Can I skip verifying consumer requests in Maine? What are the requirements?

To ensure compliance with Maine’s consumer credit regulations, it is important to verify consumer requests. Maine’s Consumer Credit Code prohibits unconscionable terms or provisions of consumer credit transactions, fraudulent or unconscionable conduct in inducing consumers to enter into consumer credit transactions, and fraudulent or unconscionable conduct in the collection of debts arising from consumer credit transactions ^[1.2]. Additionally, a supervised lender or mortgage loan originator of a supervised lender may not knowingly permit, encourage, or assist a consumer to submit false information on any application for credit ^[3.1]. Failure to comply with these regulations may result in denial or refusal to renew a license, disciplinary action, or other penalties ^[4.1]. Therefore, it is recommended to verify consumer requests in Maine to avoid potential legal consequences.

Source(s):

• [1.2] Injunctions against unconscionable agreements and fraudulent or unconscionable conduct
• [3.1] False information on application for credit
• [4.1] Denial or refusal to renew license; disciplinary action

Jurisdiction

Maine

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