9-A M.R.S. § 11-112 — ME Code / Title 9-A / Chapter 11 / Section 11-112
9-A §11-112. Default; notice of default and right to cure
Status: in_force

1. An agreement of the parties to a rental-purchase agreement with respect to default on the part of the consumer is enforceable only to the extent that the consumer fails to renew an agreement and fails to return the rented property or make arrangements for its return as provided for by the agreement. [PL 1991, c. 787 (NEW).]

2. In consumer rental-purchase agreements, after a consumer is in default for 3 business days and does not voluntarily surrender possession of the rented property, a merchant may give the consumer the notice provided in this section. A merchant gives the notice to the consumer under this section when the merchant delivers notice in the same manner as a notice provided under the Maine Consumer Credit Code, section 5‑110 . [PL 1991, c. 787 (NEW).]

3. The notice must be in writing and conspicuously state the name, address and telephone number of the merchant to whom payment is made, a brief identification of the transaction, the consumer's right to cure the default, the amount of payment and the date the payment must be made to cure the default. A notice in substantially the following form complies with this subsection: (Name, address and telephone number of merchant) (Account number, if any) (Brief identification of transaction) (Date) is LAST DATE FOR PAYMENT (Amount) is the AMOUNT NOW DUE You have failed to renew your rental agreement(s). If you pay the AMOUNT NOW DUE (above) by the LAST DATE FOR PAYMENT (above), you may continue with the contract as though you had renewed on time. If you do not pay by that date, we may exercise our rights under the law. You may be required to pay reasonable costs authorized by law. PLEASE ALSO NOTE: As of the LAST DATE FOR PAYMENT (above) you will owe the following additional payments:. __________________________________________________________________ (date due) (amount) In order to cure your account fully, the payment or payments listed above must also be paid in full on or before the LAST DATE FOR PAYMENT. If you are late again within the next 6 months in making your payments, we may exercise our rights without sending you another notice. If you have questions, promptly write or telephone (name of merchant). [PL 1991, c. 787 (NEW).]

4. With respect to consumer rental-purchase agreements with payments or options to renew more frequently than monthly, after default consisting of failure to renew or return the property, a merchant may not initiate court action to recover rented property until 3 business days after notice of the consumer's right to cure is given. With respect to all other rental-purchase agreements, after default consisting of failure to renew or return the property, a merchant may not initiate court action to recover rented property until 5 business days after notice of the consumer's right to cure is given. [PL 1991, c. 787 (NEW).]

5. After notice is given and until expiration of the minimum applicable period, a consumer may cure all defaults consisting of failure to renew and failure to return the property by tendering the amount of all unpaid sums due at the same time of the tender. [PL 1991, c. 787 (NEW).]

6. This section and the provisions on waiver, agreements to forego rights and settlement of claims do not prohibit a consumer from voluntarily surrendering possession of goods that are rented and a merchant from enforcing the security interest in the goods at any time after default. In any enforcement proceeding, a merchant shall affirmatively plead and prove either that the notice to cure is not required or that the merchant has given the required notice. The failure to plead does not invalidate any action taken by the merchant that is otherwise lawful and if the merchant had rightfully repossessed any collateral the repossession does not constitute conversion. [PL 1991, c. 787 (NEW).]

7. Any repossession of rented property in violation of this section is void and the merchant is liable for conversion. [PL 1991, c. 787 (NEW).]
9-A M.R.S. § 16-104 — ME Code / Title 9-A / Chapter 16 / Section 16-104
9-A §16-104. Cosigner release
Status: in_force

1. Annual written notice. A private education lender shall inform the borrower and cosigner of all administrative, nonjudgmental criteria required for cosigner release. A private education lender shall provide the borrower and the cosigner of a cosigned private education loan an annual written notice containing information about cosigner release, including the criteria the lender requires to approve cosigner release and the process for applying for cosigner release. [PL 2021, c. 676, Pt. A, §12 (AMD).]

2. Written notification of eligibility for release. If the borrower of a cosigned private education loan has met the applicable payment requirement to be eligible for cosigner release and the borrower or cosigner has elected to receive electronic communications from the lender, the lender shall send the borrower and the cosigner a written notification by mail and, if the borrower or cosigner has elected to receive electronic communications from the lender, by e-mail informing the borrower and cosigner that the payment requirement to be eligible for cosigner release has been met. The notification must also include information about any additional criteria to qualify for cosigner release and the procedure to apply for cosigner release. [PL 2021, c. 357, §2 (NEW).]

3. Incomplete cosigner release application. If an application by a borrower of a cosigned private education loan for cosigner release is incomplete, the private education lender shall provide written notice to the borrower that the application is incomplete. The written notice must include a description of the information needed to consider the application complete and the date by which the missing information must be received by the lender. [PL 2021, c. 357, §2 (NEW).]

4. Approval or denial of application for cosigner release. Within 30 days after a borrower of a cosigned private education loan submits a completed application for cosigner release, the private education lender shall send the borrower and cosigner a written notice that informs the borrower and cosigner whether the cosigner release application has been approved or denied. If the lender denies a request for cosigner release, the borrower may request any documents or information used in the determination, including, but not limited to, the credit score threshold used by the lender, the borrower's consumer report, the borrower's credit score and any other documents specific to the borrower. The lender shall also provide any adverse action notices required under applicable federal law if the denial is based in whole or in part on any information contained in a consumer report. [PL 2021, c. 357, §2 (NEW).]

5. Request for cosigner release. In response to a written or oral request for cosigner release, a private education lender shall provide the requestor information detailing the criteria to qualify for cosigner release and the procedure to apply for cosigner release. [PL 2021, c. 357, §2 (NEW).]

6. Prohibition on restriction from cosigner release. A private education lender may not impose any restriction that permanently bars a borrower of a cosigned private education loan from qualifying for cosigner release, including restricting the number of times the borrower may apply for cosigner release. [PL 2021, c. 357, §2 (NEW).]

7. Prohibition on negative consequences. A private education lender may not impose any negative consequences on any borrower or cosigner of a cosigned private education loan during the 60 days following the issuance of the notice under subsection 3 or until the lender makes a final determination about a borrower's cosigner release application, whichever is earlier. For the purpose of this subsection, "negative consequences" includes, but is not limited to, the imposition of additional cosigner release eligibility criteria, negative credit reporting, lost eligibility for cosigner release, late fees, interest capitalization and other financial injury. [PL 2021, c. 357, §2 (NEW).]

8. Consecutive on-time payments. For a loan made after the effective date of this section, a private education lender may not require more than 12 consecutive on-time payments as criteria for cosigner release. A borrower of a cosigned private education loan who has paid the equivalent of 12 months of principal and interest payments within any 12-month period satisfies the consecutive on-time payment requirement, regardless of whether the borrower has made payments monthly during the 12-month period. [PL 2021, c. 357, §2 (NEW).]

9. Change in terms. If a borrower or cosigner of a cosigned private education loan requests a change in terms of the loan that restarts the count of consecutive on-time payments required for cosigner release, the private education lender shall notify the borrower and cosigner in writing of an adverse effect of the change and provide the borrower or cosigner the right to withdraw or reverse the request to avoid that adverse effect. [PL 2021, c. 357, §2 (NEW).]

10. Appeal of denial. A borrower of a cosigned private education loan has the right to request an appeal of a private education lender's determination to deny a request for cosigner release and the lender shall permit the borrower to submit additional documentation evidencing the borrower's ability, willingness and stability to meet the payment obligations. The borrower may request review of the cosigner release determination by another employee of the private education lender. [PL 2021, c. 357, §2 (NEW).]

11. Comprehensive record management system. A private education lender shall establish and maintain a comprehensive record management system designed to reasonably ensure the accuracy, integrity and completeness of data and other information about cosigner release applications and to ensure compliance with applicable state and federal laws, including but not limited to the federal Equal Credit Opportunity Act and the federal Fair Credit Reporting Act. The system required by this subsection must include the number of cosigner release applications received by the lender, the approval and denial rate and the primary reasons for any denial. [PL 2021, c. 357, §2 (NEW).]
9-B M.R.S. § 441-A — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 441-A
9-B §441-A. General powers
Status: in_force

Unless otherwise prohibited or limited by this Title or rules adopted by the superintendent, a financial institution has and may exercise all powers necessary or convenient to effect the purposes for which the financial institution is organized or to further the businesses in which the financial institution is lawfully engaged. [PL 1997, c. 398, Pt. I, §28 (NEW).]
9 M.R.S. § 5005-A — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5005-A
9 §5005-A. Records
Status: in_force

1. Books and records. A charitable organization shall maintain accurate and complete books and records of all fund-raising campaigns and shall keep those books and records available for inspection by or production to the Attorney General or the director for 3 years after the conclusion of each fund-raising campaign. [PL 2013, c. 313, §10 (NEW).]

2. Audited financial statement. A charitable organization shall produce upon request of the Attorney General or the director, in conjunction with an application for initial or renewal licensure or at any other time: A. An audited financial statement of the charitable organization's most recent audited fiscal year if one has been prepared in order to comply with the requirements of another jurisdiction or otherwise exists; or [PL 2013, c. 313, §10 (NEW).] B. If an audited financial statement under paragraph A does not exist, a balance sheet identifying assets and liabilities and an income statement identifying revenues and expenditures. [PL 2013, c. 313, §10 (NEW).] [PL 2013, c. 313, §10 (NEW).]

3. Tax returns. A charitable organization shall produce upon request of the Attorney General or the director, in conjunction with an application for initial or renewal licensure or at any other time, its 3 most recent federal Internal Revenue Service Form 990 and Schedule A, federal Internal Revenue Service Form 990-EZ or federal Internal Revenue Service Form 990-N, as required by the federal Internal Revenue Service. [PL 2013, c. 313, §10 (NEW).]
9-A M.R.S. § 14-110 — ME Code / Title 9-A / Chapter 14 / Section 14-110
9-A §14-110. Compliance with federal law
Status: in_force

A student loan servicer shall comply with all applicable federal laws and regulations relating to student education loan servicing, including, but not limited to, the federal Truth in Lending Act, 15 United States Code, Sections 1601 to 1667f (2010), as amended, and the regulations adopted pursuant to that Act. In addition to any other remedies provided by law, a violation of that Act or regulations adopted pursuant to that Act is a violation of this section and a basis upon which the superintendent may take enforcement action pursuant to this Article. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-B M.R.S. § 1056 — ME Code / Title 9-B / Part 10 / Chapter 105 / Section 1056
9-B §1056. Reports and examinations
Status: in_force

All mutual financial institution holding companies shall be subject to section 1016 . [PL 1985, c. 558 (NEW).]
9-A M.R.S. § 16-110 — ME Code / Title 9-A / Chapter 16 / Section 16-110
9-A §16-110. Violations
Status: in_force

1. Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 16‑111 is a separate offense for the purposes of this section. [PL 2021, c. 357, §2 (NEW).]

2. Suspended from operating in State. If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a private education lender for a period of up to 10 years. [PL 2021, c. 357, §2 (NEW).]

3. Crime. A violation of this Article is a Class E crime. [PL 2021, c. 357, §2 (NEW).]

4. Private right of action. A person who suffers damage as a result of the failure of another person to comply with this Article may bring an action against the other person for any of the following: A. Actual damages or $500, whichever is greater; [PL 2021, c. 357, §2 (NEW).] B. An order enjoining the methods, acts or practices; [PL 2021, c. 357, §2 (NEW).] C. Restitution of property; [PL 2021, c. 357, §2 (NEW).] D. Punitive damages; [PL 2021, c. 357, §2 (NEW).] E. Attorney's fees; and [PL 2021, c. 357, §2 (NEW).] F. Any other relief that the court determines proper. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

5. Purporting to act as agent for an entity exempt from this Article. A person is subject to the requirements of this Article notwithstanding the fact that the person purports to act as an agent or in another capacity for an entity that is exempt from this Article, if, among other things: A. The person holds, acquires or maintains, directly or indirectly, the predominant economic interest in the private education loan; [PL 2021, c. 357, §2 (NEW).] B. The person markets, brokers, arranges or facilitates the loan and holds the right, requirement or right of first refusal to purchase the private education loan or a receivable or interest in the private education loan; or [PL 2021, c. 357, §2 (NEW).] C. The totality of the circumstances indicate that the person is the private education lender and the transaction is structured to evade the requirements of this Article. Circumstances that weigh in favor of a person being a private education lender include, without limitation, when the person: (1) Indemnifies, insures or protects an entity exempt from this Article for any costs or risks related to the private education loan; (2) Predominantly designs, controls or operates the private education loan program; or (3) Purports to act as an agent or in another capacity for an entity exempt from this Article while acting directly as a private education lender in other states. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

6. Remedies. Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law. [PL 2021, c. 357, §2 (NEW).]
9-A M.R.S. § 3-206 — ME Code / Title 9-A / Chapter 3 / Section 3-206
9-A §3-206. Notice to cosigners and similar parties
Status: in_force

1. Notice required. A consumer is not obligated as a cosigner, as that term is defined in section 1‑301, subsection 14‑A , with respect to a consumer credit transaction, unless, before or contemporaneously with signing any separate agreement or any writing setting forth the terms of the debtor's agreement or in the case of an open-end account or plan prior to the first extension of credit pursuant to the plan, the consumer receives a written notice conforming to the requirements of subsection 2 and the following notices required to be given to the debtor as applicable: A. Notice of the right to cure default under Article V ; [PL 1981, c. 264, §1 (NEW).] B. The material disclosures required under Article 8‑A ; [PL 2011, c. 427, Pt. D, §10 (AMD).] C. Notices required under Title 11, Article 9‑A ; and [PL 1999, c. 699, Pt. D, §3 (AMD); PL 1999, c. 699, Pt. D, §30 (AFF).] D. Notices required under Title 14, chapter 713 . [PL 1981, c. 264, §1 (NEW).] [PL 2011, c. 427, Pt. D, §10 (AMD).]

2. Form of notice. The notice required by subsection 1 shall be clear and conspicuous and shall contain the following information: A. An identification of the creditor, debtor and date of transaction; [PL 1981, c. 264, §1 (NEW).] B. A description of the nature and extent of the person's obligation in connection with the transaction; [PL 1981, c. 264, §1 (NEW).] C. Except for open-end credit, the total of payments and, if applicable, the fact that delinquency charges and other costs may also be assessed; [PL 1981, c. 638, §4 (AMD).] D. The fact that the creditor can take legal action against the person even though the person has not received any personal benefit in connection with the transaction; and [RR 2025, c. 1, Pt. C, §17 (COR).] E. A statement informing the person of the person's right to a copy of the agreement that creates the person's obligation. [RR 2025, c. 1, Pt. C, §18 (COR).] [RR 2025, c. 1, Pt. C, §§17, 18 (COR).]

3. Exception. The notice required by this section need not be given to a seller, lessor or lender who is obligated to an assignee of the seller's, lessor's or lender's rights. [RR 2025, c. 1, Pt. C, §19 (COR).]

4. Copy of agreement. A person entitled to notice under this section shall be given a copy of any writing setting forth the terms of the debtor's agreement and any separate agreement signed by the person entitled to the notice. [PL 1981, c. 638, §6 (AMD).]

5. Priority for collection. A creditor may not begin a legal action against a person entitled to notice under this section until the creditor has exercised due diligence to collect the debt from the debtor. This subsection does not apply if the person is jointly and severally liable with respect to the transaction. [RR 2025, c. 1, Pt. C, §20 (COR).]

6. Definitions. [PL 1987, c. 129, §57 (RP).]

7. Application. This section applies to all consumer credit transactions and open-end credit plans entered into after October 1, 1982. [PL 1987, c. 129, §58 (AMD).]

8. Notice not required where cosigners given notice in conformance with certain federal regulations. The notice described in subsection 2 is not required in any consumer credit transaction or open-end credit plan in which the creditor gives a notice to cosigners in the form set forth in regulations promulgated by the Federal Trade Commission, the Federal Reserve Board or the Federal Home Loan Bank Board. [PL 1987, c. 129, §59 (AMD).]
9-A M.R.S. § 14-108 — ME Code / Title 9-A / Chapter 14 / Section 14-108
9-A §14-108. Student loan servicers
Status: in_force

1. Definition. As used in this section, "nonconforming payment" means a payment on a student education loan of a student loan borrower that is different than the required payment. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

2. Requirements. Except as otherwise provided in federal law, a federal student education loan agreement or a contract between the Federal Government and a student loan servicer, a student loan servicer shall comply with the requirements of this subsection. A. Upon receipt of a written inquiry from a student loan borrower or the representative of a student loan borrower, a student loan servicer shall respond by: (1) Acknowledging receipt of the written inquiry within 10 days; and (2) Providing, within 30 days after receiving the inquiry, information relating to the inquiry and, if applicable, the action the student loan servicer will take to correct the student loan borrower's account or an explanation of the student loan servicer's position that the borrower's account is correct. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. A student loan servicer shall inquire of a student loan borrower how to apply an overpayment or prepayment to a student loan. A student loan borrower's direction on how to apply an overpayment or prepayment to a student loan must stay in effect for any future overpayments or prepayments during the term of a student loan until the borrower provides different directions. For purposes of this paragraph, "overpayment" or "prepayment" means a payment on a student loan in excess of the monthly amount due from a borrower on a student loan. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. A student loan servicer shall apply a partial payment or underpayment in a manner that minimizes late fees and negative credit reporting. When loans on a student loan borrower's account have an equal stage of delinquency, a student loan servicer shall apply a partial payment or underpayment to satisfy as many individual loan payments as possible on a borrower's account. For purposes of this paragraph, "partial payment" or "underpayment" means a payment on a student loan account that contains multiple individual loans in an amount less than the amount necessary to satisfy the outstanding payment due on all loans in the student loan account. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] D. In the event of the sale, assignment or other transfer of the servicing of a student education loan that results in a change in the identity of the person to whom a student loan borrower is required to send payments or direct any communication concerning the student education loan: (1) As a condition of the sale, assignment or transfer, the student loan servicer shall require the new student loan servicer to honor all benefits originally represented as available to the student loan borrower during the repayment of the student education loan and preserve the availability of such benefits, including any benefits for which the student loan borrower has not yet qualified; (2) Within 45 days after the sale, assignment or transfer, the student loan servicer shall transfer to the new student loan servicer all information regarding the student loan borrower, the account of the student loan borrower and the student education loan of the student loan borrower, including the repayment status of the student loan borrower and any benefits associated with the student education loan of the student loan borrower; and (3) The sale, assignment or transfer of the servicing of the student education loan must be completed at least 7 days before the next payment on the loan is due. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] E. A student loan servicer that obtains the right to service a student education loan shall adopt policies and procedures to verify that the student loan servicer has received all information regarding the student loan borrower, the account of the student loan borrower and the student education loan of the student loan borrower, including, but not limited to, the repayment status of the student loan borrower and any benefits associated with the student education loan of the student loan borrower. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] F. A student loan servicer shall evaluate a student loan borrower for a repayment program based on income prior to placing the borrower in forbearance or default, if a repayment program based on income is available to the borrower. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

3. Prohibited acts. A student loan servicer may not: A. Directly or indirectly employ a scheme, device or artifice to defraud or mislead student loan borrowers; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. Engage in an unfair or deceptive practice toward any person or misrepresent or omit any material information in connection with the servicing of a student education loan, including, but not limited to, misrepresenting the amount, nature or terms of any fee or payment due or claimed to be due on a student education loan, the terms and conditions of the loan agreement or the borrower's obligations under the loan; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] C. Obtain property by fraud or misrepresentation; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF); PL 2019, c. 431, §4 (AFF).] D. Misapply student education loan payments to the outstanding balance of a student education loan; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] E. Provide inaccurate information to a credit bureau, thereby harming the determination of a student loan borrower's creditworthiness; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] F. Fail to report both the favorable and unfavorable payment history of a student loan borrower to a nationally recognized consumer credit bureau at least annually if the student loan servicer regularly reports information to such a credit bureau; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] G. Refuse to communicate with an authorized representative of a student loan borrower who provides a written authorization signed by the student loan borrower, except that the student loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the student loan borrower; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] H. Make any false statement or omit a material fact in connection with information or reports filed with a governmental agency or in connection with an investigation conducted by the superintendent or another governmental agency; [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] I. Fail to respond within 15 days to communication from the student loan ombudsman, or within a shorter reasonable time as the student loan ombudsman may request in the communication; or [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] J. Fail to respond within 15 days to a student loan borrower complaint submitted to the servicer by the student loan ombudsman. If necessary, a student loan servicer may request additional time, up to 45 days, as long as the request is accompanied by an explanation of why additional time is reasonable and necessary. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]

4. Penalties. A violation of this section is an unfair trade practice under the Maine Unfair Trade Practices Act and is subject to the enforcement and penalty provisions contained in that Act. A. A student loan servicer that fails to comply with any requirement imposed under this section with respect to a student loan borrower is liable in an amount equal to the sum of: (1) Any actual damages sustained by the borrower as result of the failure; (2) A monetary award equal to 3 times the total amount the student loan servicer collected from the borrower; (3) Punitive damages as the court may allow; and (4) In the case of any successful action by the borrower to enforce the liability set out in this subsection, the costs of the action, together with reasonable attorney's fees as determined by the court. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] B. The remedies provided in this subsection are not intended to be the exclusive remedies available to a student loan borrower, nor must the borrower exhaust any administrative remedies provided under this subsection or any other applicable law before proceeding under this subsection. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).] [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-B M.R.S. § 826 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 826
9-B §826. Offices and satellite facilities
Status: in_force

A credit union may establish, relocate, close and operate a branch or satellite facility in accordance with chapter 33 , except that the limitation of section 337, subsection 2 does not apply. The limits of section 863 apply to credit union investment in real estate for office facilities. The establishment, relocation or closing of a branch or facility must meet the needs and convenience of the credit union's members. [PL 2003, c. 322, §17 (RPR).]
9-B M.R.S. § 1324 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1324
9-B §1324. Conversions
Status: in_force

1. Authority. A foreign bank may convert a Maine representative office to a Maine agency or Maine branch, or convert a Maine agency to a Maine representative office or a Maine branch, or convert a Maine branch to a Maine agency or Maine representative office with the prior approval of the superintendent. A foreign bank may also convert a federal branch or agency to a Maine branch or Maine agency. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Applications. Applications for prior approval of conversions must be processed in accordance with sections 252 and 253 or section 1315 as appropriate. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 3-303 — ME Code / Title 9-A / Chapter 3 / Section 3-303
9-A §3-303. Debt secured by cross-collateral
Status: in_force

1. If debts arising from 2 or more consumer credit sales, other than sales pursuant to open-end credit, are secured by cross-collateral, section 3‑302 or consolidated into one debt payable on a single schedule of payments, and the debt is secured by security interests taken with respect to one or more of the sales, payments received by the seller after the taking of the cross-collateral or the consolidation are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been first applied to the payment of the debts arising from the sales first made. To the extent debts are paid according to this section, security interests in items of property terminate as the debts originally incurred with respect to each item is paid. [PL 1981, c. 243, §17 (AMD).]

2. Payments received by the seller upon an open-end credit account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made. [PL 1973, c. 762, §1 (NEW).]

3. If the debts consolidated arose from two or more sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 431-A — ME Code / Title 9-B / Part 4 / Chapter 43 / Section 431-A
9-B §431-A. Loan powers
Status: in_force

1. General loan authority. Unless otherwise prohibited by state law, a financial institution may make, sell, purchase, arrange, participate in, invest in or otherwise deal in loans or extensions of credit, as defined in section 439-A , for any purpose. [PL 1997, c. 398, Pt. I, §21 (NEW).]

2. Written loan policy. A financial institution's governing body shall establish a written loan policy, which must be reviewed and ratified at least annually, that addresses at a minimum, the following: A. Individual lending officer authority; [PL 1997, c. 398, Pt. I, §21 (NEW).] B. Loan mix and diversification; [PL 1997, c. 398, Pt. I, §21 (NEW).] C. Loan quality parameters; and [PL 1997, c. 398, Pt. I, §21 (NEW).] D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 1997, c. 398, Pt. I, §21 (NEW).] [PL 1997, c. 398, Pt. I, §21 (NEW).]
9-A M.R.S. § 3-304 — ME Code / Title 9-A / Chapter 3 / Section 3-304
9-A §3-304. Use of multiple agreements
Status: in_force

1. A creditor may not use multiple agreements with intent to obtain a higher finance charge than would otherwise be permitted by the provisions of the Article on Finance Charges and Related Provisions, Article II . [PL 1973, c. 762, §1 (NEW).]

2. With respect to a supervised loan, a lender uses multiple agreements if, with intent to obtain a higher finance charge than would otherwise be permitted, the lender allows any person, or married couple, to become obligated in any way under more than one loan agreement with the lender or with a person related to the lender. [RR 2025, c. 1, Pt. C, §21 (COR).]

3. The intent necessary, under subsections 1 and 2 , shall be rebuttably presumed in any transaction in which a creditor who is required to disclose an annual percentage rate which is greater than 18% per year in a significant portion of its consumer credit transactions uses multiple agreements with the result of obtaining a higher credit service charge than would otherwise be permitted by this Article. [PL 1973, c. 762, §1 (NEW).]

4. The excess amount of finance charge provided for in this section is an excess charge for the purposes of the provisions on rights of parties, section 5‑201 , and the provisions on civil actions by administrator, section 6‑113 . [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 343 — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 343
9-B §343. Conversion of institutional charter
Status: in_force

A financial institution organized under Part 12 may convert its charter to do business as another institution organized under Part 12 or as a universal bank, and a universal bank organized under chapter 31 may convert to a financial institution organized under Part 12 in the following manner. [PL 1997, c. 398, Pt. F, §3 (AMD).]

1. Adoption of plan. The institution's governing body shall adopt by a 2/3 vote of all members a conversion plan that must include: A. The name of the institution and its location; [PL 1975, c. 500, §1 (NEW).] B. The type of the institution that resulting institution is to be; [PL 1997, c. 398, Pt. F, §3 (AMD).] C. A method and schedule for terminating any nonconforming activities that would result from such conversion; [PL 1997, c. 398, Pt. F, §3 (AMD).] D. A statement of the competitive impact resulting from such conversion, including the loss of particular financial services in the market area resulting from such conversion; [PL 1997, c. 398, Pt. F, §3 (AMD).] E. A statement that the conversion is subject to approval of the superintendent and the institution's investors; and [PL 1997, c. 398, Pt. F, §3 (AMD).] F. Such additional information as the superintendent may require, pursuant to regulations or otherwise. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 398, Pt. F, §3 (AMD).]

2. Superintendent's approval. The superintendent shall approve a conversion plan in accordance with section 341, subsection 3 . [PL 1997, c. 398, Pt. F, §3 (AMD).]

3. Vote of investors. The conversion plan, as approved by the superintendent, must be submitted to the investors for their approval at an annual meeting, or at a special meeting called for that purpose, pursuant to the requirements of section 352, subsection 3 . Approval requires a majority vote or higher if required by the institution's organizational documents of those entitled to vote. [PL 1997, c. 398, Pt. F, §3 (AMD).]

4. Executed plan; certificate; and effective date. The following provisions apply to the executed plan, certificate and effective date. A. Upon approval by the investors of the institution, the institution shall submit the executed conversion plan to the superintendent, together with all necessary amendments to the institution's organizational documents, each certified by an executive officer, clerk or secretary. [PL 1997, c. 398, Pt. F, §3 (AMD).] B. The superintendent shall file one copy of the items set forth in paragraph A with the Secretary of State for record and issue to the resulting institution a certificate specifying the name of the converting institution and the name and organizational structure of the resulting institution. This certificate is conclusive evidence of the conversion and of the correctness of all proceedings relating to the conversion in all courts and places. The certificate may be filed in any office for the recording of deeds to evidence the new name in which property of the converting institution is to be held. [PL 1997, c. 398, Pt. F, §3 (AMD).] C. Unless a later date is specified in the conversion plan, the action becomes effective upon the issuance of the certificate in paragraph B , and the former charter of the converting institution terminates automatically. [PL 1997, c. 398, Pt. F, §3 (AMD).] [PL 1997, c. 398, Pt. F, §3 (AMD).]

5. Effect of disapproval. [PL 1997, c. 398, Pt. F, §3 (RP).]
9 M.R.S. § 5003 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5003
9 §5003. Definitions
Status: in_force

As used in this Act, unless the context specifically indicates otherwise, the following words shall have the following meanings. [PL 1977, c. 488, §1 (NEW).]

1. Charitable organization. "Charitable organization" means any person or entity, including any person or entity organized in a foreign state, that is or holds itself out to be organized or operated for any charitable purpose and that solicits, accepts or obtains contributions from the public for any charitable purpose and by any means, including, but not limited to, personal contact, telephone, mail, newspaper advertisement, television or radio. Status as a tax-exempt entity does not necessarily qualify that entity as a charitable organization. For purposes of this chapter, an organization established for and serving bona fide religious purposes is not a charitable organization. [PL 2013, c. 539, §2 (AMD).]

2. Charitable purpose. "Charitable purpose" means any charitable, benevolent, educational, philanthropic, humane, patriotic or eleemosynary purpose. [PL 1983, c. 277, §1 (AMD).]

3. Commercial co-venturer. [PL 2013, c. 313, §2 (RP).]

3-A. Commissioner. [PL 2013, c. 313, §3 (RP).]

4. Contribution. "Contribution" means the promise or grant of any money or property of any kind or value, including the payment or promise to pay in consideration of a sale, performance or event of any kind which is advertised in conjunction with the name of any charitable organization. This definition does not include: A. Payments by members of an organization for membership fees, dues, fines or assessments, or for services rendered to individual members, if membership in the organization confers a bona fide right, privilege, professional standing, honor or other direct benefits, other than the right to vote, elect officers or hold offices; [PL 2005, c. 497, §3 (AMD).] B. Money or property received from any governmental authority; or [PL 2005, c. 497, §4 (AMD).] C. Money or property received from a foundation established for charitable or educational purposes. [PL 2005, c. 497, §5 (NEW).] [PL 2005, c. 497, §§3-5 (AMD).]

4-A. Entity. "Entity" means any natural person, corporation, partnership, limited liability company, association or any other organization. [PL 1999, c. 386, Pt. A, §4 (NEW).]

4-B. Department. [PL 2013, c. 313, §4 (RP).]

4-C. Free clinic. "Free clinic" means an incorporated nonprofit health facility that provides health care to persons at no charge. [PL 2013, c. 60, §1 (NEW).]

4-D. Director. "Director" means the Director of the Office of Professional and Occupational Regulation within the Department of Professional and Financial Regulation. [PL 2013, c. 313, §5 (NEW).]

5. Federated fund-raising organization. "Federated fund-raising organization" means a federation of independent charitable organizations which have voluntarily joined together, including, but not limited to, a United Fund, United Way or Community Chest, for purposes of raising and distributing money for and among themselves and where membership does not confer operating authority and control of the individual organizations upon the federated fund-raising organization. [PL 1977, c. 488, §1 (NEW).]

5-A. Independent public accountant. [PL 2013, c. 313, §6 (RP).]

5-B. Fund raising. "Fund raising" means a solicitation to the public for funds, except those solicitations which are made as an integral part of the presentation of program services. [PL 1979, c. 678, §1 (NEW).]

5-C. Hospital. "Hospital" means an institution that is engaged primarily in providing inpatient, outpatient or both inpatient and outpatient medical and psychiatric diagnostic and therapeutic services in the care and treatment of injured, disabled, sick or mentally ill persons who are under the supervision of a physician. [PL 1999, c. 386, Pt. A, §5 (AMD).]

5-D. Management. "Management" means the overall direction of the organization, general record keeping, business management, budgeting, general board activities and related management functions. [PL 1979, c. 678, §1 (NEW).]

5-E. Membership. "Membership" means the relationship of a person to an organization that entitles that person to the privileges, professional standing, honors or other direct benefits of the organization in addition to the right to vote, elect officers and hold office in the organization. [PL 1999, c. 386, Pt. A, §6 (NEW).]

5-F. Office. [PL 2013, c. 313, §7 (RP).]

6. Parent organization. "Parent organization" means that part of a charitable organization which coordinates, supervises or exercises control over policy, fund-raising and expenditures, or assists or advises one or more chapters, branches or affiliates in the State. A federated fund-raising organization, as defined in this chapter, shall not be considered a parent organization. [PL 1977, c. 488, §1 (NEW).]

7. Person. "Person" means any individual, organization, trust, foundation, group, association, partnership, corporation, society or any combination of them. [PL 1977, c. 488, §1 (NEW).]

8. Principal officer. "Principal officer" means the president, chair, executive director or other officer or employee responsible for the daily operation of a charitable organization or a professional solicitor. [PL 2013, c. 539, §3 (AMD).]

9. Professional fund-raising counsel. [PL 2013, c. 539, §4 (RP).]

10. Professional solicitor. "Professional solicitor" means any person or entity that, alone or through its employees or agents, solicits contributions from the public on behalf of a charitable organization in exchange for a fee or other remuneration. "Professional solicitor" does not include a bona fide employee, bona fide salaried officer, attorney, accountant or investment counselor of a charitable organization. [PL 1999, c. 386, Pt. A, §7 (AMD).]

10-A. Program services. "Program services" means those activities directly related to the stated charitable purposes of the charitable organization. "Program services" does not mean activities related to fund raising or management. [PL 1979, c. 678, §2 (NEW).]

11. Solicit and solicitation. "Solicit and solicitation" means any oral or written request, however communicated directly or indirectly, for any contribution. "Solicitation" as defined herein shall be deemed to have taken place when the request is made, whether or not the person making the solicitation receives any contribution in response. [PL 1977, c. 488, §1 (NEW).]
9-A M.R.S. § 3-101 — ME Code / Title 9-A / Chapter 3 / Section 3-101
9-A §3-101. Short title
Status: in_force

This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Regulation of Agreements and Practices." [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 429 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 429
9-B §429. Residential mortgage escrow accounts
Status: in_force

1. Definition. As used in this section, unless the context indicates otherwise, the following terms have the following meanings. A. "Escrow account" means any account established by agreement between a mortgagor and mortgagee under which the mortgagor pays to the mortgagee sums to be used to pay taxes or insurance premiums. [PL 1983, c. 679, §2 (RPR).] B. "Mortgagee" means any financial institution authorized to do business in this State, as defined in section 131, subsection 17‑A , any credit union authorized to do business in this State, as defined in section 131, subsection 12‑A , any supervised lender, as that term is defined in Title 9‑A, section 1‑301, subsection 39 , and their assignees. [PL 1983, c. 679, §2 (RPR).] [PL 1983, c. 679, §2 (RPR).]

2. Payment of interest or dividends. Each mortgagee holding funds of a mortgagor in a required escrow account on behalf of itself or another mortgagee for the payment of taxes or insurance premiums with respect to mortgaged property located in this State shall pay the mortgagor, at least quarterly, dividends or interest on the account at a rate of not less than 50% of the 1-year Treasury Bill secondary market rate or rate of a comparable instrument if the 1-year Treasury Bill is not offered, as published electronically by the Federal Reserve System or in a financial newspaper of national circulation, as of the first business day of the year in which the quarterly interest or dividend is paid. The dividends or interest paid under this subsection may not be reduced by any charge for service or maintenance of the account. [PL 2021, c. 508, §10 (AMD).]

3. Computing and crediting interest. Under subsection 2 , interest must be computed on the daily balances in the account from the date of receipt to the date of disbursement and must be credited to the account as of the last business day of each quarter of a calendar or fiscal year. If such an account is closed or discontinued before the last business day of a quarter of a calendar or fiscal year, interest must be computed and credited as of the day the account is closed or discontinued. For the purposes of calculating interest under subsection 2 , the mortgagee may take into account debit balances resulting from advances and may elect to compute interest on the basis of the actual number of days in each quarter and year, or on the basis of a 30-day month and a 360-day year. At least once a year, the mortgagee shall give the mortgagor a statement showing the interest credited on the escrow account during the period that the statement covers. [PL 2003, c. 263, §2 (AMD).]

4. Scope. The requirements of this section apply only to mortgages on owner-occupied residential property consisting of not more than 4 dwelling units, located in this State. [PL 1983, c. 679, §2 (RPR).]

5. Exemptions. This section does not apply to mortgage transactions under which the payment of interest on escrow accounts is prohibited by federal law. [PL 1983, c. 679, §2 (RPR).]

6. Application. The requirements of this section shall apply to any funds in an escrow account on October 1, 1985, and to any funds deposited in an escrow account after that date. [PL 1985, c. 327 (AMD).]
9-A M.R.S. § 11-120 — ME Code / Title 9-A / Chapter 11 / Section 11-120
9-A §11-120. Enforcement; penalties
Status: in_force

A merchant who violates this Article or any rule issued by the administrator is subject to the following: [PL 1991, c. 787 (NEW).]

1. After notice and hearing, a cease and desist order and order of restitution from the administrator; [PL 1991, c. 787 (NEW).]

2. A civil action, by the administrator through the Attorney General, after which a court, upon a finding of repeated or willful violations or of violation of an assurance of discontinuance, may assess a civil penalty of not more than $5,000; and [PL 1991, c. 787 (NEW).]

3. A civil action by an aggrieved consumer in which the consumer may recover actual damages or $250, whichever is greater, plus costs of the action and reasonable attorney's fees. [PL 1991, c. 787 (NEW).]
9 M.R.S. § 5014 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5014
9 §5014. Violation as unfair trade practice
Status: in_force

Any violation of this chapter shall constitute a violation of Title 5, chapter 10 , the Unfair Trade Practices Act. [PL 1977, c. 488, §1 (NEW).]

Any intentional violation of this chapter shall be a Class D crime. [PL 1977, c. 488, §1 (NEW).]
9-A M.R.S. § 11-116 — ME Code / Title 9-A / Chapter 11 / Section 11-116
9-A §11-116. Receipts and accounts
Status: in_force

A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a written statement of account within 7 days of the consumer's request. [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 845 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 845
9-B §845. Credit committee
Status: in_force

1. Powers and duties. If a credit committee is appointed pursuant to section 842, subsection 2 , the credit committee shall: A. Hold meetings at least once in each month; [PL 1975, c. 500, §1 (NEW).] B. Act on all applications for loans to members; [PL 1975, c. 500, §1 (NEW).] C. Approve in writing all personal loans granted and the security, if any, pledged for personal loans; and [PL 2003, c. 322, §34 (AMD).] D. Submit to the board of directors all applications for loans to be secured by mortgages of real estate, with its recommendations on the applications, which must include a signed appraisal as to its best judgment of the value of the real estate involved. [PL 2003, c. 322, §34 (AMD).] [PL 2003, c. 322, §34 (AMD).]

2. Loan officers. A. The board of directors may appoint one or more loan officers. [PL 1991, c. 386, §23 (AMD).] B. The board of directors may delegate to the loan officer or officers the authority that is within the limits established under a written loan policy. The authority granted to any loan officer must be included in the minutes of the meetings of the board of directors. [PL 1991, c. 386, §23 (AMD).] C. Each loan officer shall furnish to the board of directors or credit committee a record of each application acted upon by that loan officer at the next meeting of the board of directors or committee after the date of filing of the application. If there is a credit committee, all applications not approved by the loan officer must be reviewed by the credit committee. The approval of a majority of the members who are present at the meeting when such review is undertaken is required to reverse the loan officer's decision, provided a majority of the full committee is present. If there is no credit committee, a member, upon written request, has the right of review by the board of directors of a loan application that has been denied. A loan officer may not disburse funds of the credit union for any loan approved by that loan officer in the capacity as loan officer. [PL 1991, c. 649 (AMD).] [PL 1991, c. 649 (AMD).]

3. Personal loans. No personal loan, other than those approved by loan officers, shall be made unless a majority of the members of the credit committee who are present at a meeting when the loan application is considered vote to approve said loan. A quorum of the credit committee at such meeting shall be at least 2/3 of the members of the committee. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 872-A — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 872-A
9-B §872-A. Authority for expedited mergers, consolidations and acquisitions
Status: in_force

Notwithstanding any other provision of law, or any charter, certificate of organization, articles of association, articles of incorporation or bylaw of any participating credit union, the superintendent may authorize a merger or consolidation of 2 or more credit unions or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, any other credit union following approval of a plan of merger, consolidation or acquisition by a majority vote of the boards of directors of the participating credit unions and upon receipt by the superintendent of certified copies of the authorizing resolutions adopted by the respective boards of directors. That merger, consolidation or acquisition shall become effective immediately if the superintendent believes that the action is necessary for the protection of members of the credit union or the public. Any person aggrieved by a merger, consolidation or acquisition pursuant to this section is entitled to judicial review of the superintendent's order in accordance with the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII . [PL 1989, c. 646 (NEW).]
9-A M.R.S. § 15-101 — ME Code / Title 9-A / Chapter 15 / Section 15-101
9-A §15-101. Definitions
Status: in_force

As used in this Article, unless the context indicates otherwise, the following terms have the following meanings. [PL 2021, c. 357, §1 (NEW).]

1. Provider of postsecondary education. "Provider of postsecondary education" means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a person located in the State. "Provider of postsecondary education" also includes a person not authorized to operate as and not accredited as a postsecondary educational institution in the State. [PL 2021, c. 357, §1 (NEW).]

2. Student financing. "Student financing" means an extension of credit or a debt or obligation owned or incurred by a student, contractual or otherwise, that: A. Is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV; and [PL 2021, c. 357, §1 (NEW).] B. Is extended to or owned or incurred by a student expressly for postsecondary education expenses regardless of whether the extension of credit or a debt or obligation owned or incurred is provided by or owed to the provider of postsecondary education that the student attends. [PL 2021, c. 357, §1 (NEW).] "Student financing" does not include a loan secured by real property or a dwelling. [PL 2021, c. 357, §1 (NEW).]

3. Student financing company. "Student financing company" means a person engaged in the business of making or extending credit to a student for postsecondary education expenses or a holder of debt or obligation owned or incurred by a student to finance postsecondary education expenses. "Student financing company" does not include a supervised financial organization; a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 ; a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 ; a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; or the Finance Authority of Maine. Only to the extent that state regulation is preempted by federal law, "student financing company" does not include: A. A federally chartered bank, savings bank, savings and loan association or credit union; [PL 2021, c. 357, §1 (NEW).] B. A wholly owned subsidiary of a federally chartered bank or credit union; or [PL 2021, c. 357, §1 (NEW).] C. An operating subsidiary of a wholly owned subsidiary of a federally chartered bank or credit union in which each owner of the operating subsidiary is wholly owned by the same federally chartered bank or credit union. [PL 2021, c. 357, §1 (NEW).] [PL 2021, c. 357, §1 (NEW).]

4. Superintendent. "Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. [PL 2021, c. 357, §1 (NEW).]
9-A M.R.S. § 10-302 — ME Code / Title 9-A / Chapter 10 / Section 10-302
9-A §10-302. Requirement for written agreement
Status: in_force

Each agreement between a consumer and a loan broker must be in writing, dated and signed by the consumer and must include the following: [PL 2005, c. 274, §8 (AMD).]

1. A full and detailed description of the services to be performed for the consumer, including all guarantees and all promises of full or partial refund of fees paid, whether or not services are completed, and the length of time for which the agreement remains in effect before return of the fees for nonperformance can be required by the consumer; [PL 1993, c. 495, §4 (AMD).]

2. The terms and conditions of payment, including the total of all payments to be made by the consumer or by any other person or entity, whether to the loan broker or to some other person; and [PL 2007, c. 273, Pt. A, §29 (AMD); PL 2007, c. 273, Pt. A, §41 (AFF).]

3. The following notice: NOTICE TO CONSUMER: Do not sign this agreement before you read it. You are entitled to a copy of this agreement. [PL 1989, c. 70, §3 (NEW).]
9-B M.R.S. § 235 — ME Code / Title 9-B / Part 2 / Chapter 23 / Section 235
9-B §235. Change of director or senior executive officer
Status: in_force

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Financial institution in troubled condition" includes any financial institution: (1) That is subject to a cease and desist order issued under section 231 or issued by a federal regulator under applicable federal law; (2) That is subject to a written agreement as contemplated under section 231 ; (3) That has a composite rating of 4 or 5 under the federal Uniform Financial Institutions Rating System or comparable composite ratings under a rating system employed by the superintendent; (4) That is not in compliance with section 412-A or is not in compliance with applicable federal capital standards; or (5) That has been notified in writing by the superintendent that it is in troubled condition for the purposes of this section. [PL 2007, c. 79, §5 (NEW).] B. "Senior executive officer" means any person who holds the title of president, chief executive officer, chief operating officer, chief financial officer, chief lending officer or chief investment officer or, without regard to title, salary or compensation, performs the function of one or more of these positions. "Senior executive officer" also includes any other person identified by the superintendent, whether or not hired as an employee, with significant influence over, or who participates in, major policy-making decisions of a financial institution. [PL 2007, c. 79, §5 (NEW).] [PL 2007, c. 79, §5 (NEW).]

2. Filing notice. A financial institution in troubled condition shall file notice with the superintendent at least 30 days prior to adding or replacing a member of its board of directors or governing body, employing a senior executive officer or changing the duties of a senior executive officer so that the senior executive officer would assume a different senior executive officer position. The notice must be in a form and contain content as prescribed by the superintendent. For good cause shown, the superintendent may accept notice of less than 30 days. [PL 2007, c. 79, §5 (NEW).]

3. Approval. The superintendent shall approve or disapprove the notice under subsection 2 within 10 days after the receipt of the notice. [PL 2007, c. 79, §5 (NEW).]
9-A M.R.S. § 16-105 — ME Code / Title 9-A / Chapter 16 / Section 16-105
9-A §16-105. Disability; discharge of liability
Status: in_force

1. Notification of total and permanent disability. A private education lender, when notified of the total and permanent disability of a borrower or cosigner of a cosigned private education loan, shall release a cosigner from the obligations of the cosigner under the loan. The lender may not attempt to collect a payment from a cosigner following a notification of total and permanent disability of a cosigner or borrower. A private education lender shall, when notified of the total and permanent disability of a borrower, discharge the liability of the borrower and cosigner on the loan. [PL 2021, c. 357, §2 (NEW).]

2. Notification of release. If either a cosigner or a borrower is released from the obligations of a cosigned private education loan under this section, the private education lender shall notify the borrower and cosigner within 30 days of the release. [PL 2021, c. 357, §2 (NEW).]

3. Legal authority to act on behalf of borrower. A private education lender that extends a cosigned private education loan shall provide the borrower an option to designate an individual to have the legal authority to act on behalf of the borrower with respect to the private education loan in the event of the total and permanent disability of the borrower. [PL 2021, c. 357, §2 (NEW).]

4. Cosigner release. If a cosigner is released from the obligations of a cosigned private education loan pursuant to subsection 1 , the private education lender may not require the borrower to obtain another cosigner on the loan. [PL 2021, c. 357, §2 (NEW).]

5. Prohibition on default or acceleration of loan. A private education lender may not declare a default or accelerate the debt against a borrower on the sole basis of a cosigner release under subsection 1 . [PL 2021, c. 357, §2 (NEW).]

6. Prohibited activities after notice of disability of borrower. After receiving a notification of a borrower's total and permanent disability under subsection 1 , the private education lender may not: A. Attempt to collect on the outstanding liability of the borrower or cosigner; or [PL 2021, c. 357, §2 (NEW).] B. Monitor the disability status of the borrower at any point after the date of discharge of liability. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]
9-B M.R.S. § 447 — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 447
9-B §447. Real estate appraisals; copies
Status: in_force

A financial institution that imposes a fee on a person for the cost of an appraisal of any real estate shall furnish to the person, at no cost, one copy of the appraisal upon request, if the request is made within 90 days after the financial institution has provided notice of action taken on the application for credit or the date of the closing, whichever is later, or 90 days after the application is withdrawn. [PL 1999, c. 150, §8 (AMD).]
9-A M.R.S. § 11-121 — ME Code / Title 9-A / Chapter 11 / Section 11-121
9-A §11-121. Effective date
Status: in_force

This Article takes effect January 1, 1993. [PL 1991, c. 787 (NEW).]
9-A M.R.S. § 2-509 — ME Code / Title 9-A / Chapter 2 / Section 2-509
9-A §2-509. Right to prepay
Status: in_force

Subject to the provisions on rebate upon prepayment, section 2‑510 , the consumer may prepay, in full or in part, the unpaid balance of a consumer credit transaction at any time without penalty, except for minimum charges as permitted by law. Notwithstanding any other provision of this Title, a reasonable charge may be assessed upon a consumer related to prepayment of a consumer loan made by a supervised financial organization and secured by an interest in land, other than a high-cost mortgage loan, as defined in the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq. if the charge is reasonably calculated to offset the cost of origination of the loan. The administrator shall adopt rules to implement this section. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2011, c. 427, Pt. D, §9 (AMD).]
9-B M.R.S. § 1024 — ME Code / Title 9-B / Part 10 / Chapter 102 / Section 1024
9-B §1024. Corporate powers; stock ownership
Status: in_force

1. Ownership. The stock of a mutual trust investment company shall be owned only by State banks with trust powers, trust companies and national banks with trust powers located in this State, acting as fiduciaries, and their individual cofiduciaries, if any, but may be registered in the name of their nominee or nominees. [PL 1975, c. 500, §1 (NEW).]

2. Transfer or assignment. The stock of a mutual trust investment company shall not be subject to transfer or assignment except to the mutual trust investment company or to a fiduciary or cofiduciary which becomes successor to the stockholder or its nominee; provided that such successor fiduciary or cofiduciary or its nominee is qualified to hold such stock under subsection 1 . [PL 1975, c. 500, §1 (NEW).]

3. Directors. A mutual trust investment company shall have not less than 5 directors who need not be stockholders but shall be officers or directors of banks or trust companies located in this State. [PL 1975, c. 500, §1 (NEW).]

4. Investments; assets. A mutual trust investment company may invest its assets only in those investments in which a trustee may invest under the laws of this State, and its assets shall constitute personal property held in trust. Such company shall make no investment in: A. The note of an individual or individuals, whether or not it is secured; [PL 1975, c. 500, §1 (NEW).] B. The note, bond or other obligation of any firm, corporation or other issuer if the total original issue of such notes, bonds or other obligations is less than $500,000; [PL 1975, c. 500, §1 (NEW).] C. Any stocks, bonds or other obligations issued or guaranteed by any one firm, corporation or other issuer in excess of 10% of the total assets of the mutual trust investment company, as increased by the proposed investment; provided that this limitation shall not apply to obligations of the United States, or for the payment of the principal and interest of which the full faith and credit of the United States is pledged; and [PL 1975, c. 500, §1 (NEW).] D. Shares of stock of any one corporation which would cause the total number of such shares held by the mutual trust investment company to exceed 10% of the number of such shares outstanding. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

5. Stock acquisition. A mutual trust investment company may acquire, purchase or redeem its own stock and shall by means of contract or of its bylaws bind itself to acquire, purchase or redeem its own stock, but it shall not vote upon shares of its own stock. [PL 1975, c. 500, §1 (NEW).]

6. Responsibility, liability, accountability. A mutual trust investment company shall not be responsible for ascertaining the investment powers of any fiduciary who may purchase its stock, and shall not be liable for accepting funds from a fiduciary in violation of the restrictions of the will, trust indenture or other instrument under which such fiduciary is acting in the absence of actual knowledge of such violation, and shall be accountable only to the superintendent and the fiduciaries who are the owners of its stock. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 473 — ME Code / Title 9-B / Part 4 / Chapter 47 / Section 473
9-B §473. Trust assets
Status: in_force

1. Separation of trust assets. Except as otherwise provided, all securities, money and property received by any financial institution to be held in trust or in any other fiduciary capacity must be kept separate and apart from the other assets of the financial institution. [PL 1997, c. 398, Pt. I, §41 (NEW).]

2. Separation of trust account investments. The investments of each account must be kept separate from those of all other accounts, except that: A. They may be placed in the custody of any other financial institution or trust company, whether within or without this State, and may, while so held, be commingled with other securities of other such accounts, if records are kept that show the share of each account in the commingled securities; [PL 1997, c. 398, Pt. I, §41 (NEW).] B. They may be commingled with similar securities of other accounts, if records are kept to show the share of each account in the commingled securities. The ownership of and other interests in the securities credited to such account may be transferred by entries on the books of the financial institution without physical delivery of any securities; [PL 1997, c. 398, Pt. I, §41 (NEW).] C. Assets held by a trustee, executor, administrator, guardian or other fiduciary may be invested in a common trust fund established under Title 18-C, section 7-201 ; [PL 2017, c. 402, Pt. C, §24 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] D. Securities, the principal and interest of which the United States or any department, agency or instrumentality of the United States has agreed to pay or has guaranteed the payment of, may be deposited with the Federal Reserve Bank in the district in which this State is located, to be credited to one or more fiduciary or safekeeping accounts on the books of that Federal Reserve Bank in the name of the financial institution and to which accounts other similar securities may be credited. A financial institution that deposits securities with a Federal Reserve Bank is subject to rules with respect to the making and maintenance of these deposits the superintendent may from time to time adopt; [PL 1997, c. 398, Pt. I, §41 (NEW).] E. Any cash, whether principal or income, or both, may be deposited in the financial institution in an account, either time or demand, specifically stating the trust to which the cash belongs; and [PL 1997, c. 398, Pt. I, §41 (NEW).] F. Any cash, whether principal or income, or both, may be deposited in the financial institution in an aggregate deposit, either time or demand, including balances from other trusts, if the books of the trust department show the specific interest of each trust in this aggregate deposit. [PL 1997, c. 398, Pt. I, §41 (NEW).] [PL 2017, c. 402, Pt. C, §24 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]

3. Record of trust account. A record of all matters relating to each trust account must be kept separately in the trust department and must indicate the particulars respecting each account as the superintendent directs. [PL 1997, c. 398, Pt. I, §41 (NEW).]

4. Exclusion from other financial institution liabilities. The trust assets held by any financial institution are not subject to any other liabilities of the financial institution. [PL 1997, c. 398, Pt. I, §41 (NEW).]
9-B M.R.S. § 217 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 217
9-B §217. Annual reports to the Legislature
Status: in_force

The superintendent shall report to the Legislature by January 15th of each year the applications received and any actions taken pursuant to chapters 35 and 101 . The report shall include, but not be limited to, detailed information on the number, types and legal structures of all regulated financial institutions in the State, the locations of all offices and total deposits held by these institutions, the steps taken or planned by nonstate financial institution holding companies that have received approval under chapter 101 for acquisition or establishment to meet the credit needs of consumers and small businesses and an analysis of the impact of applications approved under chapters 35 and 101 on the banking structure of the State and the credit needs of the state's citizens and businesses. [PL 1983, c. 816, Pt. B, §2 (NEW).]
9-A M.R.S. § 6-201 — ME Code / Title 9-A / Chapter 6 / Section 6-201
9-A §6-201. Applicability
Status: in_force

This Part applies to a person engaged in this State in entering into consumer credit transactions and to a person having an office or place of business in this State who takes assignments of or undertakes direct collection of payments from or enforcement of rights against debtors arising from these transactions. In addition, this Part applies to a person, wherever located, who takes assignments of or undertakes direct collection of payments from or enforcement of rights against debtors arising from a consumer credit transaction subject to this Title. This Part also applies to a person, other than a supervised financial organization, wherever located, who takes assignments of or undertakes direct collection of payments from or enforcement of rights against debtors arising from a consumer credit transaction subject to Article 9 . [PL 2005, c. 206, §2 (AMD).]
9-A M.R.S. § 3-506 — ME Code / Title 9-A / Chapter 3 / Section 3-506
9-A §3-506. Limitation
Status: in_force

This Part does not apply to any consumer credit transaction covered by Article 8‑A and subject to the right of rescission pursuant to the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq., nor does it apply to any sale, by any dealer or agent or salesperson of a registered dealer, registered pursuant to Title 32, chapter 135 , of stocks, bonds, debentures or securities representing stocks, bonds or debentures registered pursuant to Title 32, chapter 135 or expressly exempt from registration thereof. [PL 2011, c. 427, Pt. D, §11 (AMD).]
9-B M.R.S. § 1212 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1212
9-B §1212. Organization of nondepository trust companies
Status: in_force

1. Organization. A nondepository trust company must be organized pursuant to chapter 31 . [PL 1997, c. 398, Pt. J, §2 (NEW).]

1-A. Principal office in State. Except for a nondepository trust company organized prior to the effective date of this subsection, a nondepository trust company shall locate its principal office in this State, have at least one resident of this State on its governing board and hold at least one of its governing board meetings in this State each year. [PL 2021, c. 5, §4 (NEW).]

2. Organizational documents. The organizational documents of a nondepository trust company that are filed with the Secretary of State must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to the Maine Revised Statutes, Title 9‑B, chapter 121 and does not have the power to solicit, receive or accept money or its equivalent on deposit or to lend money except for lending reasonably related to and deriving from its service as fiduciary or its conduct of trust business." This statement in the organizational documents of a nondepository trust company may not be amended. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Conversion. A nondepository trust company may convert to any other type of investor-owned financial institution pursuant to chapter 34 . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 822 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 822
9-B §822. Borrowing
Status: in_force

1. Limitation. A credit union may borrow moneys from any source; provided that its aggregate borrowing shall not exceed 50% of its paid-in share capital and total surplus. [PL 1975, c. 500, §1 (NEW).]

2. Exceeding limitation. Upon making application to and receiving the written approval of the superintendent, a credit union may borrow in excess of the limitation set forth in subsection 1 , but not in excess of the amount stated in such approval. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 13-115 — ME Code / Title 9-A / Chapter 13 / Section 13-115
9-A §13-115. Investigation and examination authority
Status: in_force

In addition to any authority allowed under this Article, the administrator may conduct an investigation and examination as follows. [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. Authority to access information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination or general or specific inquiry or investigation to determine compliance with this Article, the administrator may access, receive and use any books, accounts, records, files, documents, information or evidence, including but not limited to: A. Criminal, civil and administrative information, including confidential criminal history record information as defined in Title 16, section 703, subsection 2 ; [PL 2013, c. 267, Pt. B, §3 (AMD).] B. Personal history and experience information, including independent credit reports obtained from a consumer reporting agency described in the federal Fair Credit Reporting Act, Section 603(p); and [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Any other documents, information or evidence the administrator determines relevant to the inquiry or investigation regardless of the location, possession, control or custody of those documents, information or evidence. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2013, c. 267, Pt. B, §3 (AMD).]

2. Investigation, examination and subpoena authority. For the purposes of investigating violations or complaints arising under this Article or for the purposes of examination the administrator may review, investigate or examine any licensee, individual or person subject to this Article as often as necessary. The administrator may direct, subpoena or order the attendance of and examine under oath all persons whose testimony may be required about the loans or the business or subject matter of an examination or investigation and may direct, subpoena or order those persons to produce books, accounts, records, files and any other documents the administrator considers relevant to the inquiry. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Availability of books and records. Each licensee, individual or person subject to this Article shall make available to the administrator upon request the books and records relating to the operations of that licensee, individual or person. The administrator has access to such books and records and may interview the officers, principals, mortgage loan originators, employees, independent contractors, agents and customers of the licensee, individual or person concerning their business. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Reports and other information as directed. Each licensee, individual or person subject to this Article shall make or compile reports or prepare other information as directed by the administrator in order to carry out the purposes of this section, including but not limited to: A. Accounting compilations; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Information lists and data concerning loan transactions in a format prescribed by the administrator; and [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Other information considered necessary to carry out the purposes of this section. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Control access to records. In making any examination or investigation authorized by this Article, the administrator may control access to any documents and records of the licensee or person under examination or investigation. The administrator may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, no individual or person may remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the administrator. Unless the administrator has reasonable grounds to believe the documents or records of the licensee have been or are at risk of being altered or destroyed for purposes of concealing a violation of this Article, the licensee or owner of the documents and records may have access to the documents or records as necessary to conduct ordinary business affairs. [PL 2009, c. 362, Pt. B, §1 (NEW).]

6. Additional authority. In order to carry out the purposes of this section, the administrator may: A. Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators to conduct or assist in examinations or investigations; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures and documents, records, information or evidence obtained pursuant to this section; [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Use, hire, contract or employ public analytic methods or privately available analytic methods or software to examine or investigate the licensee, individual or person subject to this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).] D. Accept and rely on examination or investigation reports made by other government officials within or without this State; [PL 2009, c. 362, Pt. B, §1 (NEW).] E. Accept audit reports made by an independent certified public accountant for the licensee, individual or person subject to this Article in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation or other writing of the administrator; or [PL 2009, c. 362, Pt. B, §1 (NEW).] F. Assess the cost of the services described in paragraph A against the licensee, individual or person subject to this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

7. Effect of authority. The authority of this section remains in effect, whether such a licensee, individual or person subject to this Article acts or claims to act under any licensing or registration law of this State or claims to act without such authority. [PL 2009, c. 362, Pt. B, §1 (NEW).]

8. Withhold records. A licensee, individual or person subject to investigation or examination under this section may not knowingly withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 313-A — ME Code / Title 9-B / Part 3 / Chapter 31 / Section 313-A
9-B §313-A. Certificate to commence business
Status: in_force

1. Requirements. A corporation, limited liability company, limited partnership or limited liability partnership that has received a certificate of public convenience and advantage to conduct business as a financial institution may not commence business until the superintendent certifies in writing that the required capital has actually been paid in and that all other terms and conditions contained in the certificate of public convenience and advantage have been satisfied. [PL 1997, c. 398, Pt. C, §10 (NEW).]

2. Failure to commence business. The following provisions apply to an entity authorized to conduct business as a financial institution that fails to commence business. A. Any corporation, limited liability company, limited partnership or limited liability partnership authorized to conduct business as a financial institution that fails to commence business as a financial institution within one year after receiving a certificate of public convenience and advantage forfeits that certificate and any other certificate to commence business and shall cease all activities. The superintendent shall certify to the Secretary of State that the certificate of public convenience and advantage and any certificate to commence business have been forfeited so that the institution's organizational documents may be terminated by the Secretary of State. [PL 1997, c. 398, Pt. C, §10 (NEW).] B. Upon a forfeiture pursuant to paragraph A , the subscribers to the stock of the institution are entitled to a return of any amounts they have paid to the institution as consideration for its shares. The original incorporators shall bear the expenses incurred in the organization. [PL 1997, c. 398, Pt. C, §10 (NEW).] C. Upon the failure to commence business within one year and the forfeiture of the certificate of public convenience and advantage and any other certificate to commence business, the corporation, limited liability company, limited partnership or limited liability partnership or the organizers of the entity may not submit another application for permission to conduct business as a financial institution under section 312 for at least one year from the date of this forfeiture. [PL 1997, c. 398, Pt. C, §10 (NEW).] D. Notwithstanding the time limitation in paragraph A , the superintendent may extend the period in which business must be commenced for a period not to exceed 6 months upon written application by the institution setting forth the reasons for the extension. If an extension is granted by the superintendent, the superintendent shall notify the Secretary of State. [PL 1997, c. 398, Pt. C, §10 (NEW).] [PL 1997, c. 398, Pt. C, §10 (NEW).]
9 M.R.S. § 5018 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5018
9 §5018. Rulemaking
Status: in_force

The director shall propose, revise, adopt and enforce rules necessary to carry out this chapter. Rules adopted pursuant to this chapter are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A. [PL 2013, c. 313, §26 (AMD).]
9-A M.R.S. § 9-313 — ME Code / Title 9-A / Chapter 9 / Section 9-313
9-A §9-313. Rate locks
Status: in_force

If a supervised lender charges a consumer a fee to lock in a certain interest rate for a certain length of time, that supervised lender shall: [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

1. Take steps that are necessary to actually secure or guarantee the specified rate for the appropriate length of time; [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

2. Select a time period within which the loan can reasonably be expected to close; and [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]

3. Use good faith efforts to close the loan within the rate lock period. [PL 2007, c. 273, Pt. A, §27 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
9-A M.R.S. § 9-306 — ME Code / Title 9-A / Chapter 9 / Section 9-306
9-A §9-306. Notice of assignment
Status: in_force

A consumer is not obligated to make payments on a consumer credit transaction to any creditor, other than the original creditor, until the consumer receives notification of assignment of rights to payment and that payment is to be made to the assignee. A notification that does not clearly and conspicuously identify the rights assigned is ineffective. If requested by the consumer, the assignee must seasonably furnish reasonable proof that the assignment has been made and unless the assignee does so the consumer may pay the original creditor. [RR 2025, c. 1, Pt. C, §58 (COR).]
9-A M.R.S. § 4-402 — ME Code / Title 9-A / Chapter 4 / Section 4-402
9-A §4-402. Insurance producer activities
Status: in_force

A supervised lender and any affiliate may become licensed under Title 24‑A as an insurance producer or consultant for the sale of insurance products in this State and may act as an insurance producer or consultant for the sale of insurance products in this State. [PL 2021, c. 676, Pt. C, §1 (AMD).]
9-B M.R.S. § 843 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 843
9-B §843. Officers and employees
Status: in_force

1. Election. A. The directors, at their first meeting after the annual meeting of the members, shall elect from their own number the board officers specified in the bylaws. [PL 1983, c. 51, §5 (AMD).] B. Those persons elected in paragraph A shall be the officers of the corporation, and shall hold office until their successors are elected and qualified. [PL 1975, c. 500, §1 (NEW).] [PL 1983, c. 51, §5 (AMD).]

2. Bond. A. The treasurer and all other officers and employees of a credit union having access to the cash or negotiable securities in its possession shall each give bond, including faithful performance clause, to the credit union in such amount and with such surety or sureties and conditions as the superintendent may prescribe, and shall file with the superintendent an attested copy thereof. [PL 1975, c. 500, §1 (NEW).] B. The treasurer and any other officers and employees required to give bond may be included in one or more blanket or schedule bonds. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

3. Compensation. The treasurer, or any other officer serving in the capacity of general manager, may be compensated in such amount as the board of directors may from time to time determine. [PL 1975, c. 500, §1 (NEW).]

4. Benefits. A credit union may provide employee benefits, including retirement benefits, to its employees and officers. The kind and amount of these benefits must be reasonable given the credit union's size and financial condition and the duties of the employees and officers. A credit union investing to fund an employee benefit plan obligation is not subject to the investment limitations of section 862 and may purchase an investment that would otherwise be impermissible if the investment is directly related to the credit union's obligation or potential obligation under the employee benefit plan and the credit union holds the investment only for as long as it has an actual or potential obligation under the employee benefit plan. The superintendent may adopt rules to implement this subsection. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2005, c. 468, §1 (NEW).]
9-B M.R.S. § 452 — ME Code / Title 9-B / Part 4 / Chapter 45 / Section 452
9-B §452. Maintenance of records; accounting and assets
Status: in_force

1. Safekeeping of assets and records. Every financial institution shall make provisions to secure the safekeeping of the financial institution's assets and its books, accounts and records and shall keep them separate and apart from the assets or property of others. A financial institution may use the services of other entities when reasonably appropriate to accomplish the duties imposed by this section. [PL 1997, c. 398, Pt. I, §37 (AMD).]

2. Books and accounting. The clerk or treasurer of every financial institution, or such other officer as may be designated in the bylaws or by a duly recorded vote of its directors, shall cause the books and accounts of the financial institution to be kept in accordance with generally accepted accounting principles unless the superintendent otherwise prescribes. The superintendent may prescribe the manner and form of keeping such books and accounts, which need not be uniform. [PL 1997, c. 398, Pt. I, §37 (AMD).]

3. Assets. [PL 1997, c. 398, Pt. I, §37 (RP).]

4. Fair value. The superintendent may require any of the assets of a financial institution to be charged down to such sum as in the superintendent's judgment represents its fair value. [PL 1997, c. 398, Pt. I, §37 (AMD).]
9-B M.R.S. § 469 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 469
9-B §469. Fundamental change in asset composition
Status: in_force

1. Requirement of prior approval. A financial institution, without the prior written approval of the superintendent, may not change the composition of all or substantially all of its assets through sales or other dispositions of assets, through purchases or other acquisitions of assets or through other expansions of its operations. [PL 2005, c. 83, §11 (NEW).]

2. Considerations. In determining whether to approve the change in the asset composition of a financial institution, the superintendent shall consider the purpose of the proposed transaction, its impact on the safety and soundness of the financial institution and any effect on the customers of the financial institution. If the superintendent concludes that a filing presents significant or novel policy, supervisory or legal issues, the superintendent may require an application to be filed in accordance with section 252 . [PL 2005, c. 83, §11 (NEW).]

3. Exception. Prior written approval is not required for a change in the composition of assets that is part of the financial institution's ordinary and ongoing core banking activities. [PL 2005, c. 83, §11 (NEW).]

4. Rules. The superintendent may adopt rules defining a change in the composition of all or substantially all of a financial institution's assets and setting forth the factors to consider in determining what constitutes a fundamental change in assets. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A . [PL 2005, c. 83, §11 (NEW).]
9-B M.R.S. § 814 — ME Code / Title 9-B / Part 8 / Chapter 81 / Section 814
9-B §814. Membership requirements
Status: in_force

1. Field of membership. "Field of membership" of a credit union means those persons, including nonnatural persons, having a common bond of occupation or association; multiple groups of such persons, each group having a common bond of occupation or association within that group; residence or employment within a well-defined neighborhood, community or rural district; employment by a common employer or by employers located within a well-defined industrial park or community; membership in a bona fide fraternal, religious, cooperative, labor, rural, educational or similar organization; and members of the immediate families of such persons. A. When determining whether a credit union's proposed field of membership meets the requirements of this section, the superintendent shall consider all relevant guidelines established by the National Credit Union Administration that address the issues of common bond, overlapping fields of membership, expansions or conversions of field of membership and the documentation required for amending a field of membership, except that the superintendent is not required to adhere to those guidelines. [PL 2003, c. 36, §1 (AMD).] A-1. Notwithstanding any federal law or guideline established by the National Credit Union Administration, the superintendent is authorized to permit a credit union that converts its field of membership to become a community-chartered credit union to retain in its field of membership, after such conversion, one or more groups or portions of groups that were included in the credit union's field of membership prior to the conversion. The superintendent may adopt rules in accordance with section 251 to implement this section. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2003, c. 36, §1 (NEW).] B. The superintendent shall provide notice to interested parties of a bylaw amendment sought by a credit union that proposes a change in field of membership. [PL 1995, c. 101, §2 (NEW).] C. For purposes of this section, "nonnatural person" means a corporation, partnership, joint venture, trust, estate, unincorporated association, fraternal organization or voluntary association that is: (1) Specifically listed in a credit union's bylaws as a member; (2) With respect to a community-chartered credit union, located within the geographic limits of the credit union's field of membership; or (3) Composed principally of individual persons within the credit union's field of membership and the credit union's field of membership includes organizations of such persons. [PL 2001, c. 211, §16 (NEW).] [PL 2003, c. 36, §§1, 2 (AMD).]

2. Limited members. [PL 2001, c. 211, §17 (RP).]
9-A M.R.S. § 2-506 — ME Code / Title 9-A / Chapter 2 / Section 2-506
9-A §2-506. Advances to perform covenants of consumer
Status: in_force

1. If the agreement with respect to a consumer credit transaction contains covenants by the consumer to perform certain duties pertaining to insuring or preserving collateral and the creditor pursuant to the agreement pays for performance of the duties on behalf of the consumer, the creditor may add the amounts paid to the debt. Within a reasonable time after advancing any sums, the creditor shall state to the consumer in writing the amount of the sums advanced, any charges with respect to this amount and any revised payment schedule and, if the duties of the consumer performed by the creditor pertain to insurance, a brief description of the insurance paid for by the creditor including the type and amount of coverages. No further information need be given. [RR 2025, c. 1, Pt. C, §12 (COR).]

2. A finance charge may be made for sums advanced pursuant to subsection 1 at a rate not exceeding the rate stated to the consumer pursuant to law in a disclosure statement, except that with respect to open-end credit the amount of the advance may be added to the unpaid balance of the debt and the creditor may make a finance charge not exceeding that permitted by the appropriate provisions on finance charge for consumer credit sales pursuant to open-end credit, section 2‑202 , or for consumer loans, section 2‑402 , whichever is appropriate. [PL 1987, c. 129, §53 (AMD).]

3. This section does not apply to consumer leases. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 9-408 — ME Code / Title 9-A / Chapter 9 / Section 9-408
9-A §9-408. Violation of the Maine Unfair Trade Practices Act
Status: in_force

Any violation of this article constitutes a violation of the Maine Unfair Trade Practices Act. [PL 2009, c. 402, §7 (NEW).]
9-A M.R.S. § 6-102 — ME Code / Title 9-A / Chapter 6 / Section 6-102
9-A §6-102. Applicability
Status: in_force

This Part applies to persons who in this State: [PL 1973, c. 762, §1 (NEW).]

1. Make or solicit consumer credit transactions; or [PL 1973, c. 762, §1 (NEW).]

2. Directly collect payments from or enforce rights against consumers arising from consumer credit transactions, wherever they are made. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 10-201 — ME Code / Title 9-A / Chapter 10 / Section 10-201
9-A §10-201. Licensing and renewal licensing
Status: in_force

A person desiring to engage or continue in business in this State as a loan broker shall apply to the administrator for a license under this Article as set forth in this section. The administrator may refuse the application if it contains erroneous or incomplete information. A license may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant and, when applicable, its partners, officers and directors and, when applicable, the character and fitness of its mortgage loan originators warrant belief that the business will be operated honestly and fairly within the purposes of this Title. [PL 2021, c. 245, Pt. D, §2 (AMD).]

1. Loan broker whose activities include arranging for or obtaining an extension of credit for a residential mortgage loan. [PL 2021, c. 245, Pt. D, §2 (RP).]

2. Loan broker whose activities do not include arranging for or obtaining an extension of credit for a residential mortgage loan. [PL 2021, c. 245, Pt. D, §2 (RP).]

3. Nationwide mortgage licensing system and registry. The administrator may require licensing of loan brokers subject to this section through the nationwide mortgage licensing system and registry as defined in section 13‑102, subsection 8 . The administrator is authorized to participate in the nationwide mortgage licensing system and registry. [PL 2021, c. 245, Pt. D, §2 (NEW).]

4. Fees and requirements. In all cases, whether licensing of loan brokers subject to this section is through the nationwide mortgage licensing system and registry as defined in section 13‑102, subsection 8 or otherwise, the administrator may establish, by rule, requirements for licensing, including but not limited to: A. Background checks for: (1) Criminal history through fingerprint or other databases; (2) Civil or administrative records; (3) Credit history; or (4) Any other information determined necessary by the nationwide mortgage licensing system and registry; [PL 2021, c. 245, Pt. D, §2 (NEW).] B. The payment of fees to apply for or renew licenses, except that the fee for an initial application may not exceed $1,000 and for a yearly renewal may not exceed $600. If licensing is through the nationwide mortgage licensing system and registry, an applicant must also pay a nationwide mortgage licensing system and registry processing fee in an amount to be determined by the administrators of the nationwide mortgage licensing system and registry. Renewal applications received after the due date are subject to an additional fee of $100; [PL 2021, c. 245, Pt. D, §2 (NEW).] C. The setting or resetting as necessary of renewal or reporting dates; and [PL 2021, c. 245, Pt. D, §2 (NEW).] D. Other requirements for application for, amendment of or revocation of a license or any other such activities as the administrator considers necessary. [PL 2021, c. 245, Pt. D, §2 (NEW).] [PL 2021, c. 245, Pt. D, §2 (NEW).]

A licensed loan broker whose activities include arranging for or obtaining an extension of credit for a residential mortgage loan may conduct business only through a mortgage loan originator who possesses a current, valid license. [PL 2021, c. 245, Pt. D, §2 (AMD).]

The administrator may direct each licensee to file composite annual and quarterly reports relating to all brokered loans arranged or obtained by that licensee. Information contained in annual and quarterly reports is confidential and may be published only in composite form. The administrator may at any time require additional reports if the administrator determines such action necessary to the proper supervision of licensees. [PL 2013, c. 466, §7 (NEW).]

Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2021, c. 245, Pt. D, §2 (NEW).]
9-A M.R.S. § 6-107 — ME Code / Title 9-A / Chapter 6 / Section 6-107
9-A §6-107. Application of part on administrative procedure and judicial review
Status: in_force

Except as otherwise provided, an administrative action taken by the administrator pursuant to this Article or the Part on supervised lenders, Part 2 , of the Article on Finance Charges, Article II , may be taken under Part on Administrative Procedure and Judicial Review, Part 4 , of this Article, notwithstanding Title 9‑B, section 231, subsections 2 and 3 and section 233 . [PL 1977, c. 564, §46 (AMD).]
9-B M.R.S. § 917 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 917
9-B §917. Superintendent's authority
Status: in_force

1. Supervision and examination. An industrial bank authorized to conduct business in this State shall be subject to the provisions of Part 2 . [PL 1975, c. 500, §1 (NEW).]

2. Interest rate ceilings. The superintendent shall have the power and authority to establish rate ceilings which shall govern the interest paid by an industrial bank on certificates of investment and other deposit accounts offered by such company. Regulations promulgated by the superintendent establishing such ceilings shall seek to maintain competitive equality among all financial institutions in this State. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 367-A — ME Code / Title 9-B / Part 3 / Chapter 36 / Section 367-A
9-B §367-A. Additional authority in conservation and liquidation
Status: in_force

1. Attachments and preferences. The superintendent or a conservator or receiver may bring an action: A. To dissolve all attachments on the property of a financial institution made within 4 months before the appointment made under section 363‑A or 365 ; [PL 2005, c. 83, §10 (NEW).] B. To void as a preference any transfer made after, or in contemplation of, the appointment under section 363‑A or 365 ; and [PL 2005, c. 83, §10 (NEW).] C. To discontinue all actions pending against the financial institution. [PL 2005, c. 83, §10 (NEW).] [PL 2005, c. 83, §10 (NEW).]

2. Injunctions. Whenever proceedings are instituted under this chapter, the Superior Court may issue an injunction restraining all persons from proceeding against the financial institution described in section 363‑A or 365 until termination of conservatorship or final liquidation, including trustee processes. [PL 2005, c. 83, §10 (NEW).]

3. Other authority. The superintendent, conservator or receiver may disaffirm or repudiate any contract or lease to which the financial institution is a party, fix the rights of the claimants and adjudicate and fix the time and mode of payment of all claims, accounts and deposits having priority. [PL 2005, c. 83, §10 (NEW).]

4. Proceedings generally. The superintendent, conservator or receiver may bring an action described in this chapter, or any other action as determined appropriate, in the county in which the financial institution is located or has its principal place of business or in the Superior Court of Kennebec County. The proceedings may be advanced on the docket and receive priority over other cases when the court determines that the interests of justice so require. [PL 2011, c. 559, Pt. A, §7 (AMD).]

5. Powers of superintendent. The superintendent has the following powers. A. The superintendent may take any actions necessary to carry out the terms and provisions of this chapter. [PL 2005, c. 83, §10 (NEW).] B. All powers conferred under this chapter on the superintendent are in addition to the powers otherwise conferred upon the superintendent by law. [PL 2005, c. 83, §10 (NEW).] C. The superintendent may adopt rules for the purpose of carrying out provisions of this chapter. Rules adopted pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2005, c. 83, §10 (NEW).] [PL 2005, c. 83, §10 (NEW).]

6. Mergers. The conservator or receiver, with the approval of the superintendent, may order the merger or consolidation of any financial institution that is described in section 363‑A or 365 with any other financial institution, state-chartered or federally chartered, with the consent of the other financial institution and may prescribe the mode or procedure for the merger or consolidation and the terms and conditions of the merger or consolidation. Unless limited by the conservator or receiver, the effect of the merger on various property interests and fiduciary designations of the resulting institution is the same as described for mergers subject to section 357, subsection 1. [PL 2023, c. 30, §5 (AMD).]

7. Fiduciary accounts. A conservator or receiver may terminate fiduciary positions of the financial institution, surrender property held by the financial institution as a fiduciary and settle fiduciary accounts. The conservator or receiver may release fiduciary property to one or more successor fiduciaries, and may sell one or more fiduciary accounts to one or more successor fiduciaries. Upon a sale or transfer of a financial institution's fiduciary property or a fiduciary account by a conservator or receiver, the successor fiduciary is automatically substituted without further action and without any order of any court. The conservator or receiver shall provide notice of the substitution, as far as practicable, to each person to whom the financial institution provides periodic reports of fiduciary activity. The notice must include the name of the financial institution, the name of the successor fiduciary and the effective date of the substitution. The successor fiduciary has all of the rights, powers, duties and obligations of the transferring financial institution and is deemed to be named, nominated or appointed as fiduciary in any will, trust, court order or similar written document or instrument that names, nominates or appoints the transferring financial institution as fiduciary, whether executed before or after the substitution. The successor fiduciary has no obligations or liabilities under this chapter for any acts, actions, inactions or events occurring prior to the effective date of the substitution. [PL 2023, c. 30, §6 (NEW).]
9-A M.R.S. § 11-105 — ME Code / Title 9-A / Chapter 11 / Section 11-105
9-A §11-105. Definitions
Status: in_force

As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 787 (NEW).]

1. "Administrator" means the administrator designated in Article VI, section 6‑103 . [PL 1991, c. 787 (NEW).]

2. "Advertisement" means a commercial message in any medium that directly or indirectly aids, promotes or assists a rental-purchase agreement, but does not include in-store merchandising aids such as window signs and ceiling banners. [PL 2001, c. 287, §2 (AMD).]

3. "Cash price" means the price for which the merchant would sell the property to the consumer for cash on the date of the rental-purchase agreement. The cash price must be reasonably related to the fair market value of the property. The cash price of new merchandise is reasonably related to fair market value if it is equal to or less than the amounts determined under the formula set forth in paragraph A . A. The cash price of new merchandise may not exceed the amount produced by multiplying the merchant cost by the applicable factor set forth below. For purposes of this paragraph, "merchant cost" means the bona fide actual cost, including freight charges, of the rental property paid by the merchant to a wholesaler, distributor, manufacturer or other provider, net of volume rebates, discounts or other incentives received by the merchant at the time the merchant purchased the item. The maximum cash price must be computed as follows: (1) For appliances, the applicable factor is 1.75; (2) For electronics having merchant cost less than $150, the applicable factor is 1.75; (3) For electronics having merchant cost greater than or equal to $150, the applicable factor is 2.00; (4) For furniture and jewelry, the applicable factor is 2.50; and (5) For items not listed in subparagraphs (1) to (4), the applicable factor is 2.00. [PL 2001, c. 287, §2 (NEW).] B. The cash price of used merchandise offered for rerental may not exceed the maximum permitted cash price of the property when new and must be adjusted for other relevant factors. Other relevant factors include: (1) The duration of prior rentals and whether the item has been repaired one or more times; (2) Whether the consumer price of the general class of items to which the item belongs has decreased or increased since the merchant originally purchased it; and (3) The condition of the item. [PL 2001, c. 287, §2 (NEW).] [PL 2001, c. 287, §2 (AMD).]

4. "Consumer" means an individual who rents personal property under a rental-purchase agreement used primarily for personal, family or household purposes. [PL 1991, c. 787 (NEW).]

5. "Consummation" means the time at which a consumer becomes contractually obligated under a rental-purchase agreement for personal property used primarily for personal, family or household purposes. [PL 1991, c. 787 (NEW).]

5-A. "Debt" means an obligation or alleged obligation of a consumer to surrender or return rental property or pay money arising out of a rental-purchase agreement. [PL 2001, c. 287, §3 (NEW).]

5-B. "Location information" means a consumer's place of residence and the consumer's telephone numbers at that location and at the consumer's place of employment. [PL 2001, c. 287, §3 (NEW).]

6. "Merchant" means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. [PL 1991, c. 787 (NEW).]

6-A. "Periodic payment" means the total payment the consumer will make for a specific rental period, including the rental payment, any administrative fees or delivery charges, taxes and fees or charges for optional products and services. [PL 2001, c. 287, §3 (NEW).]

6-B. "Rental payment" means a payment to be made by a consumer for the right of possession and use of rental property for a specific rental period, but does not include taxes imposed on such payment. [PL 2001, c. 287, §3 (NEW).]

6-C. "Rental period" means a week, month or other specific period of time during which the consumer has a right to possess and use the property after making the rental payment and applicable tax payment for such period. [PL 2001, c. 287, §3 (NEW).]

7. "Rental-purchase agreement" means an agreement for the use of personal property by an individual primarily for personal, family or household purposes for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the consumer to become the owner of the property, but does not obligate or require the consumer to continue renting or using the property beyond the initial period. [PL 1991, c. 787 (NEW).]

8. "Rental-purchase cost" means the total of charges payable by the consumer and imposed by the merchant as a condition of entering into and acquiring ownership of property under a rental-purchase agreement. "Rental-purchase cost" includes rental payments and any initial administrative fees, but does not include taxes, delivery charges, late charges, payment pick-up fees or any optional charges or fees that meet the requirements of section 11‑111, subsection 4 . [PL 2001, c. 287, §3 (NEW).]

9. "Total of payments to acquire ownership" means the total of all charges payable by the consumer to acquire ownership of the rental property. "Total of payments to acquire ownership" includes any initial administrative fee, the total of all rental payments and taxes, but does not include delivery charges, late charges, payment pick-up fees or any optional charges or fees that meet the requirements of section 11‑111, subsection 4 . [PL 2001, c. 287, §3 (NEW).]
9-A M.R.S. § 13-110 — ME Code / Title 9-A / Chapter 13 / Section 13-110
9-A §13-110. Authority to require license
Status: in_force

In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry out this requirement, the administrator is authorized to participate in the nationwide mortgage licensing system and registry. For this purpose, the administrator may establish, by rule or order, requirements as necessary, including but not limited to: [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. Background checks. Background checks for: A. Criminal history through fingerprint or other databases; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Civil or administrative records; [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Credit history; or [PL 2009, c. 362, Pt. B, §1 (NEW).] D. Any other information determined necessary by the nationwide mortgage licensing system and registry; [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Fees. The payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry, that fee being initially established in the amount of $20 to the administrator at application and $20 for renewal, subject to adjustment pursuant to rule or order as set forth under this section. Renewal applications received after the due date are subject to an additional fee of $100; [PL 2013, c. 466, §14 (AMD).]

3. Dates. The setting or resetting as necessary of renewal or reporting dates; and [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Other requirements. Other requirements for amending or revoking a license or any other such activities as the administrator considers necessary for participation in the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 4-102 — ME Code / Title 9-A / Chapter 4 / Section 4-102
9-A §4-102. Scope; relation to Credit Insurance Act; applicability to parties
Status: in_force

1. Except as provided in subsection 2 , Parts 1 , 2 and 3 of this Article apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1997, c. 315, §1 (AMD).]

2. The provision on cancellation by a creditor, section 4‑304 , applies to loans, the primary purpose of which is the financing of insurance. No other provision of Parts 1 , 2 and 3 of this Article applies to insurance so financed. [PL 1997, c. 315, §1 (AMD).]

3. This Article supplements and does not repeal the Credit Insurance Act. The provisions of this Act concerning administrative controls, liabilities and penalties do not apply to persons acting as insurers. The similar provisions of the Credit Insurance Act do not apply to creditors and debtors, except as otherwise provided in this Article. The administrator shall have the power under Article VI to enforce against creditors the provisions of the Credit Insurance Act referred to in this Article. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 9-303 — ME Code / Title 9-A / Chapter 9 / Section 9-303
9-A §9-303. Consumer's choice of title attorney in consumer credit transactions secured by real estate
Status: in_force

1. A creditor that accepts an application for consumer credit transaction involving one to 4 residential units and that requires that an attorney search the title of the subject real estate shall permit the prospective mortgagor to select a qualified attorney of the prospective mortgagor's own choice to search the title of the subject real estate and certify that title to the creditor or land title insurance company, except that the creditor may require the prospective mortgagor's attorney to provide it with evidence of adequate liability insurance or land title insurance or such other written policy requirements as the creditor may consider necessary to protect its interests, except that if all such requirements are met by the attorney chosen by the mortgagor, additional legal costs may not be assessed by the creditor against the mortgagor for review of the title search or any other relevant title documents by the creditor, its title company or attorney. [RR 2025, c. 1, Pt. C, §56 (COR).]

2. A creditor subject to this section shall provide written notice to the prospective mortgagor that the prospective mortgagor has the right to select a qualified attorney of the prospective mortgagor's own choice for the performance of title work. The notice must inform the prospective mortgagor that if the attorney chosen by the mortgagor meets the creditor's requirements, then additional fees may not be charged to the mortgagor for title work. If the prospective mortgagor indicates on the written notice that the prospective mortgagor does not wish to exercise the prospective mortgagor's right to select an attorney, then the creditor may recommend an attorney. [RR 2025, c. 1, Pt. C, §57 (COR).]

3. Nothing in this section may be construed to require certification of title to a creditor if that creditor does not so require, or to a land title insurance company if that company does not so require. [PL 1987, c. 396, §12 (NEW).]
9-A M.R.S. § 16-106 — ME Code / Title 9-A / Chapter 16 / Section 16-106
9-A §16-106. Availability of alternative repayment options
Status: in_force

1. Flexible repayment option. If a private education lender offers a borrower a flexible repayment option in connection with a private education loan, the private education lender shall make the flexible repayment option available to all borrowers by the lender. [PL 2021, c. 357, §2 (NEW).]

2. Other alternative repayment options. If a private education lender offers alternative repayment options other than flexible repayment options, the lender shall consistently present and offer the alternative repayment options to borrowers with similar financial circumstances. [PL 2021, c. 357, §2 (NEW).]

3. Policies and procedures. A private education lender shall: A. Provide on its publicly accessible website a description of any alternative repayment options under this section offered by the lender for private education loans; and [PL 2021, c. 357, §2 (NEW).] B. Establish consistently implemented policies and procedures to evaluate private education loan alternative repayment options requests, including providing accurate information regarding any private education loan alternative repayment options that may be available to a borrower of a private education loan through the promissory note or that may have been marketed to the borrower. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]
9-B M.R.S. § 1222 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1222
9-B §1222. Organization of merchant banks
Status: in_force

1. Organization. A merchant bank must be organized pursuant to chapter 31 and must be managed and governed pursuant to this Title and the applicable provisions of Title 13‑C and Title 31, chapters 15 , 19 and 21 , depending upon the organizational form selected. [PL 2009, c. 629, Pt. A, §3 (AFF); PL 2009, c. 629, Pt. B, §5 (AMD).]

1-A. Principal office in State. Except for a merchant bank organized prior to the effective date of this subsection, a merchant bank shall locate its principal office in this State, have at least one resident of this State on its governing board and hold at least one of its governing board meetings in this State each year. [PL 2021, c. 5, §5 (NEW).]

2. Organizational documents. The organizational documents of a merchant bank that are filed with the Secretary of State must contain the following statement: "This corporation, limited liability company, limited partnership or limited liability partnership is subject to the Maine Revised Statutes, Title 9‑B, chapter 122 and does not have the power to solicit, receive or accept money or its equivalent on deposit." This statement in the organizational documents of a merchant bank may not be amended. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Conversion. A merchant bank may convert to any other type of investor-owned financial institution pursuant to chapter 34 . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-A M.R.S. § 3-305 — ME Code / Title 9-A / Chapter 3 / Section 3-305
9-A §3-305. No assignment of earnings
Status: in_force

1. A creditor may not take an assignment of earnings of the consumer for payment or as security for payment of a debt arising out of a consumer credit transaction. An assignment of earnings in violation of this section is unenforceable by the assignee of the earnings and revocable by the consumer. This section does not prohibit an employee from authorizing deductions from the employee's earnings if the authorization is revocable at will. [RR 2025, c. 1, Pt. C, §22 (COR).]

2. A sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is deemed to be a loan to the seller secured by an assignment of earnings. [RR 2025, c. 1, Pt. C, §23 (COR).]
9-B M.R.S. § 1235 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1235
9-B §1235. Lending limits
Status: in_force

An uninsured bank's lending limit is governed by section 439-A or rules adopted under section 439-A , except that loans or extensions of credit to a person are limited to 15% of total capital. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-A M.R.S. § 4-110 — ME Code / Title 9-A / Chapter 4 / Section 4-110
9-A §4-110. Charge for insurance in connection with a refinancing or consolidation
Status: in_force

The provisions of Title 24‑A, section 2856, subsection 4 and section 2859 , shall apply to insurance provided or to be provided in relation to a consumer credit transaction. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1052 — ME Code / Title 9-B / Part 10 / Chapter 105 / Section 1052
9-B §1052. Definitions
Status: in_force

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1985, c. 558 (NEW).]

1. Mutual financial institution. "Mutual financial institution" means any institution as defined in section 131, subsection 27 . [PL 1985, c. 558 (NEW).]

2. Mutual holding company. "Mutual holding company" means any corporation organized pursuant to this chapter. [PL 1985, c. 558 (NEW).]

3. Subsidiary universal bank. "Subsidiary universal bank" means any universal bank organized under the laws of this State, at least 51% of the voting stock of which is wholly owned by a mutual holding company. [PL 2009, c. 228, §10 (AMD).]
9-A M.R.S. § 13-117 — ME Code / Title 9-A / Chapter 13 / Section 13-117
9-A §13-117. Report to nationwide mortgage licensing system and registry
Status: in_force

The administrator shall regularly report violations of this Article, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-B M.R.S. § 411 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 411
9-B §411. Applicability of chapter
Status: in_force

The provisions of this chapter set forth the powers granted to all financial institutions organized pursuant to chapters 31 and 32. The powers, privileges, duties and restrictions conferred and imposed in the charter or act of incorporation of any trust company, savings bank or savings and loan association organized under the prior laws of this State are abridged, enlarged or modified so that every such charter or act of incorporation conforms to this Title. Notwithstanding anything in a charter or act of incorporation of such an institution, every such institution possesses the powers, rights and privileges and is subject to the duties, restrictions and liabilities conferred and imposed by this Title. [PL 1997, c. 398, Pt. I, §1 (AMD).]
9-A M.R.S. § 10-401 — ME Code / Title 9-A / Chapter 10 / Section 10-401
9-A §10-401. Effects of violations on rights of parties
Status: in_force

Any loan broker or mortgage loan originators of any loan broker that violate any provision of this Title or any rule issued by the administrator, or that through any unfair, unconscionable or deceptive practice cause actual damage to a consumer, are subject to the following: [PL 2011, c. 427, Pt. B, §18 (AMD).]

1. After notice and hearing, a cease and desist order from the administrator; [PL 1989, c. 70, §3 (NEW).]

2. After notice and hearing, forfeiture of such portion of the required bond as proportionately may make aggrieved parties whole; [PL 1989, c. 70, §3 (NEW).]

3. A civil action, by the administrator through the Attorney General, after which a court may assess a civil penalty of not more than $5,000; [PL 1993, c. 495, §5 (AMD).]

4. A civil action by an aggrieved consumer in which that consumer has the right to recover actual damages from the loan broker or its mortgage loan originators in an amount determined by the court, plus costs of the action together with reasonable attorney's fees; and [PL 2011, c. 427, Pt. B, §19 (AMD).]

5. Revocation, suspension or nonrenewal of its license. [PL 2005, c. 274, §14 (AMD).]
9-A M.R.S. § 5-201 — ME Code / Title 9-A / Chapter 5 / Section 5-201
9-A §5-201. Effect of violations on rights of parties
Status: in_force

1. If a creditor has violated the provisions of this Act applying to collection of excess charges or enforcement of rights, section 1‑201, subsection 5 , waiver clauses, section 1‑107 , use of multiple agreements, section 3‑304 , certain negotiable instruments, section 3‑307 , assignee subject to defenses, sections 3‑403 and 3‑404 , restrictions on liability in consumer leases, section 3‑401 , balloon payment, section 3‑308 , security in sales or leases, section 3‑301 , cross-collateral, sections 3‑302 and 3‑303 , assignments of earnings, section 3‑305 , attorney's fees, section 2‑507 , limitations on default charges, section 3‑402 , authorizations to confess judgment, section 3‑306 , restrictions on interests in land as security, section 2‑307 , limitations on the schedule of payments or loan term for regulated loans, section 2‑308 , for credit insurance, section 4‑104 , separate charges for excess charge for property insurance, section 4‑301 , restrictions on deficiency judgments, section 5‑103 , garnishment before judgment, section 5‑104 , or limitations on garnishment, section 5‑105 , cure of default, section 5‑111 , misrepresentation, section 5‑115 , illegal, fraudulent or unconscionable conduct in an attempted collection of debts, section 5‑116 , any aggrieved consumer has a right to recover actual damages from a person violating this Act, or in lieu thereof any consumer named as a plaintiff in the complaint as originally filed has a right to recover from a person violating this Act an amount determined by the court not less than $250 nor more than $1,000. With respect to violations from open-end credit, no action pursuant to this subsection may be brought more than 2 years after the violations occurred. With respect to violations arising from other consumer credit transactions, no action pursuant to this subsection may be brought more than 2 years after the due date of the last scheduled payment of the agreement. [PL 1979, c. 660, §9 (AMD).]

2. If a creditor has violated the provisions of this Act applying to authority to make supervised loans, section 2‑301 , the debtor is not obligated to pay the loan. If the debtor has paid any part of the loan, the debtor has a right to recover the payment from the person violating this Act or from an assignee of that person's rights who undertakes direct collection of payments or enforcement of rights arising from the debt. With respect to violations arising from loans made pursuant to open-end credit, no action pursuant to this subsection may be brought more than 2 years after the violation occurred. With respect to violations arising from other loans, no action pursuant to this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was paid. [PL 2021, c. 297, §2 (AMD).]

2-A. If a lender has violated the provisions of this Act applying to authority to make supervised loans as set forth in section 2‑301 , the lender: A. May not furnish information concerning a debt associated with that violation to a consumer reporting agency, as defined in Title 10, section 1308, subsection 3 ; and [PL 2021, c. 297, §3 (NEW).] B. May not refer a debt associated with that violation to a debt collector, as defined in Title 32, section 11002, subsection 6 . [PL 2021, c. 297, §3 (NEW).] [PL 2021, c. 297, §3 (NEW).]

3. A debtor is not obligated to pay a charge in excess of that allowed by this Act, and if a debtor has paid an excess charge the debtor has a right to a refund. A refund may be made by reducing the debtor's obligation by the amount of the excess charge. If the debtor has paid an amount in excess of the lawful obligation under the agreement, the debtor may recover the excess amount from the person who made the excess charge or from an assignee of that person's rights who undertakes direct collection of payments from or enforcement of rights against debtors arising from the debt. [RR 2025, c. 1, Pt. C, §43 (COR).]

4. If a creditor has contracted for or received a charge in excess of that allowed by this Act, or if a debtor is entitled to a refund and a person liable to the debtor refuses to make a refund within a reasonable time after demand, the debtor may recover from the creditor or the person liable an amount determined by the court not less than $250 nor more than $1,000. With respect to excess charges arising from open-end credit, no action pursuant to this subsection may be brought more than 2 years after the time the excess charge was made. With respect to excess charges arising from other consumer credit transactions, no action pursuant to this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was made, or the date the agreement was paid in full, whichever was earlier. [PL 1987, c. 129, §65 (AMD).]

5. Except as otherwise provided, no violation of this Act impairs rights on a debt. [PL 1973, c. 762, §1 (NEW).]

6. If an employer discharges an employee in violation of the provisions prohibiting discharge, section 5‑106 , the employee may within one year bring a civil action for recovery of wages lost as a result of the violation and for an order requiring the reinstatement of the employee. Damages recoverable shall not exceed lost wages for 6 weeks. [PL 1973, c. 762, §1 (NEW).]

7. A creditor has no liability under subsection 1 or subsection 4 if, within 60 days after discovering an error, and prior to the institution of an action under this section or the receipt of written notice of the error, the creditor notifies the person concerned of the error and corrects the error. If the violation consists of a prohibited agreement, giving the debtor a corrected copy of the writing containing the error is sufficient notification and correction. If the violation consists of an excess charge, correction shall be made by an adjustment or refund. [PL 1985, c. 763, Pt. A, §47 (AMD).]

8. If the creditor establishes by a preponderance of evidence that a violation is unintentional and the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such violation or error, no liability is imposed under subsections 1 and 3 , the validity of the transaction is not affected, and no liability is imposed under subsection 4 , except for refusal to make a refund. [PL 1993, c. 496, §2 (AMD).]

9. In an action in which it is found that a creditor has violated this Act, the court shall award the debtor the costs of the action together with reasonable attorney's fees. Reasonable attorney's fees shall be determined by the value of the time reasonably expended by the attorney and not by the amount of the recovery on behalf of the debtor. [PL 1973, c. 762, §1 (NEW).]

10. A creditor has no liability under subsection 1 or subsection 4 , or under subsection 2 of section 6‑113 , for any act done or omitted in good faith in conformity with any rule, regulation or interpretation thereof by the administrator, notwithstanding that after such act or omission has occurred, such rule, regulation or interpretation is amended, rescinded or determined by judicial or other authority to be invalid for any reason. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 3-404-A — ME Code / Title 9-A / Chapter 3 / Section 3-404-A
9-A §3-404-A. Interlocking leases
Status: in_force

1. A lessor who enters into a consumer lease for the purpose of enabling a consumer to obtain the use and possession of goods from a seller who is a merchant with respect to the goods is subject to all claims and defenses of the consumer against the seller with respect to the leased goods if: A. The lessor was a person having a legal relationship with the seller and the relationship was not remote or was a factor in entering into the lease; [PL 1991, c. 805, §1 (NEW).] B. The seller guaranteed the lease or otherwise assumed the risk of loss by the lessor upon the lease; or [PL 1991, c. 805, §1 (NEW).] C. The lessor directly supplied the seller with a form used by the lessee to evidence or secure the lease. [PL 1991, c. 805, §1 (NEW).] [PL 1991, c. 805, §1 (NEW).]

2. The lessor's liability under this section may not exceed the amount that would be due to the lessor if the lease were terminated on the date the lessor receives notice of a claim or defense of the lessee against the seller. [PL 1991, c. 805, §1 (NEW).]
9-B M.R.S. § 1016 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1016
9-B §1016. Reports and examinations
Status: in_force

The superintendent may require any financial institution holding company that controls a Maine financial institution to furnish such reports as the superintendent considers appropriate to the proper supervision of such companies. Unless the superintendent determines otherwise, reports prepared for Federal authorities or, in the case of a foreign bank or foreign bank holding company, reports prepared for the home country regulatory authorities and translated to English may be submitted by such holding company in satisfaction of the requirements of this section. If such information and reports are inadequate in the superintendent's judgment for that purpose, the superintendent may examine such financial institution holding company and any subsidiary doing business in Maine. Section 214 applies with respect to any such examination. [PL 1997, c. 182, Pt. A, §13 (AMD).]
9-A M.R.S. § 5-118 — ME Code / Title 9-A / Chapter 5 / Section 5-118
9-A §5-118. Unlicensed loan transactions
Status: in_force

1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Automated clearinghouse" means the nationwide electronic funds transfer system that provides for an interbank exchange of either checks or automated debit or credit entries. [PL 2013, c. 480, §1 (NEW).] B. "Financial account" means a checking, savings, share, stored value, prepaid, payroll card or other depository account. [PL 2013, c. 480, §1 (NEW).] C. "Lender" means a person engaged in the business of making loans of money and charging, contracting for or receiving on any such loan interest, a finance charge, a discount or consideration. For purposes of this section, "lender" does not include a supervised financial organization. [PL 2013, c. 480, §1 (NEW).] D. "Process" or "processing" includes printing a check, draft or other form of negotiable instrument drawn on or debited against a consumer's financial account, formatting or transferring data for use in connection with the debiting of a consumer's financial account by means of such an instrument or an electronic funds transfer or arranging for such services to be provided to a lender. [PL 2013, c. 480, §1 (NEW).] E. "Processor" means a person who engages in processing. For purposes of this section, "processor" does not include the automated clearinghouse. [PL 2013, c. 480, §1 (NEW).] [PL 2013, c. 480, §1 (NEW).]

2. Certain loans prohibited. It is an unfair or deceptive act or practice in commerce, a violation of the Maine Unfair Trade Practices Act and a violation of this Title for a lender directly or through an agent to solicit or make a loan to a consumer by any means unless the lender is in compliance with Article 2, Part 3 or is otherwise exempt from the requirements of Article 2, Part 3 . [PL 2013, c. 480, §1 (NEW).]

3. Certain processing prohibited. It is an unfair or deceptive act or practice in commerce, a violation of the Maine Unfair Trade Practices Act and a violation of this Title for a processor, other than a supervised financial organization, to process a check, draft, other form of negotiable instrument or an electronic funds transfer from a consumer's financial account in connection with a loan solicited from or made by any means to a consumer unless the lender is in compliance with Article 2, Part 3 or is otherwise exempt from the requirements of Article 2, Part 3 . [PL 2013, c. 480, §1 (NEW).]

4. Certain assistance to lenders or processors prohibited. It is an unfair or deceptive act or practice in commerce, a violation of the Maine Unfair Trade Practices Act and a violation of this Title for a person or lender to provide substantial assistance to a lender or processor when the person or lender or the person's or lender's authorized agent receives notice from a regulatory, law enforcement or similar governmental authority, knows from its normal monitoring and compliance systems or consciously avoids knowing that the lender or processor is in violation of subsection 2 or 3 or is engaging in an unfair or deceptive act or practice in commerce. This subsection does not apply to a supervised financial organization. [PL 2013, c. 480, §1 (NEW).]
9-A M.R.S. § 1-105 — ME Code / Title 9-A / Chapter 1 / Section 1-105
9-A §1-105. Severability
Status: in_force

If any provision of this Act or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1223-A — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1223-A
9-B §1223-A. Asset pledge
Status: in_force

1. Pledge requirement. The superintendent may require a merchant bank to pledge readily marketable assets to the superintendent if the superintendent believes that the action is necessary for the protection of the public. The pledged assets must be United States dollar denominated, investment grade and subject to the prior written approval of the superintendent. The pledged assets must be held on deposit or in safekeeping by an FDIC-insured depository institution approved by the superintendent. The pledged assets may be released to the superintendent only upon certification that a receiver or conservator of the merchant bank has been appointed. The asset pledge requirement may be lifted by the superintendent if the superintendent determines that the condition of the merchant bank so warrants that action. [PL 2005, c. 83, §13 (NEW).]

2. Amount of pledge. The aggregate amount of pledged assets is determined by the superintendent but may not exceed the greater of $1,000,000 or 50% of the minimum required capital of the merchant bank at the time the asset pledge is imposed. [PL 2005, c. 83, §13 (NEW).]

3. Pledge agreement. The asset pledge must be maintained pursuant to an asset pledge agreement in the form and containing any limitations and conditions the superintendent requires. As long as the merchant bank continues business in the ordinary course, the merchant bank may be permitted to collect income on the pledged assets and examine and exchange those assets. The aggregate amount of assets pledged may not be less than required under subsection 2 without the superintendent's approval. [PL 2005, c. 83, §13 (NEW).]

4. Noncompliance. If a merchant bank fails to maintain the minimum required asset pledge, the superintendent may determine that the merchant bank does not meet the capital requirements under section 412‑A and any rules adopted pursuant to section 412‑A . [PL 2005, c. 83, §13 (NEW).]

5. Rulemaking. The superintendent may adopt rules to implement this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2005, c. 83, §13 (NEW).]
9-B M.R.S. § 376 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 376
9-B §376. Activities of interstate branches
Status: in_force

1. Branches of financial institutions organized under the laws of this State. Pursuant to this chapter, a financial institution organized under the laws of this State that establishes and operates a branch in another state may conduct any activity at that branch that is permissible for a financial institution organized under the laws of the "host state" as defined in section 131, subsection 20‑B . The financial institution shall provide prior written notice of the branch activity to the superintendent if the activity is not permissible in this State. [PL 1995, c. 628, §20 (NEW).]

2. Branches of out-of-state financial institutions. The laws of this State, including, but not limited to, the laws regarding consumer protection, fair lending and establishment of intrastate branches, apply to any state branch of an out-of-state financial institution, federal association or national bank to the same extent as those laws apply to a state branch of a financial institution organized under the laws of this State. An out-of-state financial institution that maintains, or seeks to establish and maintain, a branch in this State pursuant to this chapter may not conduct any activity at that branch that is not permissible for a financial institution organized under the laws of this State. [PL 1995, c. 628, §20 (NEW).]

3. Commercial activity prohibited. An out-of-state financial institution may not establish or maintain a branch in this State within 1.5 miles of any location of an affiliate where the affiliate engages in commercial activity. [PL 2007, c. 69, §3 (NEW).]
9-A M.R.S. § 1-203 — ME Code / Title 9-A / Chapter 1 / Section 1-203
9-A §1-203. Jurisdiction and service of process
Status: in_force

1. The Superior and District Courts of this State may exercise jurisdiction over any creditor with respect to any conduct in this State governed by this Act or with respect to any claim arising from a transaction subject to this Act. In addition to any other method provided by rule or by statute, personal jurisdiction over a creditor may be acquired in a civil action or proceeding instituted in the Superior and District Courts by the service of process in the manner provided by this section. [PL 1973, c. 762, §1 (NEW).]

2. If a creditor is not a resident of this State or is a corporation not authorized to do business in this State and engages in any conduct in this State governed by this Act, or engages in a transaction subject to this Act, the creditor may designate an agent upon whom service of process may be made in this State. The agent must be a resident of this State or a corporation authorized to do business in this State. The designation must be in writing and filed with the Secretary of State. If no designation is made and filed or if process cannot be served in this State upon the designated agent, process may be served upon the Secretary of State, but service upon the Secretary of State is not effective unless the plaintiff or petitioner forthwith mails a copy of the process and pleading by registered or certified mail to the defendant or respondent at the defendant's or respondent's last reasonably ascertainable address. An affidavit of compliance with this section must be filed with the clerk of the court on or before the return day of the process, if any, or within any further time the court allows. [RR 2025, c. 1, Pt. C, §5 (COR).]
9-A M.R.S. § 3-306 — ME Code / Title 9-A / Chapter 3 / Section 3-306
9-A §3-306. Authorization to confess judgment prohibited
Status: in_force

No agreement for a consumer credit transaction may contain an authorization for any person to confess judgment on any claim. No seller or lessor may take such an authorization. Any such authorization is void. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 15-103 — ME Code / Title 9-A / Chapter 15 / Section 15-103
9-A §15-103. Violations
Status: in_force

1. Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15‑104 is a separate offense for the purposes of this section. [PL 2021, c. 357, §1 (NEW).]

2. Suspended from operating in State. If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years. [PL 2021, c. 357, §1 (NEW).]

3. Crime. A violation of this Article is a Class E crime. [PL 2021, c. 357, §1 (NEW).]

4. Private right of action. A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following: A. Actual damages or $500, whichever is greater; [PL 2021, c. 357, §1 (NEW).] B. An order enjoining the methods, acts or practices; [PL 2021, c. 357, §1 (NEW).] C. Restitution of property; [PL 2021, c. 357, §1 (NEW).] D. Punitive damages; [PL 2021, c. 357, §1 (NEW).] E. Attorney's fees; and [PL 2021, c. 357, §1 (NEW).] F. Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable. [PL 2021, c. 357, §1 (NEW).] [PL 2021, c. 357, §1 (NEW).]

5. Remedies. Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law. [PL 2021, c. 357, §1 (NEW).]
9 M.R.S. § 5012 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5012
9 §5012. Charitable solicitation disclosure
Status: in_force

It is a violation of this chapter for any person or entity to solicit contributions from a prospective donor without fully disclosing to the prospective donor, at the time of solicitation but prior to the request for contributions, the name and physical address of the charitable organization for which the solicitation is being conducted. [PL 2013, c. 313, §22 (RPR).]

1. Solicitation of contributions. [PL 2013, c. 313, §22 (RP).]

2. Solicitation by a professional charitable fund raiser. [PL 2013, c. 313, §22 (RP).]
9-B M.R.S. § 824 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 824
9-B §824. Participation in electronic funds transfer system
Status: in_force

1. Authorization. A credit union may issue cards or other devices to its members that permit the members to gain access to or participate in an established electronic funds transfer system. [PL 2003, c. 322, §16 (AMD).]

2. Limitations. [PL 2003, c. 322, §16 (RP).]
9-A M.R.S. § 6-105-A — ME Code / Title 9-A / Chapter 6 / Section 6-105-A
9-A §6-105-A. Uniform multistate automated licensing system
Status: in_force

For the purposes of participating in the establishment and implementation of a uniform multistate automated licensing system, referred to in this section as "the system," for loan brokers, supervised lenders that are not supervised financial organizations and individual mortgage loan originators thereof, or entities in other license categories processed by the system that are licensed or registered by the administrator, the administrator may undertake the following actions. [PL 2021, c. 245, Pt. B, §1 (AMD).]

1. The administrator may establish new rules and procedures, consistent with the principles for operation and implementation established by the system, that are necessary for the State to participate in the system, including rules and procedures authorizing the system to collect license fees on behalf of the State and remit those fees to the State, authorizing collection fees by the system to pay for its services, authorizing the system to process and maintain license records and authorizing use of the system's uniform forms, upon the administrator's finding that each new rule or procedure is consistent with the public interest and the purposes of this Act. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2021, c. 245, Pt. B, §1 (AMD).]

2. The administrator may require a credit and background investigation of each applicant for a license as a loan broker, a supervised lender that is not a supervised financial organization or a mortgage loan originator thereof, or entity in another license category processed by the system that is licensed or registered by the administrator, by means including fingerprint checks for state and national criminal histories, commencing at the time the State joins the system pursuant to this section. The cost of the investigations must be charged to the applicants. Information obtained or held by the administrator pursuant to this subsection is nonpublic pursuant to section 6‑116 and not subject to disclosure. [PL 2021, c. 245, Pt. B, §1 (AMD).]

Any information provided by or to the administrator pursuant to this section that has been designated as confidential by another state's regulatory agency remains the property of the agency furnishing the information and must be kept confidential by the administrator and the system except as authorized by the agency that furnished the information. [PL 2007, c. 273, Pt. A, §2 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
9-B M.R.S. § 864 — ME Code / Title 9-B / Part 8 / Chapter 86 / Section 864
9-B §864. Service corporations
Status: in_force

1. Authorization. A credit union may invest, individually or with other credit unions or other entities, in service corporations as defined in section 131 . In addition to the activities described in the definition of "service corporation" under section 131, subsection 37 , service corporation activities may include investing in real property to facilitate a credit union member's acquisition, financing or refinancing of owner-occupied residential property consisting of not more than 4 dwelling units located in this State. Without the prior written consent of the superintendent, the duration of an investment under this subsection may not exceed 180 days. [PL 2023, c. 260, §4 (AMD).]

2. Limitations. A credit union may invest 20% of its net worth in any service corporation only if: A. The service corporation is structured to limit the credit union's exposure to loss; and [PL 2005, c. 82, §11 (AMD).] B. The service corporation primarily serves credit unions and the membership of affiliated credit unions. A service corporation formed after July 31, 1994 primarily serves credit unions and the membership of affiliated credit unions within the meaning of this paragraph if at least 75% of the services provided within this State are to credit unions and members of credit unions; except that for a service corporation formed after October 1, 2017, when determining whether a service corporation primarily serves credit unions and the membership of affiliated credit unions within the meaning of this paragraph, the superintendent shall consider the relevant federal laws and regulations in effect at the time of formation of the service corporation. [PL 2017, c. 288, Pt. C, §1 (AMD); PL 2017, c. 288, Pt. C, §4 (AFF).] The superintendent may approve an amount less than or in excess of 20%, subject to such terms and conditions as the superintendent determines necessary. The aggregate investment of a credit union in all service corporations may not exceed 50% of its net worth. [PL 2017, c. 143, §11 (AMD); PL 2017, c. 288, Pt. C, §1 (AMD); PL 2017, c. 288, Pt. C, §4 (AFF).]

3. Applicability of section 445. [PL 2017, c. 143, §12 (RP).]

4. Records. The books and accounts of a service corporation involving any credit union must be kept in such manner and form as the superintendent may prescribe, and any agreement between a credit union and a service corporation must provide that the books and accounts of the service corporation may be examined by the superintendent or the superintendent's designee. [PL 2017, c. 143, §13 (NEW).]

5. Application; notice required. A credit union or credit unions seeking to organize as or invest in a service corporation shall notify the superintendent in writing at least 30 days prior to organizing as or investing in the service corporation. [PL 2017, c. 143, §13 (NEW).]
9-B M.R.S. § 1234 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1234
9-B §1234. Cash reserves on deposits and accounts
Status: in_force

An uninsured bank shall maintain reserves in accordance with section 422-A . The superintendent may establish by rule or order additional reserve requirements for uninsured banks. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 1237 — ME Code / Title 9-B / Part 12 / Chapter 123 / Section 1237
9-B §1237. Disclosure of uninsured status
Status: in_force

1. Sign that deposits not insured. An uninsured bank shall display conspicuously at each window or place where deposits are usually accepted a sign stating that deposits are not insured by the FDIC. [PL 1997, c. 398, Pt. J, §2 (NEW).]

2. Statement that deposits not insured. An uninsured bank shall either include in boldface conspicuous type on each signature card, passbook and instrument evidencing a deposit the following statement: "This deposit is not insured by the FDIC" or require each depositor to execute a statement that acknowledges that the initial deposit and all future deposits at the bank are not insured by the FDIC. The bank shall retain this acknowledgment as long as the depositor maintains any deposit with the bank. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Statement on deposit-related advertising that deposits not insured. An uninsured bank shall include on all its deposit-related advertising a statement that deposits are not insured by the FDIC. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-B M.R.S. § 446-A — ME Code / Title 9-B / Part 4 / Chapter 44 / Section 446-A
9-B §446-A. Closely related activities
Status: in_force

A financial institution authorized to do business in this State may engage, directly or indirectly, in closely related activities as defined in section 131, subsection 6‑A . The financial institution may engage in those activities directly, or indirectly through a subsidiary, unless the superintendent determines that an activity must be conducted through a subsidiary with appropriate corporate firewalls and safeguards, as determined by the superintendent, that limit the financial institution's exposure by emphasizing the subsidiary's independent legal structure. [PL 1997, c. 398, Pt. I, §35 (NEW).]

1. Application required. A financial institution shall make application to the superintendent in accordance with section 252 for authority to engage in a closely related activity, except that an application is not necessary if all of the following conditions are satisfied: A. Before and immediately after the proposed transaction, the financial institution is well capitalized as determined by the superintendent; [PL 1999, c. 218, §21 (AMD).] B. At the time of the transaction, the financial institution is well managed, which means that in connection with the financial institution's most recent examination: (1) The financial institution received a composite rating of one or 2 pursuant to the uniform financial institution rating system adopted by the Bureau of Financial Institutions; and (2) The financial institution received at least a satisfactory rating for management; [PL 1999, c. 218, §21 (AMD); PL 2001, c. 44, §11 (AMD); PL 2001, c. 44, §14 (AFF).] C. The book value of the total assets to be acquired does not exceed 15% of the consolidated total risk-weighted assets of the financial institution; [PL 1999, c. 218, §21 (AMD).] D. The consideration to be paid for the securities or assets to be acquired does not exceed 15% of the consolidated capital of the financial institution; [PL 1999, c. 218, §21 (AMD).] E. During the 12-month period prior to the proposed transaction, the financial institution has not been under an enforcement action nor is there an enforcement action pending; [PL 1999, c. 218, §21 (AMD).] F. The financial institution provides written notification to the superintendent at least 30 days prior to consummating the transaction; and [PL 2001, c. 211, §14 (AMD).] G. The activity is authorized pursuant to this Title or by rule or order of the superintendent. [PL 1997, c. 398, Pt. I, §35 (NEW).] Notwithstanding paragraphs A and G , the superintendent, after review of the written notification under paragraph F , may require an application if the superintendent determines that the activity raises significant supervisory concerns or raises significant legal or policy issues. [PL 2001, c. 44, §4 (AMD); PL 2001, c. 211, §14 (AMD).]

2. Joint ownership. A subsidiary corporation formed pursuant to this section may be owned jointly with one or more persons, if the superintendent approves the joint ownership. [PL 1997, c. 398, Pt. I, §35 (NEW).]

3. Investment limits. The amount of investment in any one subsidiary corporation may not exceed 20% of the financial institution's total capital. The aggregate investment in all subsidiary corporations may not exceed 50% of the financial institution's total capital. The superintendent may approve higher limits upon request. [PL 1997, c. 398, Pt. I, §35 (NEW).]

4. Application or notice fee. An application or notice required under subsection 1 is not complete unless accompanied by a fee to be credited and used as provided in section 214 . The superintendent shall establish the amount of the fee, which may not exceed $2,500. [PL 1999, c. 218, §22 (NEW).]
9-B M.R.S. § 339-A — ME Code / Title 9-B / Part 3 / Chapter 33 / Section 339-A
9-B §339-A. Interstate branches and satellite facilities
Status: in_force

1. Interstate branches. Except as provided for in chapter 37 , this Title may not be construed as permitting a financial institution to establish a branch office or facility in any state other than this State and a financial institution not authorized to do business in this State may not establish or operate a branch office or facility in this State. A. [PL 1995, c. 628, §19 (RP).] B. [PL 1995, c. 628, §19 (RP).] [PL 1995, c. 628, §19 (RPR).]

2. Satellite facilities. [PL 2001, c. 211, §10 (RP).]
9-A M.R.S. § 13-112 — ME Code / Title 9-A / Chapter 13 / Section 13-112
9-A §13-112. Enforcement authorities, violations and penalties
Status: in_force

1. Enforcement. In order to ensure the effective supervision and enforcement of this Article, the administrator may, pursuant to this Title and the Maine Administrative Procedure Act: A. Deny, suspend, revoke, condition or decline to renew a license for a violation of this Article or rules issued under this Article or an order or a directive entered under this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).] B. Deny, suspend, revoke, condition or decline to renew a license if an applicant or licensee fails at any time to meet the requirements of section 13‑105 or section 13‑108 , or withholds information or makes a material misstatement in an application for a license or renewal of a license; [PL 2009, c. 362, Pt. B, §1 (NEW).] C. Order restitution against persons subject to this Article for violations of this Article; [PL 2009, c. 362, Pt. B, §1 (NEW).] D. Impose fines on persons subject to this Article pursuant to subsections 2 to 4 ; and [PL 2009, c. 362, Pt. B, §1 (NEW).] E. Issue orders or directives under this Article as follows: (1) Order or direct persons subject to this article to cease and desist from conducting business, including immediate temporary orders to cease and desist; (2) Order or direct persons subject to this article to cease any harmful activities or violations of this article, including immediate temporary orders to cease and desist; (3) Enter immediate temporary orders to cease business under a license issued pursuant to the authority granted under section 13‑103, subsection 4 if the administrator determines that such a license was erroneously granted or the licensee is in violation of this Article; and (4) Order or direct other affirmative action that the administrator considers necessary. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. Penalty. The administrator may impose a civil fine on a mortgage loan originator or person subject to this Article if the administrator finds on the record after notice and opportunity for hearing, that such mortgage loan originator or person subject to this Article has violated or failed to comply with any requirement of this Article or any rule prescribed by the administrator under this Article or order issued under authority of this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Maximum fine. A person who violates this section commits a civil violation for each act or omission described in subsection 2 , a fine for which no more than $25,000 must be adjudged. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Separate violation. Each violation or failure to comply with any directive or order of the administrator is a separate and distinct violation or failure. [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Effect on mortgage loans. This article may not be construed to provide that a mortgage loan originator's good faith failure to comply with the requirements of this article affects the validity or enforceability of the obligations under any residential mortgage loan resulting from a transaction in which the mortgage loan originator participated. [PL 2011, c. 289, §4 (NEW); PL 2011, c. 289, §5 (AFF).]
9-B M.R.S. § 831 — ME Code / Title 9-B / Part 8 / Chapter 83 / Section 831
9-B §831. Share capital and surplus
Status: in_force

1. Amount and par value of share capital. A. The capital of a credit union shall be unlimited in amount and shall consist of shares which may be subscribed to and paid for in such manner as the bylaws may prescribe. [PL 1975, c. 500, §1 (NEW).] B. The par value of such shares may be established by the credit union in its bylaws, in an amount not less than $5 per share, provided that par values in excess of $5 per share shall be in multiples of $5. [PL 1983, c. 51, §3 (AMD).] C. The maximum amount of shares that may be held by any one member or nonmember as provided in section 817 must be established from time to time by resolution of the board of directors. [PL 1997, c. 108, §10 (AMD).] [PL 1997, c. 108, §10 (AMD).]

2. Share transactions. The provisions of sections 422‑A , 427 , 428 and 429 are applicable to shares or accounts in a credit union. [PL 2003, c. 322, §19 (AMD).]

3. Surplus. "Surplus" or "total surplus" or "net worth" of a credit union means the balance of its retained earnings, which consists of undivided earnings, regular reserves, a guaranty fund and any other account approved by the superintendent. [PL 2017, c. 143, §5 (AMD).]

4. Requirement. A credit union shall establish and maintain adequate levels of net worth under rules adopted by the superintendent. Rules under this subsection must address, at a minimum, composition of net worth, net worth levels that must be maintained and procedures that must be followed to restore net worth if the net worth becomes impaired or falls below the minimum standards. Minimum net worth requirements established by the superintendent may be no less stringent than those applicable to a federally chartered institution with a similar charter. [PL 2017, c. 143, §6 (NEW).]

5. Exception. The superintendent may approve in writing net worth levels below the required minimum as the superintendent considers necessary or appropriate under the particular circumstances of a credit union. [PL 2017, c. 143, §6 (NEW).]

6. Approval. A proposed issuance of securities considered to be net worth under subsection 4 or under rules adopted under subsection 4 must be submitted to the superintendent for the superintendent's approval at least 10 days prior to issuance and include any documentation the superintendent considers necessary. [PL 2017, c. 143, §6 (NEW).]

7. Rulemaking. The superintendent may adopt rules to implement this section or to determine the amount of net worth required under this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . In the absence of rulemaking, a credit union shall follow the capital adequacy standards established by the National Credit Union Administration or a successor institution. In the event standards established by the National Credit Union Administration or a successor institution require the credit union to accumulate or maintain accounts in an amount in excess of the standard established by the superintendent, the credit union shall accumulate and maintain such accounts in a manner sufficient to satisfy the requirements of the National Credit Union Administration or a successor institution. [PL 2017, c. 143, §6 (NEW).]
9-A M.R.S. § 10-307 — ME Code / Title 9-A / Chapter 10 / Section 10-307
9-A §10-307. Real estate settlement procedures
Status: in_force

A loan broker and its mortgage loan originators shall comply with the provisions of 12 United States Code, Section 2601 et seq., the federal Real Estate Settlement Procedures Act of 1974 and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq. [PL 2013, c. 464, §12 (AMD).]
9-B M.R.S. § 421-A — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 421-A
9-B §421-A. General deposit powers
Status: in_force

Unless otherwise prohibited by state law, a financial institution may establish the types and terms, including the minimum and maximum amounts that it may accept and the frequency and computation method of paying interest, of deposits that it solicits and accepts. A financial institution may refuse deposits at its pleasure and a financial institution may pledge or hypothecate any of its assets as security for deposits. [PL 1997, c. 398, Pt. I, §12 (NEW).]
9-A M.R.S. § 6-113 — ME Code / Title 9-A / Chapter 6 / Section 6-113
9-A §6-113. Civil actions by administrator
Status: in_force

1. After demand, the administrator, through the Attorney General, may bring a civil action against a creditor for any violation listed in section 5‑201 or for a violation of Article 8‑A . An action may relate to transactions with more than one consumer. If it is found that the creditor has made a violation so listed, the court shall order respondent to grant to each consumer affected the option to recover all excess charges, to have the contract reformed to conform to this Act or to rescind the contract. The court shall order amounts recovered or recoverable under this subsection paid to each consumer or set off against the consumer's obligation. A consumer's action takes precedence over a prior or subsequent action by the administrator with respect to the claim of that consumer. When an action takes precedence over another action under this subsection, to the extent appropriate, the other action may be stayed while the precedent action is pending and may be dismissed if the precedent action is dismissed with prejudice or results in a final judgment granting or denying the claim asserted in the precedent action. A consumer whose action is dismissed or results in a final judgment denying the claim may not participate in any subsequent recovery on the claim by the administrator. [PL 2011, c. 427, Pt. D, §12 (AMD).]

2. The administrator, through the Attorney General, may bring a civil action against a creditor or a person acting on a creditor's behalf to recover a civil penalty for willfully violating this Act or violating an assurance of discontinuance, and if the court finds that the defendant has engaged in repeated violations, a willful violation of this Act or a violation of an assurance of discontinuance, it may assess a civil penalty of not more than $5,000. If the creditor establishes by a preponderance of evidence that repeated violations were the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such violation or error, liability is not imposed under this subsection. A civil penalty pursuant to this subsection may not be imposed for violations of this Act occurring more than 2 years before the action is brought. [RR 2025, c. 1, Pt. C, §53 (COR).]
9-A M.R.S. § 5-113 — ME Code / Title 9-A / Chapter 5 / Section 5-113
9-A §5-113. Venue
Status: in_force

An action against a consumer arising from a consumer credit transaction shall be brought in any county or division of the consumer's residence, section 1‑201, subsection 6 , in the county or division in which the transaction was made or where an interest in land secures the consumer's obligation, the action may be brought in the county or division in which the land or a part thereof is located. The consumer may have the action removed to the county or division of the consumer's current residence upon motion accompanied by an allegation of a claim or defense to the action. If the residence of the consumer is not within this State, the action may be brought in the county or division in which the sale, lease or loan was made. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 2-503 — ME Code / Title 9-A / Chapter 2 / Section 2-503
9-A §2-503. Deferral charges
Status: in_force

As used in this section and in section 2‑510 , unless the context otherwise indicates, the following terms applying with respect to a precomputed consumer credit transaction shall have the following meanings: [PL 1975, c. 464 (RPR).]

1. Computational period. "Computational period" means the interval between scheduled due dates of instalments under the transaction if the intervals are substantially equal, or if the intervals are not substantially equal, one month if the smallest interval between the scheduled due dates of instalments under the transaction is one month or more, and otherwise one week. [PL 1975, c. 464 (RPR).]

2. Deferral. "Deferral" means a postponement of the scheduled due date of an instalment as originally scheduled or as previously deferred. [PL 1975, c. 464 (RPR).]

3. Deferral period. "Deferral period" means a period in which no instalment is scheduled to be paid by reason of a deferral. [PL 1975, c. 464 (RPR).]

4. Interval. The "interval" between specified dates means the interval between them including one or the other but not both of them; if the interval between the date of a transaction and the due date of the first scheduled instalment does not exceed one month by more than 15 days when the computational period is one month, or does not exceed 11 days when the computational period is one week, the interval may be considered by the creditor as one computational period. [PL 1975, c. 464 (RPR).]

5. Periodic balance. "Periodic balance" means the amount scheduled to be outstanding on the last day of a computational period before deducting the instalment, if any, scheduled to be paid on that day. [PL 1975, c. 464 (RPR).]

6. Standard deferral. "Standard deferral" means a deferral with respect to a transaction made as of the due date of an instalment as scheduled before the deferral by which the due dates of that instalment and all subsequent instalments as scheduled before the deferral are deferred for a period equal to the deferral period. A standard deferral may be for one or more full computational periods or a portion of one computational period or a combination of any of these. [PL 1975, c. 464 (RPR).]

7. Sum of the balances method. "Sum of the balances method," also known as the "Rule of 78," means a method employed with respect to a transaction to determine the portion of the finance charge attributable to a period of time before the scheduled due date of the final instalment of the transaction. The amount so attributable is determined by multiplying the finance charge by a fraction, the numerator of which is the sum of the periodic balances included within the period and the denominator of which is the sum of all periodic balances under the transaction. According to the sum of the balances method, the portion of the finance charge attributable to a specified computational period is the difference between the portions of the finance charge attributable to the period of time including and excluding, respectively, the computational period, both determined according to the sum of the balances method. [PL 1975, c. 464 (RPR).]

8. Transaction. "Transaction" means a precomputed consumer credit transaction, unless the context otherwise requires. [PL 1975, c. 464 (RPR).]

9. Agreement to a deferral. Before or after default in payment of a scheduled instalment of a transaction, the parties to the transaction may agree in writing to a deferral of all or part of one or more unpaid instalments and the creditor may make at the time of deferral and receive at that time or at any time thereafter a deferral charge not exceeding that provided in this section. [PL 1975, c. 464 (RPR).]

10. Standard deferral. A standard deferral may be made with respect to a transaction as of the due date, as originally scheduled or as deferred pursuant to a standard deferral, of an instalment with respect to which no delinquency charge, section 2‑502 , has been made or, if made, is deducted from the deferral charge computed according to this subsection. The deferral charge for a standard deferral may equal but not exceed the portion of the finance charge attributable to the computational period immediately preceding the due date of the earliest maturing instalment deferred as determined according to the sum of the balances method multiplied by the whole or fractional number of computational periods in the deferral period, counting each day as 1/30th of a month without regard to differences in lengths of months when the computational period is one month or as 1/7th of a week when the computational period is one week. A deferral charge computed according to this subsection is earned pro rata during the deferral period and is fully earned on the last day of the deferral period. [PL 1975, c. 464 (RPR).]

11. Deferral charge other than a standard deferral charge. With respect to a transaction as to which a creditor elects not to make and does not make a standard deferral or a deferral charge for a standard deferral, a deferral charge computed according to this subsection may be made as of the due date, as scheduled originally or as deferred pursuant to either subsection 10 or this subsection, of an instalment with respect to which no delinquency charge, section 2‑502 , has been made or, if made, is deducted from the deferral charge computed according to this subsection. A deferral charge pursuant to this subsection may equal but not exceed the rate of finance charge required to be disclosed to the consumer pursuant to law applied to each amount deferred for the period for which it is deferred computed without regard to differences in lengths of months, but proportionately for a part of a month, counting each day as 1/30th of a month or as 1/7 of a week. A deferral charge computed according to this subsection is earned pro rata with respect to each amount deferred during the period for which it is deferred. [PL 1975, c. 464 (RPR).]

12. Additional charges. In addition to the deferral charge permitted by this section, a creditor may make and receive appropriate additional charges, section 2‑501 , and any amount of these charges which is not paid may be added to the deferral charge computed according to subsection 10 or to the amount deferred for the purpose of computing the deferral charge computed according to subsection 11 . [PL 1975, c. 464 (RPR).]

13. Unilateral grant of deferral by creditor. The parties may agree in writing at the time of a transaction that, if an instalment is not paid within 10 days after its due date, the creditor may unilaterally grant a deferral and make charges as provided in this section. A deferral charge may not be made for a period after the date that the creditor elects to accelerate the maturity of the transaction. [PL 1975, c. 464 (RPR).]
9 M.R.S. § 5002 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5002
9 §5002. Intent
Status: in_force

It is the intent of the Legislature to require the licensure and financial reporting of charitable organizations and professional solicitors and the bonding of professional solicitors. [PL 2013, c. 539, §1 (AMD).]
9-A M.R.S. § 16-109 — ME Code / Title 9-A / Chapter 16 / Section 16-109
9-A §16-109. Requirements for collecting on private education loan debt
Status: in_force

1. Private education loan collection. This section applies to a private education loan collection action that is maintained by a private education lender or a private education loan collector. [PL 2021, c. 357, §2 (NEW).]

2. Initial collection communication with borrower. In addition to any other information required under applicable federal or state law, a private education loan collector shall provide in the first written collection communication with the borrower, and at any other time the borrower requests, the information listed under subsection 4 . [PL 2021, c. 357, §2 (NEW).]

3. Initiation of action. A private education lender or a private education loan collector may not initiate a private education loan collection action unless the private education lender or private education loan collector possesses all of the information listed under subsection 4 . [PL 2021, c. 357, §2 (NEW).]

4. Information required. A private education lender or a private education loan collector shall introduce the following information as evidence in a private education loan collection action: A. The name of the owner of the private education loan; [PL 2021, c. 357, §2 (NEW).] B. The original creditor's name at the time of default, if applicable; [PL 2021, c. 357, §2 (NEW).] C. If the original creditor used an account number to identify the private education loan at the time of default, the original creditor's account number used to identify the private education loan at the time of default; [PL 2021, c. 357, §2 (NEW).] D. The amount due at default; [PL 2021, c. 357, §2 (NEW).] E. An itemization of interest and fees, if any, incurred after default and claimed to be owed and whether the interest and fees were imposed by the original creditor or any subsequent owners of the private education loan; [PL 2021, c. 357, §2 (NEW).] F. The date the private education loan was executed; [PL 2021, c. 357, §2 (NEW).] G. The date of the first partial payment or the date of the first missed payment, whichever is earlier; [PL 2021, c. 357, §2 (NEW).] H. The date and amount of the last payment, if applicable; [PL 2021, c. 357, §2 (NEW).] I. Any payments, settlement or financial remuneration of any kind paid to the creditor by a guarantor, cosigner or surety and the amount of payment received; [PL 2021, c. 357, §2 (NEW).] J. A copy of a self-certification form and any other needs analysis conducted by the original creditor prior to execution of the loan; [PL 2021, c. 357, §2 (NEW).] K. The names of all persons that owned the private education loan after the time of default, if applicable, and the date of each sale or transfer; [PL 2021, c. 357, §2 (NEW).] L. A log of all collection attempts made in the last 12 months including the date and time of all calls and written communications; [PL 2021, c. 357, §2 (NEW).] M. A statement as to whether the creditor is willing to renegotiate the terms of the loan; [PL 2021, c. 357, §2 (NEW).] N. Copies of all settlement documents made in the last 12 months or a statement that the creditor has not attempted to settle or otherwise renegotiate the loan prior to the private education loan collection action; [PL 2021, c. 357, §2 (NEW).] O. Documentation establishing that the creditor is the owner of the private education loan at issue. If the private education loan was assigned more than once, the creditor must introduce as evidence each assignment or other writing evidencing the transfer of ownership of the specific individual private education loan to establish an unbroken chain of ownership, beginning with the original creditor to the first subsequent creditor and each additional creditor. Each assignment or other writing evidencing transfer of ownership or the right to collect must contain the original creditor's account number, redacted for security purposes to show only the last 4 digits, of the private education loan purchased or otherwise assigned, must contain the date of purchase and assignment and must clearly show the borrower's correct name associated with the original account number. The assignment or other writing attached must be the assignment or other writing by which the creditor or other assignee acquired the private education loan and not a document prepared for litigation; [PL 2021, c. 357, §2 (NEW).] P. A copy of all pages of the contract, application or other documents evidencing the borrower's liability for the private education loan, stating all terms and conditions applicable to the private education loan. If a signed writing evidencing the original private education loan does not exist, a copy of a document provided to the borrower before default demonstrating that the private education loan was incurred by the borrower and including all terms and conditions applicable to the private education loan must be introduced as evidence; and [PL 2021, c. 357, §2 (NEW).] Q. An affidavit stating that a representative of the creditor personally reviewed for factual accuracy the evidence under this subsection submitted to the court and confirmed the factual accuracy of the allegations set forth in the complaint and any supporting affidavits or affirmations filed with the court, as well as the accuracy of any notarizations contained in the supporting documents filed in the action. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

5. Statute of limitations. In addition to any other requirement of law or rule, a court may not enter a judgment in favor of a private education lender or a private education loan collector unless the court finds that the applicable statute of limitations for the action on the private education loan owned by the creditor has not expired. [PL 2021, c. 357, §2 (NEW).]

6. Judgment. In addition to any other requirement of law or rule, a court may not enter a judgment in favor of a private education lender or a private education loan collector in a collection action under this section unless the private education lender or private education loan collector introduces the evidence under subsection 4 in accordance with applicable rules of evidence. [PL 2021, c. 357, §2 (NEW).]

7. Violation. Failure to produce to a borrower upon request any documentation described in subsection 4 is a violation of the Maine Unfair Trade Practices Act. [PL 2021, c. 357, §2 (NEW).]
9-A M.R.S. § 11-113 — ME Code / Title 9-A / Chapter 11 / Section 11-113
9-A §11-113. Reinstatement
Status: in_force

1. A consumer who fails to make a timely rental payment but has returned or surrendered the rental property to the merchant within 7 days after missing a payment or within 2 business days of the merchant's request, whichever comes later, may reinstate the agreement without losing any rights or options that exist under the agreement by payment of: A. All past due rental charges; and [PL 1991, c. 787 (NEW).] B. Other charges expressly provided in this Article, except any initial administrative fee. [PL 2001, c. 287, §13 (AMD).] [PL 2001, c. 287, §13 (AMD).]

2. [PL 2001, c. 287, §13 (RP).]

3. [PL 2001, c. 287, §13 (RP).]

4. A consumer who has returned or surrendered the rental property within the reinstatement period set forth in subsection 1 may reinstate the agreement during a period of not less than 180 days after the date of the missed payment. [PL 2001, c. 287, §13 (AMD).]

5. Nothing in this section prevents a merchant from attempting to repossess property during the reinstatement period, but such a repossession does not affect the consumer's right to reinstate. [PL 1991, c. 787 (NEW).]

6. Upon reinstatement, the merchant shall provide the consumer with the same property or substitute property of comparable quality and condition. [PL 1991, c. 787 (NEW).]
9-B M.R.S. § 418 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 418
9-B §418. Acting as agent
Status: in_force

A financial institution or a financial institution not authorized to do business in this State may act as agent for a financial institution, out-of-state financial institution, a financial institution organized under provisions of law of another state, federal association or national bank in accordance with this section. [PL 1995, c. 628, §21 (NEW).]

1. Activities. A financial institution acting as agent may receive deposits, renew time deposits, close loans, service loans and receive payments on loans and other obligations. The list of permitted agency activities may be expanded through rulemaking. Rules adopted pursuant to this section are major substantive rules as defined in Title 5, chapter 375, subchapter II‑A . [PL 1995, c. 628, §21 (NEW).]

2. Limitations on activities. The agreement to act as agent must limit the activities to those specifically permitted under this section or as expanded through rulemaking. The institution acting as agent pursuant to an agency agreement may not be considered a branch of the contracting institution, nor is the contracting institution considered a branch of the institution acting as agent. [PL 1995, c. 628, §21 (NEW).]

3. Notice required. A financial institution entering into an agency agreement shall file notice with the superintendent, in the form and manner prescribed by the superintendent, prior to engaging in the activities permitted under this section. [PL 1995, c. 628, §21 (NEW).]

4. Relationship terms. An agency relationship between institutions must be on terms that are consistent with safe and sound banking practices and the superintendent may adopt rules to supplement the requirements of this section. [PL 1995, c. 628, §21 (NEW).]
9-B M.R.S. § 913 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 913
9-B §913. Powers
Status: in_force

In addition to the powers conferred upon corporations by the general corporations law of this State, an industrial bank shall have the power to: [PL 1975, c. 500, §1 (NEW).]

1. Borrow and lend. Borrow and to lend money, and discount notes and bills of exchange including trade acceptances; [PL 1975, c. 500, §1 (NEW).]

2. Investments. Purchase, invest in, hold and sell such notes, bonds and securities as are legal for investments in accordance with the provisions of chapter 55. [PL 1975, c. 500, §1 (NEW).]

3. FHA insured loans. Make such loans as are eligible for insurance pursuant to Title I of the National Housing Act, as amended, and to apply for and obtain insurance on said loans pursuant to said Act. [PL 1979, c. 663, §55 (AMD).]

4. Certificates of investment. Sell certificates of investment, either of fixed or of uncertain term; and [PL 1979, c. 663, §55 (AMD).]

5. Branches. Establish branch or agency offices in accordance with chapter 33 ; provided that the powers set forth in subsection 4 may only be exercised at branch or agency offices authorized and doing business on or before June 1, 1967. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 871-B — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 871-B
9-B §871-B. Applicability of chapter
Status: in_force

Notwithstanding any other provisions of law, the provisions of this chapter apply and supersede the provisions of laws relating to the dissolution, merger and conversion of credit unions organized under the laws of this State. [PL 2003, c. 322, §42 (NEW).]
9-B M.R.S. § 912 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 912
9-B §912. Capital and management
Status: in_force

1. Stock: classes; par value. The capital stock of an industrial bank shall have a par value $100 for each share, and only one class of such stock shall be created. [PL 1975, c. 500, §1 (NEW).]

2. Management. Except as otherwise provided in this chapter, the management and operations of an industrial bank must be conducted in accordance with the provisions of Title 13‑C . [RR 2001, c. 2, Pt. B, §17 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]
9-A M.R.S. § 9-314 — ME Code / Title 9-A / Chapter 9 / Section 9-314
9-A §9-314. Prepayment penalty riders
Status: in_force

A supervised lender may not impose a prepayment penalty provision through use of a rider or amendment to the loan contract if the terms of the loan contract state that no such prepayment penalty may be imposed or that such a penalty is not specifically authorized under state law. [PL 2007, c. 273, Pt. A, §28 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
9-A M.R.S. § 10-304 — ME Code / Title 9-A / Chapter 10 / Section 10-304
9-A §10-304. Advertising
Status: in_force

1. A loan broker may not engage in this State in false or misleading advertising concerning the terms and conditions of any services or assistance offered. [PL 2005, c. 274, §11 (AMD).]

2. This section imposes no liability on the owner or personnel of any medium in which an advertisement appears or through which it is disseminated. [PL 1989, c. 70, §3 (NEW).]

3. A loan broker shall include its license number in all print advertising in this State. [PL 2005, c. 274, §11 (NEW).]
9-B M.R.S. § 212 — ME Code / Title 9-B / Part 2 / Chapter 21 / Section 212
9-B §212. Deputy superintendents and other personnel
Status: in_force

1. Deputy superintendents. A. The superintendent may employ deputy superintendents, subject to the commissioner's approval and in accordance with the Civil Service Law. [PL 2007, c. 79, §1 (AMD).] B. The superintendent shall designate a deputy superintendent to perform the duties of the superintendent whenever the superintendent is absent from the State; a deputy superintendent is directed to do so by the superintendent; there is a vacancy in the office of superintendent; or the superintendent is incapacitated by illness. In the event of a vacancy in the office of the superintendent, the superintendent's incapacitating illness or absence from the State at a time when there is no deputy superintendent, the commissioner may designate a special deputy superintendent to perform the duties of the superintendent for a period not to exceed 6 months. [PL 2007, c. 79, §2 (AMD).] [PL 2007, c. 79, §§1, 2 (AMD).]

2. Examiners and employees. A. The superintendent may employ personnel as the business of the bureau may require, subject to the commissioner's approval and in accordance with the Civil Service Law. The qualifications of those personnel must reflect the needs and responsibilities relating to the bureau's regulatory functions pursuant to this Title. The superintendent may authorize senior personnel of the bureau to carry out the superintendent's duties and authority. [PL 1995, c. 502, Pt. H, §4 (AMD).] B. The superintendent may employ or engage such expert, professional or other assistance as may be necessary to assist the bureau in carrying out its functions. [PL 1975, c. 500, §1 (NEW).] C. In addition to salaries or wages, all employees of the bureau shall receive their actual expenses incurred in the performance of their official duties. [PL 1975, c. 500, §1 (NEW).] [PL 1995, c. 502, Pt. H, §4 (AMD).]

3. Training of bureau personnel. At the expense of the bureau, the superintendent may train the deputy superintendents and bureau's employees, or have them trained, in a manner the superintendent determines desirable; however training programs may not place such undue emphasis upon safety and soundness of financial institutions that institutions would be inhibited by the bureau from engaging in unusual activities or loans that are in the public interest. [PL 2007, c. 79, §3 (AMD).]

4. Contracts for regulatory functions. The superintendent may employ and engage experts and professionals or other personnel, including other state and federal regulatory agencies, as may be necessary to assist the bureau in carrying out its regulatory functions. The superintendent may contract bureau staff to other state and federal agencies to assist those agencies in carrying out their regulatory functions. Contracts for services under this subsection are designated sole source contracts and are not subject to the procurement requirements of Title 5, chapter 155 . [PL 2021, c. 508, §1 (AMD).]
9-A M.R.S. § 16-103 — ME Code / Title 9-A / Chapter 16 / Section 16-103
9-A §16-103. Cosigned private education loan
Status: in_force

1. Information prior to extension of loan. Prior to the extension of a private education loan that requires a cosigner, a private education lender shall deliver the following information to the cosigner: A. How the private education loan will appear on the cosigner's credit report; [PL 2021, c. 357, §2 (NEW).] B. How the cosigner will be notified if the private education loan becomes delinquent, and how the cosigner can cure a delinquency to avoid negative credit reporting and loss of cosigner release eligibility; and [PL 2021, c. 357, §2 (NEW).] C. Eligibility criteria for cosigner release, including the number of on-time payments and any other criteria required to approve the cosigner release. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]

2. Disclosure. Prior to offering a person a private education loan that is being used to refinance an existing education loan, a private education lender shall provide the person a disclosure that the benefits and protections applicable to the existing loan may be lost due to the refinancing. [PL 2021, c. 357, §2 (NEW).]

3. Form of and access to information and disclosure. A private education lender shall provide the information disclosure required by subsections 1 and 2 on a one-page information sheet in 12-point type written in simple, clear, understandable and easily readable language. A private education lender shall provide a cosigner with access to all documents or records related to a cosigned private education loan that is available to the borrower. If a private education lender provides electronic access to a document or record to a borrower of a cosigned private education loan, the lender shall provide equivalent access to the cosigner. Upon written request of the borrower or cosigner, the lender may withhold individual contact information from the other party. [PL 2021, c. 357, §2 (NEW).]
9-B M.R.S. § 451 — ME Code / Title 9-B / Part 4 / Chapter 45 / Section 451
9-B §451. Applicability of chapter
Status: in_force

The provisions of this chapter apply to financial institutions organized under chapters 31 and 32 and establish minimum record-keeping requirements for these financial institutions. [PL 1997, c. 398, Pt. I, §36 (AMD).]
9-A M.R.S. § 14-102 — ME Code / Title 9-A / Chapter 14 / Section 14-102
9-A §14-102. Applicability
Status: in_force

This Article applies to a person who acts as a student loan servicer in this State, except that this Article does not apply to a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 , to a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or to a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company. [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
9-B M.R.S. § 1211 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1211
9-B §1211. General purpose and authority
Status: in_force

A nondepository trust company is a financial institution organized under the provisions of this Title whose activities are generally limited to trust or fiduciary matters. Unless otherwise indicated in this chapter or to the extent inconsistent with this chapter or with the general purpose of a nondepository trust company, a nondepository trust company has all the powers, duties and obligations of a financial institution under this Title. [PL 1997, c. 398, Pt. J, §2 (NEW).]