Maine Consumer Protections: Maine does not have specific payday loan legislation but regulates consumer lending under its Consumer Credit Code with rate caps that make traditional payday lending impractical. The Bureau of Consumer Credit Protection enforces lending laws. Consumers can file complaints with the Bureau or the Attorney General.
Interest Rate Cap: Maine usury cap: 30% for supervised loans under $2,000; no specific payday loan statute.
Payday lending is restricted.
Key Regulations: - No specific payday loan statute; lenders must comply with general usury and licensing laws.
- Supervised lender rates capped at 30% for loans under $2,000.
- The Maine Consumer Credit Code provides comprehensive consumer-protection context.
- The Bureau of Consumer Credit Protection is the primary regulator for consumer lending.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Maine Attorney General Consumer Protection Division.
