§9-313. Rate locks
If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall: [PL 2007, c. 273, Pt. A, §27 (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, §27 (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, §27 (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, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORY
PL 2007, c. 273, Pt. A, §27 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Part 3: REGULATION OF AGREEMENTS AND PRACTICES
9-A §9-302. Terms and conditions of consumer credit transactions; rulemaking
9-A §9-304. Servicing requirements of assigned consumer credit transactions
9-A §9-305. Interest to be paid on funds held in escrow
9-A §9-305-A. Timely payments from escrow
9-A §9-305-B. Timely responses to requests for payoff figures
9-A §9-306. Notice of assignment
9-A §9-307. Receipts; statements of account; evidence of payment
9-A §9-309. Real estate appraisals; copies
9-A §9-310. Privacy of consumer financial information
9-A §9-311. Choice of accounting, tax or attest services provider
9-A §9-311-A. Real estate settlement procedures