Maine Revised Statutes
Me. Rev. Stat. tit. 9-A, § 1-102 (2026)
Purposes; rules of construction
✓ current as of May 2026
Find cases:
SyfertCases citing this section
ME-LEGlegislature.maine.gov
JustiaTitle on Justia
CornellLII Search
CasesGoogle Scholar
1.
This Act shall be liberally construed and applied to promote its underlying purposes and policies.
[PL 1973, c. 762, §1 (NEW).]
2.
The underlying purposes and policies of this Act are:
A.
To simplify, clarify and modernize the law governing retail installment sales, consumer credit, small loans and usury;
[PL 1973, c. 762, §1 (NEW).]
B.
To provide rate ceilings to assure an adequate supply of credit to consumers;
[PL 1973, c. 762, §1 (NEW).]
C.
To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost;
[PL 1973, c. 762, §1 (NEW).]
D.
To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors;
[PL 1973, c. 762, §1 (NEW).]
E.
To permit and encourage the development of fair and economically sound consumer credit practices; and
[PL 1973, c. 762, §1 (NEW).]
F.
To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act.
[PL 1973, c. 762, §1 (NEW).]
[PL 1973, c. 762, §1 (NEW).]
3.
A reference to a requirement imposed by this Act includes reference to a related rule of the administrator adopted pursuant to this Act.
[PL 1973, c. 762, §1 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW).