STATE INTEREST RATES AND USURY LIMITS:
• Legal Rate: 6%
• Contract Rate: 30% on amounts less than $2,000, 24% on amounts of $2,000 – $4,000 and 18% on amounts greater than $4,000
• Judgment Rate: In small claims actions, prejudgment interest is only recoverable when the rate of interested is stated in writing. In civil actions prejudgment interest is 3% plus the one-year United States Treasury bill rate. Rate on accrual of interest prior to July 1, 2003 is 8% for judgments less than $30,000 and for judgments more than $30,000 the rate is 1% plus the one-year United States Treasury bill rate. In civil and small claims actions, post-judgment interest is allowed at the contract rate or 1% plus the one-year United States Treasury bill rate; whichever is greater. Me. Rev. Stat. Ann. tit. 14, § 1602-B
• Corporate Rate: No set rate
• Age of Majority: 18
• Emancipation: 16 or older can petition for emancipation
• Contracts: Minor can be held liable for necessaries. Contracts are valid if ratified at age 18. Minors 16 years or older can contract for higher education.
DEBT RESPONSIBILITY: DOCTRINE OF NECESSARIES
• Maine law does not specify the liability of either spouse in regards to necessaries.
STATUTE OF LIMITATIONS FOR CIVIL ACTIONS:
• Contracts: 6 years
• Contracts under Seal: 20 years
•Judgments: 20 years
This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice please contact an attorney.