Sec. 1. 9-A MRSA §2-201, sub-§2, as amended by PL 1997, c. 727, Pt. B, §3, is repealed.

Sec. 2. 9-A MRSA §2-201, sub-§2-A is enacted to read:

2-A.__Notwithstanding this section, the finance charge allowable on any transaction involving a credit card purchase may not exceed 29% per year on the unpaid balance of the amount financed.

Sec. 3. 9-A MRSA §2-201, sub-§5, as enacted by PL 1973, c. 762, §1, is amended to read:

5. Subject to classifications and differentiations the seller may reasonably establish, he the seller may make the same finance charge on all amounts financed within a specified range. A That finance charge so made does not violate subsection 2 2-A if:

A. When applied to the median amount within each range, it does not exceed the maximum permitted by subsection 2 2-A; and

B. When applied to the lowest amount within each range, it does not produce a rate of finance charge exceeding the rate calculated according to paragraph A by more than 8% of the rate calculated according to paragraph A.

Sec. 4. 9-A MRSA §2-201, sub-§6, as repealed and replaced by PL 1975, c. 298, §1, is amended to read:

6. Notwithstanding subsection 2 2-A, the seller may contract for and receive a minimum charge of not more than:

A. Five dollars when the amount financed does not exceed $75;

B. Seven dollars and fifty cents when the amount financed exceeds $75, but is less than $250; or

C. Twenty-five dollars when the amount financed is $250 or more and when, within 30 days from the date of the transaction, the agreement is assigned by the seller, other than a seller of motor vehicles, to an assignee having no corporate relationship to the seller-assignor.

Sec. 5. 9-A MRSA §2-202, sub-§8 is enacted to read: