STATE STATUTES & CODES
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MAINE STATUTES AND CODES
9-A §8-404. Prompt crediting of payments
Title 9-A: MAINE CONSUMER CREDIT CODE
Article 8: TRUTH-IN-LENDING
Part 4: FAIR CREDIT BILLING
§8-404. Prompt crediting of payments
Payments received from an obligor under an open-end consumer credit plan by the creditor shall be posted promptly to the obligor's account as specified in regulations of the administrator. The regulations shall prevent a finance charge from being imposed on any obligor if the creditor has received the obligor's payment in readily identifiable form in the amount, manner, location and time indicated by the creditor to avoid the imposition of a finance charge. [1981, c. 243, §25 (NEW).]
SECTION HISTORY
1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD).