9-A §8-202. Form of disclosure; additional information; tabular format required for certain credit and charge card disclosures - Maine Statutes

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 8: TRUTH-IN-LENDING

Part 2: DISCLOSURE REQUIREMENTS

§8-202. Form of disclosure; additional information; tabular format required for certain credit and charge card disclosures

1. Information required by this Article shall be disclosed clearly and conspicuously, in accordance with regulations of the administrator. The terms "annual percentage rate" and "finance charge" shall be disclosed more conspicuously than other terms, data or information provided in connection with a transaction, except information relating to the identity of the creditor. Except as provided in subsection 3, regulations of the administrator need not require that disclosures pursuant to this Article be made in the order set forth in this Article and, except as otherwise provided, may permit the use of terminology different from that employed in this Article if it conveys substantially the same meaning.

[ 1989, c. 472, §1 (AMD) .]

2. Any creditor may supply additional information or explanation with any disclosures required under this Article, except as provided in section 8-206, subsection 2.

[ 1981, c. 243, §25 (NEW) .]

3. Tabular format shall be required for certain disclosures under section 8-205, subsection 3.

A. The information described in section 8-205, subsection 3, paragraph A, subparagraph (i); section 8-205, subsection 3, paragraph C, subparagraph (ii), division (a), subdivision (1); section 8-205, subsection 3, paragraph D, subparagraph (i) and subparagraph (iii), division (a), subdivision (1) shall be:

(i) Disclosed in the form and manner which the administrator shall prescribe by regulations; and

(ii) Placed in a conspicuous and prominent location on or with any written application, solicitation or other document or paper with respect to which that disclosure is required. [1989, c. 472, §1 (NEW).]

B. Tabular format shall be as follows:

(i) In the regulations prescribed under paragraph A, subparagraph (i), the administrator shall require that the disclosure of the information shall, to the extent the administrator determines to be practicable and appropriate, be in the form of a table which:

(a) Contains clear and concise headings for each item of the information; and

(b) Provides a clear and concise form for stating each item of information required to be disclosed under each heading.

(ii) In prescribing the form under subparagraph (i), the administrator may:

(a) List the items required to be included in the table in a different order than the order in which those items are set forth in section 8-205, subsection 3, paragraph A, subparagraph (i) or paragraph D, subparagraph (i); and

(b) Subject to subparagraph (iii), employ terminology which is different from the terminology which is employed in section 8-205, subsection 3, if that terminology conveys substantially the same meaning.

(iii) Either the heading or the statement under the heading which relates to the time period referred to in section 8-205, subsection 3, paragraph A, subparagraph (i), division (c) shall contain the term "grace period." [1989, c. 472, §1 (NEW).]

SECTION HISTORY

1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD). 1989, c. 472, §1 (NEW). 1989, c. 472, §1 (AMD).