§10-303. Requirement for written disclosure
Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following:
[PL 2005, c. 274, §10 (AMD).]
1.
The existence and purpose of the surety bond on file with the State, and the procedure for instituting an action against that bond;
[PL 1989, c. 70, §3 (NEW).]
2.
The requirement that all fees from the consumer, other than bona fide 3rd-party fees, be placed in an escrow account; and
[PL 1989, c. 70, §3 (NEW).]
3.
The requirement for a written, signed agreement between the parties.
[PL 1989, c. 70, §3 (NEW).]
SECTION HISTORY
PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §10 (AMD).