(last updated 11/13/2019)
Maine Payday Loan Laws and Regulations in (ME)
Payday loans and cash advances are legal in Maine. The Department of Professional and Financial Regulations has been regulating Payday Loans and Cash Advances since 1973. As of 09/15/2014 there were 7 licensed lenders and 10 licensed locations in Maine.
The maximum payday loan allowed in Maine is $2000. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is not specified. The maximum permissible fees allowed in Maine is 30% per year on amounts up to $2000 or a fee of $5 for amounts financed up to $75; $15 for amounts financed $75.01-$249.99; or $25 for amounts financed of $250 or more.. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is not specified. The minimum loan term is not specified. The maximum loan term is 1 year.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Maine, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Department of Professional and Financial Regulations.
The following classes of lending organizations may be exempt from some, all, or none of the laws set by the state of Maine. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.