Maine

The relevant statute is the Maine Consumer Credit Code, Me. Rev. Stat. Ann. tit. 9-A §§1-101 et seq. (“ME-UCCC”).

A. Actions creditor may take: ME-UCCC §2-506(1) - If buyer covenants to insure the vehicle, and creditor, pursuant to the contract, pays for performance of buyer's covenants, then creditor may add the amount of the premium paid on buyer's behalf to the debt.

B. Notices required: ME-UCCC §2-506(1) - Within a reasonable time after creditor pays the premium, creditor must send to buyer a written notice of:

(i) the amount of the premium,

(ii) any charges with respect to the premium,

(iii) a revised payment schedule, and (iv) a brief description of the insurance, including the type and amount of the coverage.

C. Charges permitted: ME-UCCC §§2-501(3), 2-506(1) - No charge is permitted, except to the extent such charge, together with all other finance charges, do not exceed the applicable maximum finance rate.

D. Finance charge allowed on creditor's payment: Yes. ME-UCCC §2-506(2) - Finance charge may be made at a rate not exceeding the rate stated to buyer in the required disclosure statement.

Click here to view relevant Maine Code and Regulations.