Skip to content
Oakclause

Usury Laws in Maine

In Maine, prejudgment interest on claims without a contract rate runs at the one-year Treasury bill rate plus 3%, and post-judgment interest at the Treasury bill rate plus 6%.

Last checked . General information, not legal advice.

Maine at a glance

Legal rate (no rate agreed)
1-year T-bill rate plus 3 points (prejudgment)
Post-judgment interest is the 1-year T-bill rate plus 6%, or the contract rate if greater. Contract or note rates apply where agreed.

Sources

Last checked

The rules in Maine

What interest rate applies in Maine when no rate was agreed?

Legal rate (no rate agreed) in Maine: 1-year T-bill rate plus 3 points (prejudgment). Post-judgment interest is the 1-year T-bill rate plus 6%, or the contract rate if greater. Contract or note rates apply where agreed.

Where do the Maine usury laws come from?

The rules above come from 14 M.R.S. 1602-B, 14 M.R.S. 1602-C and 9-B M.R.S. 432. Each source is linked on this page. We last checked them in October 2026.

Good to know

For loans made by financial institutions, the maximum rate absent a written agreement is 6% a year (9-B M.R.S. 432).

What this means in practice

Put the interest rate in writing. Many usury statutes set one limit for written agreements and a different, often lower, rate when nothing was agreed in writing. A signed promissory note or loan agreement that states the rate, the payment schedule and what happens on late payment avoids most disputes.

Count every charge, not only the stated rate. Courts may treat fees, points, required extras or a discount taken from the amount lent as interest when deciding whether a loan is usurious. A loan with a modest rate and large fees can still cross the limit.

Check who the lender is and what the loan is for. Usury limits often do not apply, or apply differently, to banks, licensed consumer lenders, credit card issuers, larger loans and loans to businesses or corporations. A rule written for loans between individuals may not cover your situation, so read the statute and its exceptions.

General information, not legal advice. Laws change, and cities can add their own rules, so check the current statute before you rely on it.

Compare with neighboring states

Compare all states