Maine

Currently Maine does not have any laws regulating payday loan stores, however there are laws on cash dispensing machines that offer cash advances. As for machines that dispense cash advances in Maine, no fee shall be imposed on a cash advance loan unless the fee is clearly disclosed electronically during the transaction.

All cash advance machines in Maine must follow certain guidelines. They must all provide a receipt of the transaction. On the receipt there must be certain items listed including the amount of the transaction, the amount of any fees, the total amount debited to the customer’s account the date and time of the transaction, a number code that identifies the customer and the account, and a location of the cash dispensing machine.

On each machine, the name of the operator must be included as well as a disclaimer saying the operator is not a financial institution. The machine must also have a notice that states a name, address, and 24-hour toll free telephone number where a customer can call in to complain. A cash advance-dispensing machine must also have a notice stating they reserve the right to charge a service fee. These Maine laws were recently put in effect on January 31st, 2000.