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An Act To Prohibit Deceptive Practices Regarding Unsolicited Loans
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §3-201, sub-§1, as amended by PL 1987, c. 129, §54, is further amended to read:
 
1.    No creditor may engage in this State in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit transaction or an open-end credit plan. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.
Sec. 2. 9-A MRSA §9-301, sub-§1, as enacted by PL 1987, c. 396, §12, is amended to read:
 
1.    No creditor may engage in this State in false or misleading advertising concerning the terms and conditions of a consumer credit transaction subject to this article. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.
Sec. 3.  9-B MRSA §242, sub-§5  is enacted to read:
 
5.  Unsolicited loan offers.     A financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.
 
SUMMARY
This bill prohibits financial institutions and creditors from mailing unsolicited loan offers in the form of checks that when cashed by the recipient constitute acceptance of a loan.