9-A §8-107. Exemption - Maine Statutes

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 8: TRUTH-IN-LENDING

Part 1: GENERAL PROVISIONS

§8-107. Exemption

1. The administrator may make application to the Federal Reserve Board for a determination that under the laws of this State any class of credit transaction within this State is subject to requirements substantially similar to federal requirements and that there is adequate provision for enforcement.

[ 1981, c. 243, §25 (NEW) .]

2. This Article shall not apply to any class of credit transactions within this State which are subject to the requirements of Title 1 of the Federal Consumer Credit Protection Act enacted by Congress, unless any such class of transactions has first been exempted by a regulation of the Board of Governors of the Federal Reserve Board and that exemption remains in effect.

[ 1981, c. 243, §25 (NEW) .]

SECTION HISTORY

1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).