Payday Loan Laws

Maine Payday loan laws. Maine Payday loan legislation.

$5 when the amount loaned does not exceed $75.00; $15.00 when the amount loaned exceeds $75.00 but is less than $250; $25 when the amount loaned is greater than $250.

Term of loan is determined by the parties. Maximum cash advance amount allowable N/A. Rollovers N/A.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck

Maine Payday Loan Laws & Legislation State Information

Legal Status: Prohibited - Permitted for supervised lenders

Maine's UCCC applies. 9-A Me.Rev.Stat.Ann. 2-401. Supervised Lenders are exempt from 32 M.R.S.A. 6138(4)(D) which prohibits a check casher from cashing or advancing any money on a postdated check.

Small Loan Rate Cap
30% per year on amounts up to $2,000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249; or $25 for amounts financed of $250 or more.

Where to Complain, Get Information:
Regulator: Maine Office of Consumer Credit Regulation
Address: Department of Professional and Financial Regulation, 35 State House Station Augusta ME 04333
Phone: (207) 624-8527
Fax: (207) 582-7699
Regulatory Contact: William N. Lund Director
Regulatorís Website
Online Resources: