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Title loans are prohibited, rent-a-bank was banned in 2021, criminal prosecution for default is barred, and you have one business day to cancel.
Maine Bureau of Consumer Credit Protection — established 1975
Maine was among the first states to legislate directly against the rent-a-bank model — the arrangement in which a non-bank partners with an out-of-state bank to make loans above the state’s limits, claiming the bank’s federal exemption shields the loan.Maine · Legislative recordMaine Bureau of Consumer Credit Protection testimony to the Maine Legislature — some states, such as Maine in 2021, have passed anti rent-a-bank laws with the intent to make it clear who the true lender is
Illinois, New Mexico and Connecticut followed. Georgia got there first, in 2004.
Maine also prohibits title loans. If a short-term lender asks you to pledge your car title, that alone tells you something is wrong.
You have one business day to cancel. Return the full amount borrowed and give the lender written notice. Once that window closes you are bound by the contract.
Criminal prosecution for default is prohibited. A Maine lender cannot have you prosecuted for failing to repay a payday loan — and any threat to do so is worth reporting. What the FDCPA says about arrest threats →
Any lender making payday loans to Maine residents — wherever the lender is located — must hold a Maine Supervised Lender licence and follow Maine’s rate and fee rules. A lender claiming Maine law does not apply to them is telling you they are not licensed.
Verify through NMLS Consumer Access, or call the Bureau on (800) 332-8529.Maine · RegulatorMaine Bureau of Consumer Credit Protection — the Bureau oversees the consumer finance industry in Maine, conducting compliance examinations, responding to consumer complaints and issuing licenses; licence status can be checked through NMLS Consumer Access
Maine runs two relevant frameworks: Title 9-A, the Maine Consumer Credit Code, covering non-bank lenders, general creditors, loan brokers and rent-to-own; and Title 32 Chapter 80, covering check cashers and cash-dispensing machines.Maine · RegulatorMaine Bureau of Consumer Credit Protection, laws and rules — Title 9-A Maine Consumer Credit Code including non-bank lenders, general creditors, loan brokers and rent-to-own companies; Check Cashers and Cash-Dispensing Machines, Title 32 Chapter 80
Rates are tiered by balance; for balances above $4,000 the ceiling is 18%. The full rate schedule for smaller loans is not yet documented on this page — check with the Bureau.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two Maine rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →