§3-302. Cross-collateral
1. In addition to contracting for a security interest pursuant to the provisions on security in sales or leases, section 3‑301, a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt.
[PL 1973, c. 762, §1 (NEW).]
2. If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on consolidation involving a refinancing, section 2‑505, subsection 1. The seller has a reasonable time after so contracting to make any adjustments required by this section. "Seller" in this section does not include an assignee not related to the original seller.
[PL 1987, c. 129, §60 (AMD).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1987, c. 129, §60 (AMD).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 3: REGULATION OF AGREEMENTS AND PRACTICES
Part 3: LIMITATIONS ON AGREEMENTS AND PRACTICES
9-A §3-301. Security in sales or leases
9-A §3-303. Debt secured by cross-collateral
9-A §3-304. Use of multiple agreements
9-A §3-305. No assignment of earnings
9-A §3-306. Authorization to confess judgment prohibited
9-A §3-307. Certain negotiable instruments prohibited
9-A §3-308. Schedule of payments; balloon payments
9-A §3-310. Variable rate transactions
9-A §3-311. Consumer's choice of attorney in residential mortgage transaction
9-A §3-312. Interest to be paid on funds held in escrow
9-A §3-313. Real estate appraisals; copies
9-A §3-314. Privacy of consumer financial information
9-A §3-315. Choice of accounting, tax or attest services provider