9-A §8-208-A. Certain limitations on liability - Maine Statutes

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 8: TRUTH-IN-LENDING

Part 2: DISCLOSURE REQUIREMENTS

§8-208-A. Certain limitations on liability

1. For any closed-end consumer credit transaction subject to this Title that is secured by real property or a dwelling and that is consummated before September 30, 1995, a creditor or any assignee of a creditor does not have civil, administrative or criminal liability under this Title for, and a consumer does not have extended rescission rights under section 8-204, subsection 6 with respect to:

A. The creditor's treatment, for disclosure purposes, of:

(i) Taxes described in section 8-105, subsection 4, paragraph C;

(ii) Fees described in section 8-105, subsection 5, paragraphs B and E;

(iii) Fees and amounts described in section 8-105, subsection 1-A; or

(iv) Borrower-paid mortgage broker fees referred to in section 8-105, subsection 1, paragraph F; [1995, c. 614, Pt. A, §13 (NEW).]

B. The form of written notice used by the creditor to inform the obligor of the rights of the obligor under section 8-204 if the creditor provided the obligor with a properly dated form of written notice published and adopted by the administrator or a comparable written notice and otherwise complied with all the requirements of this section regarding notice; or [1995, c. 614, Pt. A, §13 (NEW).]

C. Any disclosure relating to the finance charge imposed with respect to the transaction if the amount or percentage actually disclosed:

(i) Is deemed accurate for purposes of this Title and if the amount disclosed as the finance charge does not vary from the actual finance charge by more than $200;

(ii) May, under section 8-105, subsection 6, paragraph B, be deemed accurate for purposes of section 8-204; or

(iii) Is greater than the amount or percentage required to be disclosed under this Title. [1995, c. 614, Pt. A, §13 (NEW).]

2. Subsection 1 does not apply to:

A. Any individual action or counterclaim brought under this Title that was filed before June 1, 1995; [1995, c. 614, Pt. A, §13 (NEW).]

B. Any class action brought under this Title for which a final order certifying a class was entered before January 1, 1995; [1995, c. 614, Pt. A, §13 (NEW).]

C. The named individual plaintiffs in any class action brought under this Title that was filed before June 1, 1995; or [1995, c. 614, Pt. A, §13 (NEW).]

D. Any consumer credit transaction for which a timely notice of rescission was sent to the creditor before June 1, 1995. [1995, c. 614, Pt. A, §13 (NEW).]

[ 1995, c. 614, Pt. A, §13 (NEW) .]

SECTION HISTORY

1995, c. 614, §A13 (NEW). 1995, c. 614, Pt. A, §13 (NEW). 1997, c. 155, §C6 (AMD). 1997, c. 155, Pt. C, §6 (AMD).