Maine Cash Advance Laws & Regulations
At this time, traditional payday loans are prohibited in the state of Maine due to the state’s stringent regulatory legislation, which caps any loans, including cash advances, with a maximum annual 30% interest rate. This rate suppresses growth of the industry and forces lenders out of the state, as they can no longer afford the costs of operating a business.
Here are some specific Maine regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
N/A - Maximum Finance Charges and Fees
30% total interest cap on loans up to $2000, $15 for amounts $75-249, and $25 for amounts $250 or more - Maximum Loan Amount
N/A - Number of Rollovers
N/A - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
N/A - Presentment Limit
N/A - Private Right of Action
Civil - Military Protection
N/A - Penalties
Attorney fees, court costs, and all loan costs
References:
Maine Statute 9-A Me.Rev.Stat.Ann. 2-401
Maine Office of Consumer Credit Regulation
Department of Professional and Financial Regulation
35 State House Station
Augusta, ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Web: www.credit.main.gov
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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