Ask Reggi Your Question Now

Reggi is the free generative AI assistance for regulatory compliance
Ask a Question

Can you summarize 9-A MERS Section 3-307?

LIMITATIONS ON AGREEMENTS AND PRACTICES > Certain negotiable instruments prohibited

Short Summary

With respect to a consumer credit sale or consumer lease, the creditor may not take a negotiable instrument, other than a currently dated check or a draft payable within 7 days of such sale or lease. [PL 1981, c. 243, 18 (AMD).] SECTION HISTORY PL 1973, c. 762, 1 (NEW). PL 1981, c. 243, 18,26 (AMD). PL 1981, c. 551, 3 (AMD).

Jurisdiction

Maine

Source
9-A MERS Section 3-307 [https://reggi.cloud.regology.com/regulations/US-MERS/US-MERS_T_9-A_C_3_P_3_S_3-307]