§10-309. Rate locks
If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall: [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
2. Select a time period within which the loan can reasonably be expected to close; and
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
3. Use good faith efforts to close the loan within the rate lock period.
[PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §33 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Part 3: REGULATION OF PRACTICES
9-A §10-302. Requirement for written agreement
9-A §10-303. Requirement for written disclosure
9-A §10-303-A. Good faith and fair dealing
9-A §10-306. Privacy of consumer financial information
9-A §10-307. Real estate settlement procedures
9-A §10-307-A. Application of truth in lending limits
9-A §10-308. False information on application for credit
9-A §10-310. Requirements related to refund anticipation loan and refund anticipation check