Sec. 1. 9-A MRSA §2-502, sub-§3, as amended by PL 1977, c. 564, §44, is repealed.

Sec. 2. 9-A MRSA §2-502, sub-§3-A is enacted to read:

3-A.__In connection with collecting a debt, a delinquency charge under subsection 1, paragraph A may not be collected on a payment if the only delinquency is attributable to late fees or delinquency charges assessed on earlier installments, and the payment is otherwise a full payment for the applicable period and is paid on its due date, or within the applicable grace period.__For the purposes of this subsection, "collecting a debt" means any activity, other than the use of judicial process, that is intended to bring about or does bring about repayment of all or part of the money due or alleged to be due from a consumer.

SUMMARY

This bill makes the Maine Revised Statues, Title 9-A, section 2-502, subsection 3 consistent with the Federal Reserve Board's Regulation AA, 12 Code of Federal Regulations, Part 227.15 and the Federal Trade Commission's Trade Regulation Rule on credit practices involving the collection of delinquency charges, 16 Code of Federal Regulations, Part 444.4.