Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 150 - AUTHORIZATION OF RATE TABLES TO DETERMINE UNEARNED FINANCE CHARGE
Section 030-150-1 - Rate Table Requirements

Universal Citation: 02 ME Code Rules ยง 030-150-1

Current through 2024-38, September 18, 2024

The administrator will authorize the use of any actuarial table for ascertaining the unearned finance charge on certain precomputed transactions subject to the provisions of Section 2-510 that are prepaid in full with no significant prepayment made at any time before the scheduled maturity, provided that such tables:

A. Do not deviate by more than 1/2 of 1% from the rate of the finance charge required to be disclosed to the consumer pursuant to law and based on the assumption that all payments are made as originally scheduled or as deferred; and

B. Take into consideration days as well as months in computing refunds of unearned interest. For example, when prepayment is not made on a scheduled due date, the time remaining for the period following prepayment shall be the number of days between the date of prepayment and the next scheduled due date, not counting the day of repayment but counting the day of the scheduled payment, and the full computational periods following the date of the scheduled due date of the final installment of the transaction.

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