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Barbara Reid Alexander    (207)289-3731

SUPERINTENDENT   

Offices located at:

Harry W. Giddinge    Central Building

DEPUTY SUPERINTENDENT    Hallowell Annex

    Hallowell, Maine

Maine State Seal

 

DEPARTMENT OF BUSINESS REGULATION

BUREAU OF CONSUMER PROTECTION

STATE HOUSE STATION 35

AUGUSTA, MAINE 04333

 

ADVISORY RULING #52

MARCH 11, 1981

 

Revocation:  AR #41, 43, 43-A

 

 

March 11, 1981

 

 

  In light of the Bureau's decision in Bill Dodge Oldsmobile issued on February 11, 1981, AR #41, 43, and 43-A are hereby revoked.  Henceforth, the Bureau will allow a creditor to contract for and collect reasonable repossession expenses pursuant to 11 M.R.S.A. §9-504 (Uniform Commercial Code).  Section 2-507 of the Consumer Credit Code will continue to be interpreted to disallow attorney's fees for any consumer credit sales and for consumer loans with an APR in excess of 12%, as well as "collection costs" in general or any costs not specifically allowed by law.  See Section 3-402 of the Code.

 

 

  /s/ Barbara R. Alexander

 

  Barbara R. Alexander

  Superintendent

 

 

 

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