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Maine Interest Rate & Usury Laws

SUMMARY: Maine Maximum Interest Rate

  • A maximum of 6% annually

Maine Statute

From Maine State Title 9-B Part 4 Chapter 43 Statute 432: INTEREST ON LOANS

 

  • 432. Interest on loans
  1. Interest absent in writing.  The maximum legal rate of interest on a loan made by a financial institution, in the absence of an agreement in writing establishing a different rate, shall be 6 percent per year.  

[PL 1975, c. 500, §1 (NEW).]

  1. Interest: noncommercial or consumer loans.   
  2. The legal rate of interest, whether set forth in writing or not, on a noncommercial or consumer loan, shall be established in accordance with and subject to the limitations set forth in Title 9-A.  

A loan made by a financial institution which is secured by a first mortgage on real estate shall not be within the interest limitations set forth in Title 9-A; provided that the security interest in real estate is not given for purpose of evading said Title 9-A.

 

Disclaimer

 

This information may or may not be the full scope of Maine’s interest and usury laws.  Many States may, from time to time, adjust their statutes pertaining to allowable interest and usury rates as well as exceptions.  Be sure to review the Maine Interest & Usury statute in its entirety and consult with a relevant attorney if you have any specific questions.

 

Additional Resources

 

Maine State Interest On Loans Statute 432

Usury Laws by State