Finance
Maine's usury laws set limits on:
AThe amount of earnest money that can be collected
BThe maximum interest rate that can be charged on certain loans✓ Correct
CThe commission rates real estate agents can charge
DThe amount of transfer tax on real property
Explanation
Usury laws set maximum interest rates lenders can charge on certain types of loans to protect borrowers from excessive interest charges. Federal law preempts state usury laws for many types of real estate loans.
Related Maine Finance Questions
- A Maine borrower with an adjustable-rate mortgage (ARM) should be aware that their monthly payment may increase when:
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