec. 1. 9-A MRSA §2-401, sub-§2, ķA, as amended by PL 1997, c. 727, Pt. B, §10, is further amended to read:

A. The total of:

(i) 30% 24% per year on that part of the unpaid balances of the amount financed that is $2,000 $1,000 or less;

(ii) 24% 21% per year on that part of the unpaid balances of the amount financed that is more than $2,000 $1,000 but does not exceed $4,000 $2,000; and

(iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000 $2,000.

SUMMARY

This bill reduces the amount that may be charged by a lender as a finance charge for a consumer loan.