9-A M.R.S. §9-313: Rate locks

If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall:

1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time;

2. Select a time period within which the loan can reasonably be expected to close; and

3. Use good faith efforts to close the loan within the rate lock period.