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Financial Services Law Insights and Observations

Maine governor relaxes certain lending requirements for Covid-19 loan guarantee program

State Issues Covid-19 Maine Lending Enforcement Consumer Credit

State Issues

On April 21, Maine’s governor issued an executive order concerning the Covid-19 Loan Guarantee Program recently established by Maine’s legislature. The order suspends the enforcement of certain statutory lending requirements law to allow financial institutions to consider a consumer’s creditworthiness and extent the amortization period of loans issued pursuant to the program. The order also extends certain grace periods, repayment periods, and claims provisions.

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