1. 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).]

2. 2. Interest: noncommercial or consumer loans

   1. A. 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.

      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.

      [PL 1975, c. 500, §1 (NEW).]

   [PL 1975, c. 500, §1 (NEW).]

PL 1975, c. 500, §1 (NEW).