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JOHN E. QUINN
DEPARTMENT OF BUSINESS REGULATION
BUREAU OF CONSUMER PROTECTION
STATE HOUSE ANNEX 51 Chapel Street
AUGUSTA, MAINE 04330
ADVISORY RULING #31
April 8, 1976
RE: Minimum Charge/Open-End Credit
You have inquired whether a minimum charge of $.50 as allowed by Section 2.202(4) may be imposed on the unpaid balance in addition to the 1½% per month finance charge allowed under Section 2.202(3). Section 2.202(4) allows a $.50 minimum charge where the finance charge of 1½% per month of the unpaid balance is less that $.50. In any case where the finance charge at the disclosed rate exceeds $.50 then subsection 3 of Section 2.202 would supersede and a minimum charge would not be permissible.
We are unable to perceive any intention on the part of either the drafters of the Code or the Legislature to allow a $.50 minimum charge in addition to the finance charge allowed.
John E. Quinn