New Maine Anti-Predatory Lending Law

This is not legal advice for your situation*

The new Maine anti-predatory lending law (Public Law, Chapter 273) makes significant changes to, among other things, various provisions of the current Consumer Credit Code relative to "residential mortgage loans," and a particular subset of residential mortgage loans defined as "high-rate, high-fee mortgage" loans. The new law becomes effective January 1, 2008. We are making the necessary programming changes to conform to the new anti-predatory lending requirements of Maine law.

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*This article is distributed to provide general information about the subject matter covered and should not be utilized as a substitute for professional advice in specific situations. If you require such advice, please consult with your own professional advisers.