In Maine, cash advance companies can operate and charge any fee or interest rate that the consumer is willing to pay. The Maine Consumer Credit Code governs check cash advance creditors, wherever based, that issue payday advance loans to customers in Maine. Although Maine does not currently have any laws regulating cash advance stores, it does regulate cash-advance machines that dispense payday advance loans. The law requires all such machines to meet certain requirements (i.e. issue a receipt of the loan transaction. Additionally, check cash advance stores are allowed to resort to advertising methods that are currently banned and face fewer restrictions than other types of lenders on collection methods in cases of default. Maine's small loan rate cap operates as follows: 30% annually on loan amounts up to $2000 or a $5 fee for sums financed up to $75, $15 for sums financed $75.01-$249, $25 for sums financed of $250 or greater.
There is no maximum loan amount.
Maine law does not specify a loan term.
Maine law does not contain a provision on extensions or rollovers.
With respect to cash-dispensing machines in Maine, a payday loan business may not charge a fee unless the machine discloses the fee conspicuously during the loan transaction.
Maine law does not specify fee schedules and APR.