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Interest Rate Caps Reverse Preemption

Manatt, Phelps & Phillips, LLP

Maine Adopts Legislation Aimed at Bank-Model Lending

For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more

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