§3-402. Limitation on default charges
196 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/3-402·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The agreement with respect to a consumer credit transaction may not provide for any charges as a result of default by the consumer, except that the agreement may provide for the following:
A. Charges authorized by other provisions of this Act; [PL 1991, c. 237 (NEW).]
B. Notwithstanding section 2‑507 , reasonable charges incurred in realizing on a security interest in personal property securing a consumer loan, consumer lease or a consumer credit sale, other than attorney's fees; and [PL 1999, c. 150, §5 (AMD).]
C. Notwithstanding section 2‑507 , reasonable attorney's fees, legal expenses and other reasonable costs incurred in realizing on real property securing a consumer loan or a consumer credit sale. [PL 1991, c. 237 (NEW).]
[PL 1999, c. 150, §5 (AMD).]
2. A provision in violation of this section is unenforceable.
[PL 1991, c. 237 (NEW).]
3. Notwithstanding subsections 1 and 2 , a creditor that complies with Title 14, sections 6071 and 6073 is entitled to the remedies provided in those sections when an instrument that the creditor has taken in connection with a consumer loan, consumer lease or consumer credit sale is dishonored.
[PL 1999, c. 150, §6 (NEW).]