How is the “total loan amount” to be computed, pursuant to 9-A MRSA §8-103 (1-A), paragraphs (O) (“Excludable points and fees”), (FF) (“Threshold”) and (GG) (total loan amount”)?
Assuming the loan documents do not contradict this characterization, loan proceeds are applied first to the transaction being financed; second, to any points and fees; third, to any excludable costs; and fourth, to cash out to the borrower. (See AR #112 Computation of “Total Loan Amount” [http://www.maine.gov/pfr/consumercredit/advisory_rulings/AR112.
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