9-A §8-201. General requirement of disclosure - Maine Statutes

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 8: TRUTH-IN-LENDING

Part 2: DISCLOSURE REQUIREMENTS

§8-201. General requirement of disclosure

1. Subject to subsection 2, a creditor shall disclose to the person who is obligated on a consumer credit transaction the information required under this article. A person who regularly extends credit that is payable in installments, or is subject to a finance charge, to consumers for personal, family or household purposes, when such extensions are secured by personal property, real property or both and such property is used or expected to be used as the consumer's principal dwelling, shall also disclose the information required under this article. In a transaction involving more than one obligor, a creditor, except in a transaction under section 8-204, need not disclose to more than one of such obligors if the obligor given disclosure is a primary obligor.

[ 1987, c. 129, §73 (AMD) .]

2. If a transaction involves one creditor as defined in section 1-301, subsection 17, that creditor shall make the disclosures. If a transaction involves more than one creditor, only one creditor shall be required to make the disclosures. The administrator shall by regulation specify which creditor shall make the disclosures.

[ 1981, c. 243, §25 (NEW) .]

3. The administrator may provide by regulation that any portion of the information required to be disclosed by this article may be given in the form of estimates when the provider of that information is not in a position to know exact information. When a portion of the interest on any consumer credit transaction is determined on a per diem basis and collected upon the consummation of the transaction, any disclosure with respect to that portion of interest is deemed accurate for purposes of this Title if the disclosure is based on information actually known to the creditor at the time the disclosure documents are being prepared for the consummation of the transaction.

[ 1995, c. 614, Pt. A, §10 (AMD) .]

4. The administrator shall determine whether tolerances for numerical disclosures other than the annual percentage rate are necessary to facilitate compliance with this Article, and if he determines that those tolerances are necessary to facilitate compliance, he shall by regulation permit disclosures within those tolerances. The administrator shall exercise his authority to permit tolerances for numerical disclosures other than the annual percentage rate so that tolerances are narrow enough to prevent tolerances from resulting in misleading disclosures or disclosures that circumvent the purposes of this Article.

[ 1981, c. 243, §25 (NEW) .]

SECTION HISTORY

1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD). 1987, c. 129, §73 (AMD). 1995, c. 614, §A10 (AMD).