{"data":{"id":"us-me/9-a-m.r.s.-2-307","jurisdiction":"us-me","citation":"9-A M.R.S. §2-307","heading":"Restrictions on interest in land as security","body":"1.   With respect to a supervised loan in which the annual percentage rate disclosed is greater than 18%, a lender may not contract for an interest in land as security. A security interest taken in violation of this section is void.\n2.   With respect to a supervised loan in which the amount financed is $2,800 or less, a lender may not take a security interest in the principal residence of the consumer.  This subsection does not apply when the lender holds a first mortgage on the residence at the time the loan is made or when the loan is made pursuant to an open-end credit plan involving a commitment to advance amounts in excess of $2,800. Notwithstanding Title 14, a judgment of foreclosure of a mortgage upon the principal residence of a consumer may not be entered on account of the consumer's failure to repay supervised loans under an open-end credit plan, unless the consumer's outstanding balance in the account at the end of the statement period has at some time exceeded $2,800 and the consumer has not paid the account in full subsequent to the date of the last periodic statement showing an outstanding balance in excess of $2,800.\n3.","path":["TITLE 9-A: MAINE CONSUMER CREDIT CODE","PART 3: CONSUMER LOANS: SUPERVISED LENDERS"],"source_url":"https://legislature.maine.gov/statutes/9-A/title9-Asec2-307.html","current_through":"October 1, 2025","vintage":"","retrieved_at":"2026-09-04T15:12:24Z","sha256":"cc7874ee77651c6870890d568ba88f0e07f731bc4ac19b49a4481363a093e855","source_id":"us-me","stale":false,"prev":"us-me/9-a-m.r.s.-2-306","next":"us-me/9-a-m.r.s.-2-308"},"notice":"GroundRules: Original legal text. Not legal advice."}