Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 142 - CHARGES PERMITTED FOR PREPAYMENT OF CERTAIN CONSUMER LOANS (Reg. 42)
Section 029-142-II - PURPOSE

This rule establishes guidelines to be followed by a supervised financial organization that assesses a charge intended to recover reasonable loan origination costs upon full repayment, through refinancing or otherwise, of a consumer loan secured by an interest in land, when repayment occurs prior to the end of the loan's contractual term, or in the case of open-end credit secured by land, when the balance is reduced to zero and the open-end credit plan is terminated by the consumer prior to the contractual termination date of the open-end credit plan. This rule does not permit a supervised financial organization to assess a prepayment charge or prepayment penalty designed to recover anticipated revenue.