LD 2056

132nd MAINE LEGISLATURE
  SECOND REGULAR SESSION-2026
Legislative Document  No. 2056
S.P. 843  In Senate, December 17, 2025
  An Act to Provide Additional Financing Options to Consumers in
  the State
    Approved for introduction by a majority of the Legislative Council pursuant to Joint Rule
203.
    Received by the Secretary of the Senate on December 15, 2025. Referred to the Committee
on Health Coverage, Insurance and Financial Services pursuant to Joint Rule 308.2 and ordered
printed.
  DAREK M. GRANT
  Secretary of the Senate
Presented by Senator CURRY of Waldo.
  Printed on recycled paper
1 Be it enacted by the People of the State of Maine as follows:
2     Sec. 1. 9-A MRSA §3-308, sub-§1, as repealed and replaced by PL 1985, c. 113,
3 §2, is repealed and the following enacted in its place:
4    1. Except as provided in this section, a creditor may not contract for or receive
5 payments of principal and interest pursuant to a schedule of payments under which any one
6 payment is not substantially equal to all other payments, excluding:
7     A. A down payment receivable by the creditor;
8     B. A transaction pursuant to a schedule of payments under which the intervals between
9     any consecutive payments differ substantially; and
10     C. A simple interest transaction pursuant to a schedule of payments under which the
11     scheduled payments are not substantially equal but no payment is more than 50%
12     greater than any other payment;
13SUMMARY
14    This bill excludes payments made pursuant to a simple interest transaction that are no
15 more than 50% greater than any other payment from the law requiring that consumer credit
16 payments pursuant to a schedule be substantially equal to all other payments.
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