9-B M.R.S. § 427 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 427
9-B §427. Deposit or account transactions
Status: in_force

1. Minor's deposits or accounts. Money may be deposited by or in the name of a minor and is the minor's property, and a financial institution shall pay the same to such minor, to the minor's order or to a joint owner of the account. The receipt of any such payment by the minor is a valid release and discharges the institution. A minor may endorse and deposit to the credit of the minor's account checks and other instruments for the payment of money. Notwithstanding any provision of law to the contrary, in all transactions with respect to a minor's account that does not have a joint owner of majority age, a minor is deemed to be the owner of the account and of legal age and capacity. [PL 2023, c. 42, §1 (AMD).]

2. Fiduciary deposits or accounts. A. Whenever a deposit is made in trust, the name and address of the person for whom it is made, or the purpose for which the trust is created, shall be disclosed in writing to the institution, and the deposit shall be credited to the depositor as trustee for such person or purpose. [PL 1975, c. 500, §1 (NEW).] B. Whenever a deposit is made by a person designated on the records of a financial institution as a fiduciary, it must be conclusively presumed, in all dealings between the institution and the fiduciary or any other persons with respect to such deposit, that the fiduciary has power to invest money in the institution, and to withdraw the money or any part of that money, and to transfer the fiduciary's deposit to any other person. The receipt or acquittance of the fiduciary fully exonerates and discharges the institution from all liability to any person having any interest in such deposit, and the institution is not under any duty to see to the proper application of the trust property. [RR 2025, c. 1, Pt. D, §28 (COR).] C. Subject to the provisions of Title 18‑C, section 6‑222 , upon the death or disability of any fiduciary, the value of such deposit or account may be paid, at the option of the institution, and in the absence of notice of the existence and terms of a trust, either to the executor, administrator, conservator or guardian of such fiduciary, or to any substituted fiduciary, or to the person, if any, who is designated on the records of the institution as the beneficiary of such deposit, if of the age of 15 years or upwards, or to the guardian or parent or person standing in loci parentis to such person if under the age of 15 years. Subject to the provisions of Title 18‑C, section 6‑226 , the receipt or acquittance of any such person fully exonerates and discharges the institution from all liability to any person having any interest in such deposit, and the institution is not under any duty to see to the proper application of the trust property. [PL 2017, c. 402, Pt. C, §18 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] [RR 2025, c. 1, Pt. D, §28 (COR).]

3. Fiduciary transactions by check. A. If a check drawn or endorsed by a fiduciary is received by a drawee financial institution, including a check for payment in cash or for the personal credit of the fiduciary, the institution may assume, without inquiry, that the fiduciary has acted within the scope of the fiduciary's authority. [RR 2025, c. 1, Pt. D, §29 (COR).] B. As used in this subsection, "fiduciary" includes a trustee under any trust, express or implied, resulting or constructive, or an executor, administrator, guardian, conservator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer or any other person acting in a fiduciary capacity for any person, trust or estate. "Person" includes 2 or more persons having a common interest. For the purposes of this subsection, such institution may rely upon, though it need not require, a writing certified by the clerk or secretary of a corporation as to such officer. [PL 1975, c. 500, §1 (NEW).] C. Nothing contained in this subsection shall be deemed to modify or otherwise affect Title 11, section 1‑201, subsection 25 or Title 11, section 3‑304, nor to relieve such institution from any liability imposed upon it by law to the extent of any payment or amount which such institution may receive for its benefit from any of such checks or funds represented thereby. [PL 1975, c. 500, §1 (NEW).] [RR 2025, c. 1, Pt. D, §29 (COR).]

4. Joint deposits or accounts. A. When a deposit has been made or is made in any financial institution authorized to do business in this State in the names of 2 or more persons, payable to either, or payable to either or the survivor, such deposit, or any part thereof, or the interest or dividends thereon may be paid to any or either of said persons, whether the other or others be living or not, or to the legal representative of the survivor of said persons if proofs of death are presented to the financial institution showing that the decedent was the last surviving party or if there is clear and convincing evidence that no right of survivorship was intended at the time the account was created. Subject to the provisions of Title 18‑C, section 6‑226 , the receipt or acquittance of the persons to whom said payment is so made is a valid and sufficient release and discharge to such financial institution for any payment so made. [PL 2017, c. 402, Pt. C, §19 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] B. All such deposits or accounts, whenever opened or issued, payable to either or the survivor including interest and dividends, in the name of the same persons in any financial institution within this State, in the absence of fraud or undue influence, upon the death of one of such persons, become the property of the parties as provided in Title 18‑C, section 6‑212 . [PL 2017, c. 402, Pt. C, §20 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] [PL 2017, c. 402, Pt. C, §§19, 20 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]

5. Pledge of joint deposits or accounts. The pledge of all or part of a deposit or account in joint tenancy signed by that person or those persons who are authorized in writing to make withdrawals from the deposit or account shall, unless the terms of the deposit or account provide specifically to the contrary, be a valid pledge and transfer of that part of the deposit or account pledged, and shall not operate to sever or terminate the joint and survivorship ownership of all or any part of the deposit or account. [PL 1975, c. 500, §1 (NEW).]

6. Power of attorney over deposits or accounts. A financial institution may continue to recognize the authority of an attorney authorized in writing to manage or to make withdrawals either in whole or in part from the account of a depositor until it receives written notice of the revocation of the attorney's authority. For the purposes of this subsection, written notice of the death or adjudication of incompetency of the depositor constitutes written notice of revocation of the authority of the depositor's attorney. An institution is not liable for damages by reason of any payment made pursuant to this subsection. [RR 2025, c. 1, Pt. D, §30 (COR).]

7. Transfer of deposit or account. A depositor may transfer, absolutely or conditionally, that depositor's deposit or account to any other person, subject to any provisions affecting such deposit or account pursuant to this chapter by a written assignment in a form approved by the institution, accompanied by delivery of the evidence of the deposit or account. Evidence of the deposit or account means the membership certificate, share certificate, account book, passbook or any other evidence of the deposit or account that has been issued in connection with such deposit or account. Every such transfer of a deposit or account is considered to include the deposit or account and the evidence of the deposit or account issued in connection with the deposit or account. An absolute transfer is not effective against an institution until such written assignment and the accompanying evidence of the deposit or account are delivered to the institution with a request that it complete such transfer upon its records. A conditional transfer is not effective against an institution unless and until it actually receives notice of the conditional transfer in writing. This subsection does not apply to the creation, perfection or enforcement of a security interest in a deposit or account other than an assignment of a deposit or account in a consumer transaction as defined in Title 11, section 9‑1102, subsection 26 . [PL 2001, c. 211, §11 (AMD).]

8. Payment of decedent's deposit or account. A. Except as provided in paragraph B , if a depositor dies leaving in a financial institution a deposit or account on which the balance due the depositor does not exceed $1,000, and a personal representative is not appointed, the institution may pay the balance of the deposit or account to the surviving spouse, next of kin, funeral director or other preferred creditor or creditors who may appear to be entitled to the deposit or account. For any payments so made, the institution may not be held liable to the decedent's personal representative thereafter appointed unless the payment has been made within 6 months after the decedent's death and an action to recover the amount has been commenced within one year after the date of payment. [RR 2025, c. 1, Pt. D, §31 (COR).] B. Notwithstanding the provisions of paragraph A , upon presentation of an affidavit under Title 18‑C, section 3‑1201 , a financial institution shall pay the balance of any deposit or account left by a deceased depositor to the depositor's successor under the provisions of Title 18‑C, sections 3‑1201 and 3‑1202 . Such payments under this paragraph take precedence over payments under paragraph A to the extent of the balance of the deposits or accounts of the deceased depositor at the time the affidavit is presented. [PL 2017, c. 402, Pt. C, §21 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).] [RR 2025, c. 1, Pt. D, §31 (COR).]

9. Lost evidences of deposits or accounts. A. If a financial institution receives a notice in writing that an account book or passbook or other evidence of a deposit or account issued by said institution is lost, together with a request that a duplicate evidence of deposit or account be issued, such notice and request being signed by the appropriate person or persons as provided, the institution, at the expiration of a period of 10 days from the receipt of such notice if the missing evidence is not sooner presented, may issue a duplicate evidence of deposit or account to the person or persons signing said notice and request, and the delivery of such duplicate evidence shall relieve the institution from all liability on account of the missing original evidence of deposit or account. Such notice and request shall be signed in the following manner: (1) If the evidence of deposit or account was issued to a single depositor, then by that depositor, by an officer in the event of a corporation or by a guardian, conservator, trustee, executor or administrator; or (2) If the evidence of deposit or account was issued to 2 or more depositors, then by all such depositors then surviving, or by the last survivor of such depositors; except that a guardian or conservator shall sign for any of the foregoing persons respecting whom the guardian or conservator has been appointed. [RR 2025, c. 1, Pt. D, §§32, 33 (COR).] B. If a depositor shall lose a nonnegotiable certificate of deposit or certificate of account, paragraph A shall apply, except that the depositor shall provide an affidavit in writing to the institution, in lieu of the notice provided for in paragraph A , stating that such certificate issued by the institution is lost and could not be found after thorough search. [PL 1987, c. 402, Pt. A, §87 (AMD).] [RR 2025, c. 1, Pt. D, §§32, 33 (COR).]

10. Adverse claim to deposit or account. Except as provided in Title 11, section 4‑405 , in Title 14, section 4751 and in Title 18‑C, sections 6‑102 and 6‑226 , notice to a financial institution authorized to do business in this State of an adverse claim to a deposit or account standing on its books to the credit of any person is not effectual to cause that institution to recognize the adverse claimant, unless the adverse claimant either procures a restraining order, injunction or other appropriate process against the institution from a court of competent jurisdiction in a civil action to which the person to whose credit the deposit or account stands is made a party or executes to that institution, in a form and with sureties acceptable to the institution, a bond indemnifying the institution from all liability, loss, damage, costs and expenses for and on account of the payment of such adverse claim or the dishonor of checks or other orders of the person to whose credit the deposit or account stands on the books of the institution. This subsection does not apply to the creation, perfection or enforcement of a security interest in a deposit or account other than an assignment of a deposit or account in a consumer transaction as defined in Title 11, section 9‑1102, subsection 26 . [PL 2017, c. 402, Pt. C, §22 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]

11. Payment of orders. Any financial institution may pay any order drawn by any person who has funds on deposit to meet the same, notwithstanding the death of the drawer in the interval of time between signing such order and its presentation for payment, when said presentation is made within 30 days after the date of such order; and at any subsequent period, provided the institution has not received actual notice of the death of the drawer. [PL 1975, c. 500, §1 (NEW).]

12. Superintendent's authority to permit withdrawals. Except as expressly limited by other provisions of this Title, the superintendent may authorize a financial institution or institutions to permit the withdrawal of funds on deposit by depositors, account holders or members of said institution or institutions, in such manner or by such methods as the superintendent may determine appropriate under the circumstances. [PL 1995, c. 628, §23 (AMD).]

13. Notice on opening certain accounts. [MRSA T. 9-B §427, sub-§13 (RP).]

13-A. Notice on opening certain accounts. At the time a multiple-party account, as defined in Title 18‑C, section 6‑201, subsection 5 , is established or at the time a single-party account is converted to a multiple-party account with a financial institution, the document establishing the account or adding another party must include for each party to the account the question, "Do you intend for the sum remaining upon your death to belong to the surviving party or parties? Yes or No." The question required by this subsection must be answered in writing on the form by each party to the account prior to opening the account. The answer provided on the form required by this subsection does not have any effect on any legal presumption or inference available in any civil or criminal matter. [PL 2021, c. 5, §2 (AMD).]

14. Applicability. This section applies to financial institutions authorized to do business in this State and credit unions authorized to do business in this State. [PL 2003, c. 322, §15 (NEW).]
9-A M.R.S. § 3-507 — ME Code / Title 9-A / Chapter 3 / Section 3-507
9-A §3-507. Violation as unfair trade practice
Status: in_force

Any violation of this Part shall constitute a violation of Title 5, chapter 10 , Unfair Trade Practices Act. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 4-302 — ME Code / Title 9-A / Chapter 4 / Section 4-302
9-A §4-302. Insurance on creditor's interest only
Status: in_force

If a creditor contracts for or receives a separate charge for insurance against loss of or damage to property, the risk of loss or damage not willfully caused by the consumer is on the consumer only to the extent of any deficiency in the effective coverage of the insurance, even though the insurance covers only the interest of the creditor. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 412-A — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 412-A
9-B §412-A. Capital
Status: in_force

1. Requirement. Every financial institution shall establish and maintain adequate levels of capital as set forth in rules adopted by the superintendent. These rules must address, at a minimum, composition of capital, capital levels that must be maintained and procedures that must be followed to restore capital if it becomes impaired or falls below the minimum standards. Minimum capital levels established by the superintendent may be no less stringent than those applicable to federally chartered institutions with similar charters. [PL 1991, c. 34, §8 (NEW).]

2. Exception. The superintendent may approve, in writing, capital levels below the required minimum as considered necessary or appropriate under the particular circumstances of a financial institution. [PL 1991, c. 34, §8 (NEW).]

3. Notification. [PL 2005, c. 82, §8 (RP).]

3-A. Approval. Any issuance considered as capital under subsection 1 or under rules adopted under subsection 1 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 2005, c. 82, §9 (NEW).]
9-A M.R.S. § 1-107 — ME Code / Title 9-A / Chapter 1 / Section 1-107
9-A §1-107. Waiver; agreement to forego rights; settlement of claims
Status: in_force

1. Except as otherwise provided in this Act, a consumer may not waive or agree to forego rights or benefits under this Act. Any such waiver or agreement is unenforceable; and no creditor may take any such waiver or agreement to forego rights or benefits under this Act. [PL 1973, c. 762, §1 (NEW).]

2. A claim by a consumer against a creditor for an excess charge, other violation of this Act, or civil penalty, or a claim against a consumer for default or breach of a duty imposed by this Act, if disputed in good faith, may be settled by agreement. [PL 1973, c. 762, §1 (NEW).]

3. A claim, whether or not disputed, against a consumer may be settled for less value than the amount claimed. [PL 1973, c. 762, §1 (NEW).]

4. A settlement in which the consumer waives or agrees to forego rights or benefits under this Act is invalid if the court, as a matter of law, finds the settlement to have been unconscionable at the time it was made. The competence of the consumer, any deception or coercion practiced upon the consumer, the nature and extent of the legal advice received by the consumer and the value of the consideration are relevant to the issue of unconscionability. A claim of unconscionability must be raised in a judicial action within the earlier of: A. Six years after the date of settlement; and [RR 2025, c. 1, Pt. C, §1 (COR).] B. The limitation period applicable to the original claim that was the subject of the settlement. [RR 2025, c. 1, Pt. C, §1 (COR).] [RR 2025, c. 1, Pt. C, §1 (COR).]
9-A M.R.S. § 8-508 — ME Code / Title 9-A / Chapter 8-A / Section 8-508
9-A §8-508. Authority of administrator
Status: in_force

The administrator, by rule or order, shall prohibit acts or practices in connection with: [PL 2011, c. 427, Pt. A, §15 (NEW).]

1. Unfair or deceptive mortgage loans. The making of a residential mortgage loan that the administrator finds unfair, deceptive or designed to evade the provisions of section 8‑506 ; and [PL 2011, c. 427, Pt. A, §15 (NEW).]

2. Refinancing; abusive lending practices. The refinancing of a residential mortgage loan that the administrator finds is associated with abusive lending practices or that is otherwise not in the interest of the borrowing public. [PL 2011, c. 427, Pt. A, §15 (NEW).]

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. A, §15 (NEW).]
9-A M.R.S. § 13-107 — ME Code / Title 9-A / Chapter 13 / Section 13-107
9-A §13-107. Testing of mortgage loan originators
Status: in_force

1. Written test. In order to meet the written test requirement required under section 13‑105, subsection 5 , an individual must pass, in accordance with the standards established under this section, a written test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards. [PL 2013, c. 466, §9 (AMD).]

2. Qualified test. [PL 2013, c. 466, §9 (RP).]

3. Testing location. Nothing in this section prohibits a test provider approved by the nationwide mortgage licensing system and registry from providing a test at the location of the employer of the applicant, or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Minimum competence. An individual is not considered to have passed a written test unless the individual achieves a test score of not less than 75% correct answers to questions. A. An individual may retake a test 3 consecutive times, undergoing each consecutive test at least 30 days after the preceding test. [PL 2009, c. 362, Pt. B, §1 (NEW).] B. After failing 3 consecutive tests, an individual must wait at least 6 months before taking the test again. [PL 2009, c. 362, Pt. B, §1 (NEW).] C. A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years or longer shall retake the test. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2013, c. 466, §9 (AMD).]
9-B M.R.S. § 152 — ME Code / Title 9-B / Part 1 / Chapter 15 / Section 152
9-B §152. Superintendent's powers during emergency
Status: in_force

1. Restrict banking transactions. During the period of any banking emergency declared, the superintendent, in addition to all other powers conferred upon the superintendent, has authority to order one or more financial institutions or credit unions to restrict all or any part of their business and to limit or postpone for any length of time the payment of any amount or proportion of deposits or shares in any of the departments of the financial institutions or credit unions as the superintendent considers necessary or expedient and may regulate further payments from those financial institutions or credit unions as to time and amount as the interest of the public or of such financial institutions or credit unions or depositors or shareholders thereof may require, and any order or orders made by the superintendent may be amended, changed, extended or revoked, in whole or in part, whenever in the superintendent's judgment circumstances warrant or require. After the termination of any such banking emergency, any such order may be continued in effect as to any particular financial institution or credit union if in the judgment of the superintendent circumstances warrant or require and the Governor approves. [RR 2025, c. 1, Pt. D, §4 (COR).]

2. Permit special deposits. The superintendent may by order authorize financial institutions or credit unions during such emergency and thereafter to receive new deposits or share funds, as the case may be, and such new funds shall be special deposits or shares, as the case may be, and so designated and segregated from all other such deposits or shares and may be invested only in assets approved by the superintendent as being sufficiently liquid to be available when needed to meet withdrawals on new deposits or shares, as the case may be. Such assets shall not be merged with other assets but shall be held in trust for the security and payment of new funds except that income from such assets may, to the extent authorized by the superintendent, be used for other purposes of the institution. Withdrawal of such new deposits or shares shall not be subject in any respect to restrictions or limitations made applicable to previously existing accounts under this section. [PL 1975, c. 500, §1 (NEW).]

3. Establish fair value of assets. In determining the action to be taken under this section, the superintendent may place such fair value on the assets of any financial institution or credit union as in the superintendent's discretion seems proper under the conditions prevailing and circumstances relating thereto. [RR 2025, c. 1, Pt. D, §5 (COR).]
9-A M.R.S. § 1-301 — ME Code / Title 9-A / Chapter 1 / Section 1-301
9-A §1-301. General definitions
Status: in_force

In addition to definitions appearing in subsequent Articles, in this Act: [PL 1973, c. 762, §1 (NEW).]

1. "Actuarial method" means the method, defined by rules adopted by the administrator, of allocating payments made on debt between the amount financed and the finance charge pursuant to which a payment is applied first to the accumulated finance charge and the balance is applied to the unpaid amount financed. [PL 1973, c. 762, §1 (NEW).]

2. "Administrator" means, except in cases in which a supervised financial organization is the creditor, the administrator designated in Article VI, section 6‑103 . In cases in which a supervised financial organization is the creditor, "administrator" means the Superintendent of Financial Institutions. [PL 2001, c. 44, §1 (AMD); PL 2001, c. 44, §14 (AFF).]

2-A. "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a consumer credit transaction. [PL 1987, c. 129, §13 (NEW).]

3. "Agreement" means the bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance. [PL 1973, c. 762, §1 (NEW).]

4. "Agricultural purpose" means a purpose related to the production, harvest, exhibition, marketing, transportation, processing, or manufacture of agricultural products by a natural person who cultivates, plants, propagates or nurtures the agricultural products. "Agricultural products" includes agricultural, horticultural, viticultural, and dairy products, livestock, wildlife, poultry, bees, forest products, fish and shellfish, and any products thereof, including processed and manufactured products, and any and all products raised or produced on farms and any processed or manufactured products thereof. [PL 1973, c. 762, §1 (NEW).]

5. "Amount financed" means the amount of credit of which the consumer has actual use and is computed pursuant to section 2‑501 and the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq. [PL 2011, c. 427, Pt. D, §4 (AMD).]

5-A. [PL 1989, c. 70, §1 (RP).]

6. "Billing cycle" or "cycle" means the interval between days or dates of regular periodic statements. These intervals shall be equal and no longer than a quarter of a year. An interval shall be considered equal if the number of days in the cycle does not vary more than 4 days from the regular day or date of the periodic statement. [PL 1987, c. 129, §15 (RPR).]

6-A. "Business day" means a day on which a creditor's offices are open to the public for carrying on substantially all of its business functions. For purposes of rescission, the term means all calendar days, except Sundays and the holidays established by Title 9‑B, section 145, subsection 1 . [PL 1997, c. 398, Pt. L, §4 (AMD).]

6-B. "Cardholder" means the same as defined in the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq. [PL 2011, c. 427, Pt. D, §5 (AMD).]

6-C. "Card issuer" means the same as defined in the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq. [PL 2011, c. 427, Pt. D, §5 (AMD).]

7. "Cash price" means the price at which the creditor, in the ordinary course of business, offers to sell for cash the property or service that is the subject of the transaction. The term includes charges imposed by the creditor equally on cash and credit customers. It may include the price of optional accessories, services related to the sale, service contracts and taxes and fees for license, title and registration. The term does not include any finance charge. [PL 1981, c. 243, §4 (RPR).]

8. "Closing costs," provided they are bona fide, reasonable in amount and not for the purpose of circumvention or evasion of this Act, with respect to a debt or open-end credit plan secured by an interest in land or a consumer credit transaction involving manufactured housing, include: A. Fees or premiums for title examination, abstract of title, title insurance or similar purposes and for required related property surveys; [PL 1975, c. 324, §1 (RPR).] B. Fees for preparation of deeds, settlement statements or other documents; [PL 1975, c. 324, §1 (RPR).] C. Amounts required to be placed or paid into an escrow or trustee account for future payments if the amounts would not otherwise be included in the finance charge; [PL 1987, c. 129, §17 (AMD).] D. Fees for notarizing deeds and other documents; [PL 1975, c. 324, §1 (RPR).] E. Appraisal fees; and [PL 1975, c. 324, §1 (RPR).] F. Credit reports. [PL 1975, c. 324, §1 (RPR).] [PL 1987, c. 129, §17 (AMD).]

9. "Conspicuous." A term or clause is conspicuous when it is so written that a reasonable person against whom it is to operate ought to have noticed it. Whether a term or clause is conspicuous or not is for decision by the court. [PL 1973, c. 762, §1 (NEW).]

10. "Consumer" means a cardholder or a natural person to whom consumer credit is offered or extended and includes a cosigner. The term includes a natural person who enters into a consumer lease. For purposes of rescission, the term includes a natural person in whose principal dwelling a security interest is or will be retained or acquired, if that person's ownership interest in the dwelling is or will be subject to the security interest. [PL 1987, c. 129, §18 (RPR).]

11. "Consumer credit sale": A. A "consumer credit sale" is a sale of goods, services or an interest in land in which: (1) Credit is granted either pursuant to a credit card other than a lender credit card or by a seller who regularly engages as a seller in credit transactions of the same kind; (2) The buyer is a person other than an organization; (3) The goods, services or interest in land are purchased primarily for a personal, family or household purpose; (4) Either the debt is payable in installments or a finance charge is made; (5) With respect to a sale of goods or services, not including manufactured housing or a motor vehicle, the amount financed does not exceed $50,000, consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203; and (6) With respect to a sale of a motor vehicle as defined in Title 29‑A, section 101, subsection 42 , the amount financed does not exceed $50,000, consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203. The amounts set out in subparagraphs (5) and (6) are automatically adjusted to correspond with any inflation adjustment made to the exempt transaction amount referenced in the Federal Truth in Lending Act, Section 104, subsection (3) and any rules adopted pursuant to that Act. [PL 2011, c. 427, Pt. A, §1 (AMD).] B. [PL 1987, c. 396, §5 (RP).] C. [PL 1985, c. 763, §18 (RP).] [PL 2011, c. 427, Pt. A, §1 (AMD).]

12. "Consumer credit transaction" means a consumer credit sale, consumer lease or consumer loan or a modification thereof including a refinancing, consolidation or deferral. [PL 1973, c. 762, §1 (NEW).]

13. A "consumer lease" is a lease of goods: A. That a lessor regularly engaged in the business of leasing makes to a person, other than an organization, who takes under the lease primarily for a personal, family or household purpose; [PL 2011, c. 427, Pt. A, §2 (AMD).] B. In which the amount payable under the lease does not exceed $50,000, consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203. The exempt transaction amount in this paragraph is automatically adjusted to correspond with any inflation adjustment made to the exempt transaction amount referenced in the Federal Truth in Lending Act, Section 181, subsection (1) and any rules adopted pursuant to that Act; [PL 2011, c. 427, Pt. A, §2 (AMD).] C. That is for a term exceeding 4 months; and [PL 2011, c. 427, Pt. A, §2 (AMD).] D. That is not made pursuant to a lender credit card. A person is regularly engaged in the business of leasing if the person enters into consumer leases more than 25 times in the preceding calendar year. If a person did not meet this numerical test in the preceding calendar year, the numerical standard must be applied to the current calendar year. [PL 2011, c. 427, Pt. A, §2 (AMD).] [PL 2011, c. 427, Pt. A, §2 (AMD).]

14. "Consumer loan": A. Except as provided in paragraph B , a "consumer loan" is a loan made by a person regularly engaged in the business of making loans in which: (1) The debtor is a person other than an organization; (2) The debt is incurred primarily for a personal, family or household purpose; (3) Either the debt is payable in installments or a finance charge is made; and (4) For loans made by: (a) A supervised financial organization, either the amount financed does not exceed $50,000, consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, or the debt is secured by manufactured housing or an interest in land; or (b) A supervised lender other than a supervised financial organization, either the amount financed does not exceed $50,000, consistent with Title X of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, or the debt is secured by manufactured housing or an interest in land. The exempt transaction amount in divisions (a) and (b) are automatically adjusted to correspond with any inflation adjustment made to the exempt transaction amount referenced in the Federal Truth in Lending Act, Section 104, subsection (3) and any rules adopted pursuant to that Act. [PL 2011, c. 427, Pt. A, §3 (AMD).] B. "Consumer loan" does not include: (1) A sale or lease in which the seller or lessor allows the buyer or lessee to purchase or lease pursuant to a credit card other than a lender credit card. [PL 2001, c. 371, §2 (RPR); PL 2001, c. 371, §14 (AFF).] C. [PL 1985, c. 763, §19 (RP).] [PL 2011, c. 427, Pt. A, §3 (AMD).]

14-A. "Cosigner" means a natural person who assumes personal liability for the obligation of a consumer without receiving goods, services or money in return for the obligation or, in the case of an open-end credit obligation, without receiving the contractual right to obtain extensions of credit under the account. The term includes any person whose signature is requested as a condition to granting credit to a consumer or as a condition of forbearance on collection of a consumer's obligation that is in default. The term does not include a spouse whose signature is required on a credit obligation to perfect a security interest pursuant to state law. A person who meets the definition of this subsection is a cosigner whether or not the person is designated as such on the credit obligation. The term does not include a person who becomes liable in a transaction to finance or refinance the acquisition or initial construction of real property. [PL 1987, c. 129, §21 (NEW).]

15. "Credit" means the right granted by a creditor to a consumer to defer payment of an obligation, to incur an obligation and defer its payment or to obtain possession of property or the benefit of services and defer payment therefor pursuant to an agreement which includes, but is not limited to, a sale of goods, a sale of an interest in land, a sale of services or a loan. [PL 1983, c. 720, §3 (RPR).]

16. "Credit card" means any card, plate, coupon book or other single credit device that may be used from time to time to obtain credit. [PL 1987, c. 129, §22 (RPR).]

17. "Creditor" means a person who both: A. Regularly extends, whether in connection with loans, sales of property or services, or otherwise, consumer credit that is payable by agreement in more than 4 installments or for which the payment of a finance charge is or may be required; and [PL 2011, c. 427, Pt. A, §4 (RPR).] B. Is the person to whom the debt arising from the consumer credit transaction is initially payable on the face of the evidence of indebtedness or, if there is no such evidence of indebtedness, by agreement; except that, in the case of an open-end credit plan involving a credit card, the card issuer and any person who honors the credit card and offers a discount that is a finance charge are creditors. [PL 2011, c. 427, Pt. A, §4 (RPR).] For the purpose of the requirements imposed under Article 8‑A for credit billing pursuant to 15 United States Code, Section 1666 et seq. and for open-end consumer credit pursuant to 15 United States Code, Section 1637(a)(5), (a)(6), (a)(7), (b)(1), (b)(2), (b)(3), (b)(8) and (b)(10), "creditor" also includes card issuers whether or not the amount due is payable by agreement in more than 4 installments or the payment of a finance charge is or may be required and the administrator shall by regulation apply these requirements to those card issuers, to the extent appropriate, even though the requirements are by their terms applicable only to creditors offering open-end credit plans. For the purposes of this Title, "creditor" also includes any person who originates 2 or more mortgages referred to as high-cost mortgage loans under Article 8‑A, section 8‑506 in any 12-month period or any person who originates one or more such mortgage loans through a mortgage broker as defined in Article 8‑A, section 8‑506, subsection 1, paragraph J , or a loan broker as defined in Article 10 . For purposes of this Title, "creditor" also includes a private educational lender as that term is defined in 15 United States Code, Section 1650. Except with respect to credit sales of automobiles, a person regularly extends consumer credit only if the person extended credit other than credit subject to high-cost mortgage loan requirements more than 25 times or more than 5 times for transactions secured by a dwelling in the preceding calendar year. With respect to credit sales of automobiles, a person regularly extends consumer credit only if the person extended credit more than 15 times in the preceding calendar year. If a person did not meet these numerical standards in the preceding calendar year, the numerical standards must be applied to the current calendar year. "Creditor" includes a mortgage loan servicer. [PL 2021, c. 245, Pt. A, §2 (AMD).]

17-A. Debit card. "Debit card" has the same meaning as in Title 10, section 1271, subsection 3 . [PL 2009, c. 618, §1 (NEW).]

18. "Earnings" means compensation paid or payable to an individual or for an individual's account for personal services rendered or to be rendered by the individual, whether denominated as wages, salary, commission, bonus or otherwise, and includes periodic payments pursuant to a pension, retirement or disability program. [RR 2025, c. 1, Pt. C, §6 (COR).]

19. "Finance charge" means the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction. A. Except for charges specifically excluded by paragraph B , the term includes: (1) Interest, time price differential and any amount payable under an add-on or discount system of additional charges; (2) Service, transaction, activity and carrying charges and early withdrawal penalties on time deposit accounts, including any charge imposed on a checking or other deposit account to the extent that the charge exceeds the charge for a similar account without a credit feature; (3) Points, loan fees, assumption fees, finder's fees and similar charges; (4) Appraisal, investigation and credit report fees; (5) Premiums or other charges for any guarantee or insurance protecting the creditor against the consumer's default or other credit loss; (6) Charges imposed on a creditor by another person for purchasing or accepting a consumer's obligation, if the consumer is required to pay the charges in cash, as an addition to the obligation or as a deduction from the proceeds of the obligation; (7) Premiums or other charges for credit life, accident, health or loss-of-income insurance or insurance against loss of or damage to property or against liability arising out of the ownership or use of property, written in connection with a credit transaction, unless the applicable requirements of section 2‑501 and Article 8‑A are met; and (8) Discounts for the purpose of inducing payment by a means other than the use of credit. [PL 2011, c. 427, Pt. D, §6 (AMD).] B. The term does not include: (1) Application fees charged to all applicants for credit, whether or not credit is actually extended; (2) Charges as a result of default, additional charges, delinquency charges or deferral charges to the extent permitted by section 2‑501 , 2‑502 or 2‑503 ; (3) Charges for actual unanticipated late payment in a transaction that is not otherwise subject to a finance charge or payable in installments; (4) Charges imposed by a financial institution for paying or returning an item that overdraws an account, except where the charge is imposed pursuant to a written agreement to extend credit to fund overdrafts; (5) Fees permitted by section 2‑501 to be charged for participation in a credit plan, whether assessed on an annual or other periodic basis; (6) Seller's points; (7) Closing costs as defined in subsection 8 ; (8) The discount, when a creditor purchases or satisfies obligations of a cardholder pursuant to a credit card and the purchase or satisfaction is made at less than the face amount of the obligation; (9) Any discount offered by a creditor or seller for the purpose of inducing payment by cash, check or other means to be made at the time of sale not involving the use of a credit card, if that discount is offered to all prospective buyers and its availability is disclosed to all prospective buyers clearly and conspicuously; and (10) Official fees as defined in subsection 25 , if they are itemized and disclosed. [PL 1987, c. 129, §24 (RPR).] [PL 2011, c. 427, Pt. D, §6 (AMD).]

20. "Goods" includes goods not in existence at the time the transaction is entered into and merchandise certificates, but excludes money, chattel paper, documents of title and instruments. For purposes of sections 5‑110 and 5‑111 , goods that are collateral shall include any right of set-off that the creditor may have. [PL 1977, c. 159, §1 (AMD).]

20-A. Institution of higher education. [PL 1983, c. 641, §2 (RP).]

20-B. "Insurance premium loan" means a consumer loan that: A. Is made for the sole purpose of financing the payment by or on behalf of an insured of the premium on one or more policies or contracts issued by or on behalf of an insurer; [PL 1985, c. 763, Pt. A, §20 (NEW).] B. Is secured by an assignment by the insured to the lender of the unearned premium on the policy or contract; and [PL 1985, c. 763, Pt. A, §20 (NEW).] C. Contains an authorization to cancel the policy or contract financed. [PL 1985, c. 763, Pt. A, §20 (NEW).] [PL 1985, c. 763, Pt. A, §20 (NEW).]

21. [PL 1987, c. 129, §25 (RP).]

22. "Lender credit card" means a credit card issued by a supervised lender. The term does not include any device to the extent that it accesses a bona fide asset account, notwithstanding any overdraft or other line of credit agreement which may be accessed as a result of a debit to that asset account. [PL 1987, c. 129, §26 (RPR).]

22-A. [PL 2011, c. 427, Pt. B, §1 (RP).]

23. "Loan": A. Except as provided in paragraph B , a "loan" includes: (i) the creation of debt by the lender's payment of or agreement to pay money to the debtor or to a third party for the account of the debtor; (ii) the creation of debt either pursuant to a lender credit card or by a cash advance to a debtor pursuant to a credit card other than a lender credit card; (iii) the creation of debt by a credit to an account with the lender upon which the debtor is entitled to draw immediately; and (iv) the forbearance of debt arising from a loan. [PL 1973, c. 762, §1 (NEW).] B. A "loan" does not include the payment or agreement to pay money to a third party for the account of a debtor if the debt of the debtor arises from a sale or lease and results from use of a credit card issued by a person primarily in the business of selling or leasing goods or services. [PL 1987, c. 129, §27 (AMD).] [PL 1987, c. 129, §27 (AMD).]

23-A. "Manufactured housing" means manufactured housing as defined in Title 10, section 9002, subsection 7 . [PL 1987, c. 129, §28 (NEW).]

24. "Merchandise certificate" means a writing not redeemable in cash and usable in its face amount in lieu of cash in exchange for goods or services. [PL 1973, c. 762, §1 (NEW).]

24-A. [PL 1987, c. 129, §29 (RP).]

24-B. "Mortgage loan originator" means an individual who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. "Mortgage loan originator" does not include: A. An individual engaged solely as a loan processor or underwriter except as otherwise provided in section 13‑103, subsection 3, paragraph A ; [PL 2011, c. 427, Pt. B, §2 (NEW).] B. A person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with the laws of this State, unless the person or entity is compensated by a lender, a mortgage broker or other mortgage loan originator or by any agent of such lender, mortgage broker or other mortgage loan originator; or [PL 2011, c. 427, Pt. B, §2 (NEW).] C. A person or entity solely involved in extensions of credit relating to time-share plans, as that term is defined in 11 United States Code, Section 101(53D). [PL 2011, c. 427, Pt. B, §2 (NEW).] For the purposes of Articles 2 , 3 , 6 , 9 and 10 , mortgage loan originator does not include a registered mortgage loan originator as defined in section 13‑102, subsection 12 . [PL 2011, c. 427, Pt. B, §2 (NEW).]

24-C. "Mortgage loan servicer" means a person or organization that undertakes direct collection of payments from or enforcement of rights against debtors arising from a supervised loan secured by a dwelling. [PL 2017, c. 106, §2 (NEW).]

25. "Official fees" means: A. Fees and charges prescribed by law which actually are or will be paid to public officials for determining the existence of or for perfecting, releasing, terminating or satisfying a security interest related to a consumer credit transaction; or [PL 1973, c. 762, §1 (NEW).] B. Premiums payable for insurance in lieu of perfecting a security interest otherwise required by the creditor in connection with the transaction, if the premium does not exceed the fees and charges described in paragraph A which would otherwise be payable. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

26. "Open-end credit" means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of those transactions and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open-end credit plan within the meaning of the preceding sentence is an open-end credit plan, even if credit information is verified from time to time. [PL 1981, c. 243, §13 (RPR).]

27. "Organization" means a corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. [PL 1973, c. 762, §1 (NEW).]

28. "Payable in installments" means that payment is required or permitted by agreement to be made in more than 4 periodic payments, excluding the down payment. [PL 1981, c. 243, §14 (RPR).]

28-A. "Payday loan" means a supervised loan or other credit transaction in which a cash advance is made to a consumer in exchange for the consumer's personal check or in exchange for the consumer's authorization to debit the consumer's deposit account and when the parties agree either that the check will not be cashed or deposited or that the consumer's deposit account will not be debited until a designated future date. [PL 2005, c. 604, §2 (NEW).]

29. "Person" includes a natural person or an individual, and an organization. [PL 1973, c. 762, §1 (NEW).]

30. "Person related to" with respect to an individual means (a) the spouse of the individual, (b) a sibling or sibling-in-law of the individual, (c) an ancestor or lineal descendant of the individual or the individual's spouse and (d) any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual. "Person related to" with respect to an organization means (a) a person directly or indirectly controlling, controlled by or under common control with the organization, (b) an officer or director of the organization or a person performing similar functions with respect to the organization or to a person related to the organization, (c) the spouse of a person related to the organization and (d) a relative by blood or marriage of a person related to the organization who shares the same home with the person. [RR 2025, c. 1, Pt. C, §7 (COR).]

31. "Precomputed": A finance charge or consumer credit transaction other than a consumer lease is "precomputed" if the debt is expressed as a sum comprising the amount financed and the amount of the finance charge computed in advance. [PL 1973, c. 762, §1 (NEW).]

31-A. "Retail credit card" means a credit card issued by a seller who is not a supervised lender and who regularly engages as a seller in credit transactions of the same kind. [PL 1995, c. 84, §1 (NEW).]

32. [PL 1987, c. 129, §30 (RP).]

33. "Sale of goods" includes any agreement in the form of a bailment or lease of goods if the bailee or lessee pays, will pay or agrees to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the goods involved and it is agreed that the bailee or lessee will become, or for no other or a nominal consideration has the option to become, the owner of the goods upon full compliance with the terms of the agreement, including any optional renewals thereof. [PL 1983, c. 720, §5 (AMD).]

34. "Sale of an interest in land" includes, but is not limited to, a lease in which the lessee has an option to purchase the interest and all or a substantial part of the rental or other payments previously made by the lessee are applied to the purchase price. [RR 2025, c. 1, Pt. C, §8 (COR).]

35. "Sale of services" means furnishing or agreeing to furnish services and includes making arrangements to have services furnished by another. [PL 1973, c. 762, §1 (NEW).]

36. [PL 1987, c. 129, §30 (RP).]

37. "Services" includes (a) work, labor, and other personal services, (b) privileges with respect to transportation, rental of vehicles other than a consumer lease, hotel and restaurant accommodations, education, entertainment, recreation, physical culture, hospital accommodations, funerals, cemetery accommodations and the like, and (c) insurance. [PL 1973, c. 762, §1 (NEW).]

38. [PL 1997, c. 66, §2 (RP).]

38-A. "Supervised financial organization" means: A. A financial institution as defined in Title 9‑B, section 131 ; or [PL 1997, c. 66, §3 (NEW).] B. A person, other than an insurance company or other organization primarily engaged in an insurance business, that is subject to the supervision by an official or agency of a state or of the United States and is: (1) Organized, chartered or holding an authorization certificate under the laws of a state or of the United States that authorizes the person both to make loans and to receive deposits, including a savings, share, certificate or deposit account; or (2) A nondepository trust company, uninsured bank or merchant bank organized, chartered or holding an authorization certificate under the laws of a state or of the United States that authorizes the limited-purpose financial institution to make loans. [PL 2001, c. 371, §3 (AMD).] [PL 2001, c. 371, §3 (AMD).]

39. "Supervised lender" means a person authorized to make or take assignments of or to service supervised loans, either under a license issued by the administrator under section 2‑301 or as a supervised financial organization. [PL 2017, c. 106, §3 (AMD).]

40. "Supervised loan" means a consumer loan, including a loan made pursuant to open end credit, in which the rate of the finance charge, calculated according to the actuarial method, exceeds 12 1/4% per year, or which is secured by an interest in real estate. [PL 1987, c. 396, §8 (AMD).]

41. "Provisions on disclosure" includes Article 8‑A , rules adopted pursuant to that Article and the Federal Truth in Lending Act, as applicable. [PL 2011, c. 427, Pt. D, §7 (AMD).]
9-A M.R.S. § 13-105 — ME Code / Title 9-A / Chapter 13 / Section 13-105
9-A §13-105. Issuance of license
Status: in_force

The administrator may not issue an applicant a mortgage loan originator license unless the applicant meets the following requirements. [PL 2009, c. 362, Pt. B, §1 (NEW).]

1. No license revocation. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction. [PL 2009, c. 362, Pt. B, §1 (NEW).]

2. No felony conviction. Except if the administrator determines that a conviction as described in paragraph A does not affect the applicant’s demonstration of good character and fitness under subsection 3 , the applicant has not been convicted of, or pleaded guilty or nolo contendere to, a felony in a domestic, foreign or military court: A. During the 7-year period preceding the date of the application for licensing and registration; or [PL 2009, c. 362, Pt. B, §1 (NEW).] B. At any time preceding the date of application, if the felony involved an act of fraud, dishonesty or a breach of trust or money laundering. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Character and fitness. The applicant has demonstrated financial responsibility, good character and general fitness commanding the confidence of the community and warranting a determination that the mortgage loan originator will operate honestly, fairly and efficiently in accordance with this Article. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Prelicensing education. The applicant has completed the prelicensing education requirement described in section 13‑106 . [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Written test. The applicant has passed a written test that meets the requirement described in section 13‑107 . [PL 2009, c. 362, Pt. B, §1 (NEW).]

6. Surety bond or minimum net worth requirement. The applicant has met the surety bond requirement or the net worth requirement as required pursuant to section 13‑113 . [PL 2009, c. 362, Pt. B, §1 (NEW).]
9-A M.R.S. § 1-202 — ME Code / Title 9-A / Chapter 1 / Section 1-202
9-A §1-202. Exclusions
Status: in_force

This Act does not apply to: [PL 1973, c. 762, §1 (NEW).]

1. Extensions of credit primarily for business, commercial or agricultural purposes or from governments or governmental agencies, instrumentalities or organizations; [PL 1987, c. 396, §1 (AMD).]

1-A. Transactions for which the administrator, by rule, determines that coverage under this Title is not necessary to carry out the purposes of this Title; [PL 1997, c. 155, Pt. C, §1 (NEW).]

2. Except as otherwise provided in the Article on Insurance ( Article 4 ), the sale of insurance by an insurer if the insured is not obliged to pay instalments of the premium and the insurance may terminate or be cancelled after nonpayment of an instalment of the premiums; [PL 1973, c. 762, §1 (NEW).]

3. An extension of credit that involves public utility services provided through pipe, wire, other connected facilities, radio or similar transmission, including extensions of these facilities, if the charges for service, delayed payments or any discounts for prompt payment are filed with or regulated by any subdivision or agency of this State or of the United States. This exemption does not apply to financing of goods or home improvements by a public utility; [PL 1987, c. 129, §9 (RPR).]

4. Ceilings on rates and charges or limits on loan maturities of a credit union organized under the laws of this State or of the United States if these ceilings or limits are established by these laws; [PL 1979, c. 127, §51 (AMD).]

5. Ceilings on rates and charges of a licensed pawnbroker if these ceilings are established by statute; [PL 1973, c. 762, §1 (NEW).]

6. Transactions in securities or commodities accounts with a broker-dealer registered with either the Securities and Exchange Commission or the Commodities Futures Trading Commission; [PL 1979, c. 127, §52 (AMD).]

7. Except as provided by Article 14 , a loan or consumer credit sale made exclusively for the purpose of deferring or financing educational expenses and on which the finance charge does not exceed that rate per year on the unpaid balances of the amount financed, as established by federal law, or, for loans or consumer credit sales for which federal law does not establish a rate, the highest rate established for educational loans under any federal program and which is insured, guaranteed, subsidized or made directly by the Federal Government, a state, a nonprofit private loan guaranty or organization, by the educational institution itself or through an endowment or trust fund affiliated with such an institution; [PL 2019, c. 431, §1 (AMD); PL 2019, c. 431, §4 (AFF).]

8. A loan or credit sale made by a creditor to finance or refinance the acquisition of real estate or the initial construction of a dwelling, or a loan made by a creditor secured by a first mortgage on real estate, if the security interest in real estate is not made for the purpose of circumventing or evading this Act, provided that: A. With respect to advances of additional funds on the loan or credit sale made more than 30 days after the initial advance, this exclusion applies only to advances made: (1) Pursuant to the terms of a construction financing agreement; (2) To protect the security or to perform the covenants of the consumer; (3) As negative amortization of principal under the terms of the financing agreement; (4) From funds withheld at consummation pending the resolution of matters that otherwise would tend to delay or prevent closing, including, without limitation, remedy of title defects or repairs to meet appraisal standards; or (5) Pursuant to the terms of a reverse mortgage transaction, as defined in the Federal Truth in Lending Act, 15 United States Code, Section 1601 et seq., if the transaction is made pursuant to a commitment to purchase issued by, or is in a form approved for purchase by, any state or federal agency, instrumentality or government-sponsored enterprise, including, without limitation, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation; [PL 2011, c. 427, Pt. D, §1 (AMD).] B. The exemption provided by this subsection does not apply to the requirements on servicing of assigned supervised loans, section 2‑310 ; and [PL 1987, c. 129, §11 (NEW).] C. With respect to a creditor other than a supervised financial organization, the exemption provided by this subsection applies to Articles 2 , 3 , 4 and 5 only; or [PL 2005, c. 55, §2 (AMD).] [PL 2011, c. 427, Pt. D, §1 (AMD).]

8-A. [PL 1987, c. 129, §12 (RP).]

9. [PL 1979, c. 541, §87 (RP).]

10. A no-interest loan or credit sale by a nonprofit organization that assists in building or renovating housing for those in need. The exclusion in this subsection does not apply to Article 6, Part 1 ; section 6‑201 ; section 6‑202 ; section 6‑203, subsection 1 ; section 6‑204 ; or Article 8‑A . [PL 2011, c. 427, Pt. D, §2 (AMD).]

The exclusions set forth in subsection 1 relating to extensions of credit to consumers by governments or governmental agencies, instrumentalities or organizations, and in subsections 2 , 4 , 5 , 7 and 8 , do not apply to the Maine Consumer Credit Code, Truth-in-lending, Article 8‑A . [PL 2011, c. 427, Pt. D, §3 (AMD).]
9-B M.R.S. § 1315 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1315
9-B §1315. Representative offices
Status: in_force

1. Notification required. A foreign bank may establish a representative office in this State with 30 days' prior notice to the superintendent. A foreign bank may not establish a representative office in this State without the prior approval of the Board of Governors of the Federal Reserve System pursuant to Section 10 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Permitted activities. Foreign banks may conduct the following activities through representative offices: A. Solicitation for loans and in connection with those loans the assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans including making recommendations with respect to action on those applications, solicitation of investors to purchase loans from the foreign bank and the search for investors to contract with the foreign bank for servicing of those loans; [PL 1997, c. 182, Pt. B, §3 (NEW).] B. The solicitation of new business; [PL 1997, c. 182, Pt. B, §3 (NEW).] C. The conduct of research; [PL 1997, c. 182, Pt. B, §3 (NEW).] D. Back office administrative functions; and [PL 1997, c. 182, Pt. B, §3 (NEW).] E. Any other activity that may be permitted by the superintendent by rule or order. [PL 1997, c. 182, Pt. B, §3 (NEW).] [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 11-108 — ME Code / Title 9-A / Chapter 11 / Section 11-108
9-A §11-108. Disclosure
Status: in_force

1. For each rental-purchase agreement, the merchant shall disclose in the agreement the following items, as applicable: A. [PL 2001, c. 287, §6 (RP).] B. [PL 2001, c. 287, §6 (RP).] C. A statement that the consumer is responsible for the fair market value, remaining rent, early purchase option amount or cost of repair of the property, whichever is least, if, and as of the time, it is lost, stolen, damaged or destroyed; [PL 2001, c. 287, §7 (AMD).] D. A brief description of the rented property sufficient to identify the property to the consumer and the merchant, including an identification number if applicable and a statement indicating whether the property is new or used. A statement that indicates new property is used is not a violation of this Article; [PL 1991, c. 787 (NEW).] E. A statement of the cash price of the property. A statement of the aggregate cash price of all items involving the rental of 2 or more items as a set satisfies this requirement; [PL 1991, c. 787 (NEW).] F. [PL 2001, c. 287, §8 (RP).] G. A statement that the total of payments to acquire ownership does not include other charges the consumer may incur, such as late-payment, payment pick-up fees and charges or fees for optional products or services. Late-payment, payment pick-up fees and charges or fees for optional products or services must be separately disclosed in the agreement; [PL 2001, c. 287, §9 (AMD).] H. A statement clearly summarizing the terms of the consumer's option to purchase, including a statement that the consumer has the right to exercise an early-purchase option, the price at which the property may be purchased and the formula or method for determining that price; [PL 1991, c. 787 (NEW).] I. A description of any damage to the property; [PL 1991, c. 787 (NEW).] J. A statement identifying the merchant as the party responsible for maintaining or servicing the property while it is rented, together with a description of that responsibility and a statement that, if any part of a manufacturer's express warranty covers the rental property at the time the consumer acquires ownership of the property, that warranty is transferred to the consumer if allowed by the terms of the warranty; [PL 1991, c. 787 (NEW).] K. The date of the transaction and the identities of the merchant and the consumer; [PL 1991, c. 787 (NEW).] L. A statement that the consumer may terminate the agreement without penalty by voluntarily surrendering or returning the property to the merchant in good repair on or before the expiration of any rental period along with any past due rental payments; [PL 2001, c. 287, §9 (AMD).] M. Notice of the right to reinstate an agreement as provided in this Article; [PL 1991, c. 787 (NEW).] N. A description of what conditions constitute default by the consumer; and [PL 1991, c. 787 (NEW).] O. A notice to the consumer pursuant to section 3‑202 . [PL 1991, c. 787 (NEW).] [PL 2001, c. 287, §§6 - 9 (AMD).]

2. To the extent applicable, the following information must be disclosed and grouped together in each rental-purchase agreement: A. The amount of the payment required at or before consummation of the agreement or delivery of the property, whichever is later, using the term "initial payment." The merchant shall itemize each component of the initial payment by type and amount, including any initial administrative fee, delivery charge, rental payment, taxes and charges or fees for optional products or services; [PL 2001, c. 287, §10 (NEW).] B. The amount of the "regular periodic payment," using that term. The merchant shall itemize each component of the regular periodic payment by type and amount, including the rental payment, taxes and charges or fees for optional products or services. If the final periodic payment is less than or equal to the regular periodic payment, the components of the final periodic payment need not be itemized; [PL 2001, c. 287, §10 (NEW).] C. The "total of payments to acquire ownership," using that term and a brief description, such as "the total amount you will have paid, including any initial administrative fee, the total of all rental payments and taxes, if you acquire ownership of the property by making all scheduled payments, but not including late charges or payment pick-up fees you may incur or charges or fees for optional products or services you may elect to purchase"; [PL 2001, c. 287, §10 (NEW).] D. A statement in substantially the following form in no less than 8-point boldface type: "YOU WILL BE RENTING THE PROPERTY. YOU WILL NOT ACQUIRE EQUITY OR OWNERSHIP RIGHTS IN THE PROPERTY UNLESS YOU MAKE ALL PAYMENTS NECESSARY TO ACQUIRE OWNERSHIP."; [PL 2001, c. 287, §10 (NEW).] E. The following statement: "Other important terms. See your rental-purchase agreement for additional important information on termination, purchase option, reinstatement rights, warranties, maintenance responsibilities, late charges and payment pick-up fees and your liability for loss, theft, damage or destruction of the property."; and [PL 2001, c. 287, §10 (NEW).] F. The "payment schedule," using that term, and a description of the number, amount and due dates or periods of payments scheduled under the agreement. A merchant may also disclose alternative periodic payments and payment schedules. [PL 2001, c. 287, §10 (NEW).] [PL 2001, c. 287, §10 (NEW).]
9-A M.R.S. § 10-102 — ME Code / Title 9-A / Chapter 10 / Section 10-102
9-A §10-102. Definitions
Status: in_force

As used in this article, unless the context otherwise indicates, the following terms have the following meanings. [PL 1989, c. 70, §3 (NEW).]

1. "Loan broker" is defined as follows. A. "Loan broker" means any person who, with respect to the extension of consumer credit by others, provides or offers to provide, in return for the separate payment of money or other valuable consideration, any of the following services: (1) Improving a consumer's credit record, history or rating; (2) Arranging for or obtaining an extension of credit for a consumer; or (3) Providing advice or assistance to a consumer with respect to subparagraph (1) or (2). "Loan broker" also means any person who serves as a facilitator of a refund anticipation loan or refund anticipation check, whether or not in return for the separate payment of money or other valuable consideration. [PL 2009, c. 248, §2 (AMD).] B. "Loan broker" does not include: (1) A supervised financial organization; (2) A supervised lender other than a supervised financial organization, except that, with respect to any transaction in which a supervised lender other than a supervised financial organization is acting solely as a loan broker, section 10‑302 applies; (3) A person licensed by the Real Estate Commission to the extent that the person is engaged in activities regulated by that commission; (4) A person currently admitted to the practice of law in this State; (5) Any nonprofit organization exempt from taxation under the United States Internal Revenue Code, Section 501(c)(3) to the extent that the organization's activities are consistent with those set forth in its application for tax exemption to the Internal Revenue Service; (6) A consumer reporting agency, as defined in the Fair Credit Reporting Act, Title 10, chapter 209‑B ; (7) An affiliate of a supervised lender when the affiliate provides services described in paragraph A , subparagraph (1), (2) or (3) for or on behalf of that supervised lender and when the affiliate is not compensated by the consumer for those services; (8) An employee of a supervised lender or an employee of an affiliate of a supervised lender when the employee provides services described in paragraph A, subparagraph (1), (2) or (3) for or on behalf of that supervised lender or affiliate and when the employee or the affiliate is not compensated by the consumer for those services; (9) A person paid by a supervised lender or a consumer to document a loan, attend or conduct a loan closing, disburse loan proceeds or record or file loan documents; (10) A person who performs marketing services for a creditor, such as a telemarketer, an advertising agency or a mailing house, when the person is not compensated by the consumer for those services; (11) A seller of consumer goods or services that provides services described in paragraph A , subparagraph (1), (2) or (3) in connection with a sale or proposed sale of consumer goods or services by that seller when the seller is not compensated by a consumer for those services; or (12) An employee of a seller of consumer goods or services that provides services described in paragraph A , subparagraph (1), (2) or (3) in connection with a sale or proposed sale of consumer goods or services by that seller when the employee or seller is not compensated by a consumer for those services. For the purposes of this paragraph, "affiliate" has the same meaning as defined in Title 9‑B, section 131, subsection 1‑A . [PL 2013, c. 588, Pt. C, §2 (AMD).] [PL 2013, c. 588, Pt. C, §2 (AMD).]

2. "Bona fide 3rd-party fee" means a verifiable fee paid to a 3rd party for a credit report, appraisal, investigation, title examination or survey. [PL 1989, c. 70, §3 (NEW).]

2-A. "Facilitator of a refund anticipation loan or refund anticipation check" means a person who individually or in conjunction or cooperation with another person: A. Solicits the execution of, processes, receives or accepts application or agreement for a refund anticipation loan or refund anticipation check; [PL 2009, c. 248, §3 (NEW).] B. Services or collects upon a refund anticipation loan or refund anticipation check; or [PL 2009, c. 248, §3 (NEW).] C. Facilitates the making of a refund anticipation loan or refund anticipation check in any other manner. [PL 2009, c. 248, §3 (NEW).] If there is no 3rd-party facilitator of a refund anticipation loan or refund anticipation check because a creditor directly solicits the execution of, receives or accepts application or agreement for a refund anticipation loan or refund anticipation check, that creditor is considered a facilitator of a refund anticipation loan or refund anticipation check for purposes of this subsection. For purposes of this subsection, "creditor" means any person who makes a refund anticipation loan or who takes assignment of a refund anticipation loan. [PL 2009, c. 248, §3 (NEW).]

3. [PL 2011, c. 427, Pt. B, §14 (RP).]

4. "Refund anticipation check" means a check, stored value card or other payment mechanism representing the proceeds of the consumer's tax refund that was issued by a depository institution or other person that received a direct deposit of the consumer's tax refund or tax credit and for which the consumer has paid a fee or other consideration. [PL 2009, c. 248, §4 (NEW).]

5. "Refund anticipation loan" means a loan that is secured by or that the creditor arranges to be repaid directly or indirectly from the proceeds of the consumer's income tax refund or tax credits. A refund anticipation loan also includes any sale, assignment or purchase of a consumer's tax refund at a discount or for a fee, whether or not the consumer is required to repay the buyer or assignee if the federal Internal Revenue Service reduces the consumer's tax refund. [PL 2009, c. 248, §5 (NEW).]

6. "Refund anticipation loan fee" means the charge, fee or other consideration charged or imposed directly or indirectly by the creditor for the making of or in connection with a refund anticipation loan. "Refund anticipation loan fee" includes any charge, fee or other consideration for a deposit account if the deposit account is used for the receipt of the consumer's tax refund to repay the amount owed on the loan. [PL 2009, c. 248, §6 (NEW).]

7. "Refund anticipation loan interest rate" or "interest rate" means the interest rate based on the creditor's reasonable estimate of the time the refund will be delivered. [PL 2011, c. 427, Pt. D, §13 (AMD).]
9-B M.R.S. § 876 — ME Code / Title 9-B / Part 8 / Chapter 87 / Section 876
9-B §876. Acquisitions
Status: in_force

A credit union organized under the laws of this State may acquire all or substantially all the assets of, or assume the liabilities of, any other credit union organized under provisions of the laws of this State, another state or federal laws or any financial institution authorized to do business in this State; provided that such purchase or sale pursuant to this section be executed in accordance with the requirements of section 355 and be subject to the provisions of sections 357 and 358 . [PL 2001, c. 211, §22 (AMD).]
9 M.R.S. § 5011 — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5011
9 §5011. Public information
Status: in_force

All information required to be filed under this chapter is a public record and must be available to the public at the office of the director or in any manner the director may prescribe. [PL 2013, c. 313, §20 (AMD).]
9-A M.R.S. § 1-108 — ME Code / Title 9-A / Chapter 1 / Section 1-108
9-A §1-108. Effect of Act on powers of organizations
Status: in_force

1. This Act prescribes maximum charges for all creditors, except lessors and those excluded, section 1‑202 , extending consumer credit including consumer credit sales, subsection 11 of section 1‑301 and consumer loans subsection 14 of section 1‑301, and displaces existing limitations on the powers of those creditors based on maximum charges. [PL 1973, c. 762, §1 (NEW).]

2. With respect to sellers of goods or services, small loan companies, licensed lenders, consumer and sales finance companies, industrial banks and loan companies, and commercial banks and trust companies, this Act displaces existing limitations on their powers based solely on amount or duration of credit. [PL 1973, c. 762, §1 (NEW).]

3. Except as provided in subsection 1 , this Act does not displace limitations on powers of credit unions, savings banks, savings and loan associations, or other thrift institutions whether organized for the profit of shareholders or as mutual organizations. [PL 1973, c. 762, §1 (NEW).]

4. Except as provided in subsections 1 and 2 , this Act does not displace: A. Limitations on powers of supervised financial organizations, subsection 38‑A of section 1‑301, with respect to the amount of a loan to a single borrower, the ratio of a loan to the value of collateral, the duration of a loan secured by an interest in land, or other similar restrictions designed to protect deposits; or [PL 1997, c. 66, §1 (AMD).] B. Limitations on powers an organization is authorized to exercise under the laws of this State or the United States. [PL 1973, c. 762, §1 (NEW).] [PL 1997, c. 66, §1 (AMD).]
9-B M.R.S. § 1312 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1312
9-B §1312. Branches and agencies of foreign banks
Status: in_force

1. Establishment. A foreign bank that is or will become a Maine foreign bank and engages directly in the banking business outside the United States may, with the prior approval of the superintendent, establish a branch or agency. The establishment of a branch or agency may be de novo or through merger or acquisition. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Criteria for approval. Applications for approvals required in subsection 1 must be filed pursuant to procedures established by the superintendent. Action on those applications must be taken in accordance with the requirements of section 252 and is subject to the standards set forth in section 253 . Those applications are subject to the following additional criteria: A. The foreign bank must directly engage in the banking business outside of the United States and be subject to comprehensive supervision or regulation on a consolidated basis by the appropriate authorities in its home country, or the superintendent finds that the appropriate authorities in the home country of the foreign bank are actively working to establish arrangements for the consolidated supervision of the bank; and [PL 1997, c. 182, Pt. B, §3 (NEW).] B. The foreign bank has provided the superintendent with adequate assurances that it will make available to the superintendent any information on the operations or activities of the foreign bank and any of its affiliates that the superintendent considers necessary to determine and enforce compliance with this Title and other applicable state law. [PL 1997, c. 182, Pt. B, §3 (NEW).] [PL 1997, c. 182, Pt. B, §3 (NEW).]

3. Application fee. An application for approval required in subsection 1 may not be considered complete by the superintendent unless accompanied by an application fee to be credited and used as provided in section 214 . The superintendent shall establish the amount of the fee, which may not exceed $7,500. [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 861 — ME Code / Title 9-B / Part 8 / Chapter 86 / Section 861
9-B §861. Investments in general
Status: in_force

1. Applicable law. In addition to the loans a credit union is authorized to make pursuant to chapter 85 , a credit union may invest its funds in accordance with the provisions of this chapter. [PL 1975, c. 500, §1 (NEW).]

2. Director approval required. Investments pursuant to this chapter shall only be made with the approval of the board of directors or executive committee of the credit union. [PL 1975, c. 500, §1 (NEW).]

3. Written investment policy. A credit union's board of directors shall establish a written investment policy, which must be reviewed and ratified at least annually, that addresses at a minimum the following: A. Investment quality parameters; [PL 2003, c. 322, §39 (NEW).] B. Investment mix and diversification; [PL 2003, c. 322, §39 (NEW).] C. Investment maturities; and [PL 2003, c. 322, §39 (NEW).] D. Delegation of authority to officers and committees responsible for administering the portfolio. [PL 2003, c. 322, §39 (NEW).] [PL 2003, c. 322, §39 (NEW).]
9-A M.R.S. § 9-101 — ME Code / Title 9-A / Chapter 9 / Section 9-101
9-A §9-101. Scope
Status: in_force

This Article applies to all consumer credit transactions made by creditors that are not supervised financial organizations, that are made to finance or refinance the acquisition of real estate or the initial construction of a dwelling or that are secured by a first-lien mortgage on real estate and applies to the servicing of those transactions. [PL 2017, c. 106, §10 (AMD).]
9-B M.R.S. § 1012 — ME Code / Title 9-B / Part 10 / Chapter 101 / Section 1012
9-B §1012. Registration
Status: in_force

1. Requirements. A company that controls one or more Maine financial institutions shall register with the superintendent in accordance with procedures established by the superintendent. [RR 2025, c. 1, Pt. D, §42 (COR).]

2. Time limitation. Unless the superintendent allows an additional time, registration must be completed within 180 days after October 1, 1975, or after the company acquires control of a Maine financial institution, whichever is later. [RR 1997, c. 2, §39 (COR).]
9-B M.R.S. § 245 — ME Code / Title 9-B / Part 2 / Chapter 24 / Section 245
9-B §245. Protection of eligible adults from financial exploitation
Status: in_force

1. Definitions. For purposes of this section, unless the context otherwise indicates, the following terms have the following meanings. A. "Eligible adult" means: (1) An individual 65 years of age or older; or (2) An individual protected under the Adult Protective Services Act. [PL 2025, c. 215, §4 (NEW).] B. "Financial exploitation" means: (1) The wrongful or unauthorized taking, withholding, appropriation or use of money, assets or property of an eligible adult; (2) Any act or omission by a person to obtain control, through deception, intimidation or undue influence, over the eligible adult's money, assets or property to deprive the eligible adult of the ownership, use, benefit or possession of the eligible adult's money, assets or property; or (3) Any act or omission by a person to obtain or exercise unauthorized control over the eligible adult's property with the intent to deprive the eligible adult of the property. [PL 2025, c. 215, §4 (NEW).] C. "Trusted contact person" means an individual whom an account holder identifies and authorizes a financial institution or credit union to contact and disclose information to about the account holder's account to address possible financial exploitation or to confirm the specifics of the account holder's current contact information or health status or the identity of any conservator, executor, trustee or holder of a power of attorney. [PL 2025, c. 215, §4 (NEW).] [PL 2025, c. 215, §4 (NEW).]

2. Designation of trusted contact person. A financial institution authorized to do business in this State or a credit union authorized to do business in this State may develop a written policy permitting a customer of the financial institution or member or the credit union to designate, upon each account wholly or partly owned by the customer or member: A. At least one trusted contact person other than a co-owner, beneficiary or fiduciary on the account; and [PL 2025, c. 215, §4 (NEW).] B. Its procedure for communicating with the trusted contact person if the financial institution or credit union reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted. [PL 2025, c. 215, §4 (NEW).] The financial institution or credit union shall provide a copy of any written policy developed in accordance with this subsection to the customer or member. [PL 2025, c. 215, §4 (NEW).]

3. Delay of account transactions. A financial institution authorized to do business in this State or a credit union authorized to do business in this State may delay a disbursement from an account of an eligible adult if the financial institution or credit union reasonably believes that the requested disbursement may result in financial exploitation of an eligible adult and the financial institution or credit union: A. Not more than 2 business days after the requested disbursement, provides notification of the delay, the reason for the delay and the name of the primary employee of the financial institution or credit union that should be contacted regarding the delay to the customer or member and all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation; [PL 2025, c. 215, §4 (NEW).] B. Provides notification of the delay to the Office of the Attorney General not more than 2 business days after the requested disbursement; and [PL 2025, c. 215, §4 (NEW).] C. Continues its internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and reports the results of the review to the Office of the Attorney General within 7 business days after the day the financial institution or credit union first delayed disbursement of the funds. [PL 2025, c. 215, §4 (NEW).] In any communication regarding a delay under this subsection, the financial institution or credit union shall use any method of communication that may be consistent with other time-sensitive communications and that is reasonably calculated to ensure that the recipient is effectively alerted to the nature of the information. A delay of a disbursement in accordance with this subsection may not continue past the time required by the financial institution or credit union to determine that the disbursement will not result in financial exploitation or 15 business days after the date on which the financial institution or credit union first delayed disbursement of the funds, whichever occurs earlier. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief upon the petition of the financial institution or credit union or another interested party. [PL 2025, c. 215, §4 (NEW).]

4. Immunity. A financial institution authorized to do business in this State or a credit union authorized to do business in this State that, in good faith, takes any action pursuant to this section is immune from administrative or civil liability that might otherwise arise from such an action or for any failure to take such an action. [PL 2025, c. 215, §4 (NEW).]

5. Report to law enforcement. In addition to notifying the Office of the Attorney General, a financial institution authorized to do business in this State or a credit union authorized to do business in this State may make a referral to law enforcement agencies upon imposition of a delay pursuant to subsection 3 . A financial institution or credit union may provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to a law enforcement agency, either as part of a referral to law enforcement or upon request of a law enforcement agency pursuant to an investigation. The records may include historical records as well as records relating to the most recent transaction that may constitute financial exploitation of an eligible adult. Any records made available to a law enforcement agency under this section are confidential. [PL 2025, c. 215, §4 (NEW).]
9-B M.R.S. § 342-A — ME Code / Title 9-B / Part 3 / Chapter 34 / Section 342-A
9-B §342-A. Authority for expedited conversion to new charter; federal to state
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 institution, when a charter conversion is approved by the directors of a financial institution authorized to do business in this State and that charter conversion is necessary for the protection of depositors, shareholders or the public and following compliance with any applicable requirements of federal law, the superintendent may order that the charter conversion become effective immediately. Any person aggrieved by a charter conversion executed pursuant to this section is entitled to judicial review of the superintendent's order in accordance with Title 5, chapter 375, subchapter VII . [PL 1997, c. 22, §9 (NEW).]
9-B M.R.S. § 252 — ME Code / Title 9-B / Part 2 / Chapter 25 / Section 252
9-B §252. Decision-making
Status: in_force

Decision-making of the bureau shall conform to the requirements of this section. [PL 1975, c. 500, §1 (NEW).]

1. Definition. "Decision-making" is that process by which the superintendent determines whether an application for a charter, branch, merger, acquisition, conversion, subsidiary formation or other similar request submitted to the bureau should be approved or disapproved, but does not include applications for a change in a financial institution's organizational documents, changes in the capital structure of any institution, conversions of investor ownership pursuant to section 345‑B or such other matters of a similar nature as the superintendent may determine, unless otherwise provided in this Title. [PL 1997, c. 398, Pt. K, §3 (AMD).]

2. Application and notice. A. Upon receipt of an application subject to this section, the superintendent shall determine whether the application is complete. The superintendent shall have the power to request modifications in, and additional information relating to, any application prior to certifying its completeness. [PL 1977, c. 694, §159 (RPR).] B. As soon as the superintendent determines that the application is complete, the superintendent shall instruct the applicant to provide notice of the application in the manner and form prescribed in Title 5, section 9052 . [RR 2025, c. 1, Pt. D, §14 (COR).] C. The superintendent may suspend or postpone action on an application after the first publication of notice pursuant to paragraph B , upon written request of the applicant or on the superintendent's own initiative for good cause shown. Good cause includes a judgment by the superintendent that the bureau lacks the present capacity to adequately ensure the safety and soundness of the proposed institution or activity. The superintendent shall promptly provide notice of any suspension or postponement in the same manner and in the same publications in which the original notice of application was provided. If and when action is resumed on the application, the superintendent shall again provide notice in the same manner and in the same publications in which the preceding notices were provided. [PL 2023, c. 30, §4 (AMD).] [RR 2025, c. 1, Pt. D, §14 (COR).]

2-A. Preliminary review. Prior to the filing of an application pursuant to subsection 2 , a potential applicant may request a preliminary review of the prospective application. If the review is undertaken, the bureau may assess the prospective applicant a fee in accordance with the bureau's fee schedule. A fee paid for the preliminary review may be credited to the application fee if and when an application is filed within a reasonable time. [PL 1997, c. 398, Pt. K, §4 (NEW).]

3. Application on file. Applications accepted by the superintendent shall be placed on public file at the office of the bureau, and shall be made available for public inspection or copying, at cost; provided that the superintendent shall delete from the public file copy of an application all confidential information, materials and statements regarding the applicant. [PL 1975, c. 500, §1 (NEW).]

3-A. Confidential treatment of other state and federal regulatory information. Any records or information in the possession of any state or federal agency involved in the regulation of financial institutions or financial institution holding companies or the affiliates or subsidiaries of financial institutions or financial institution holding companies that is recognized under state or federal law as confidential remains confidential if delivered or disclosed to the superintendent or a bureau employee in the course of a decision-making proceeding under this chapter. The superintendent may rely upon any records or information considered confidential pursuant to this subsection as the basis for a decision on an application if these records or information is disclosed to the applicant and any interested party to the proceeding. [PL 1999, c. 184, §9 (AMD).]

4. Submission of written comments. A. During the comment period set forth in the notice, an interested party or member of the public may submit written comments on the proposed application. [PL 1975, c. 500, §1 (NEW).] B. Such comments shall be maintained in the public files of the bureau, and copies shall be available to the public at cost. [PL 1975, c. 500, §1 (NEW).] C. The superintendent may, but shall not be compelled to, receive written comments after the close of the written comment period. [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

5. Hearing. Requests for a hearing and the procedures for notice and conducting the hearings on applications subject to this section shall be governed by the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter IV . [PL 1977, c. 694, §160 (RPR).]

6. Decision. After consideration of all relevant matters presented in the application, in any written comments, in an investigation conducted by the bureau to examine and evaluate facts related to the application to the extent necessary to make an informed decision and at the hearing, if any, the superintendent shall promulgate, in accordance with the Maine Administrative Procedure Act, the final order. Within 5 days of promulgation, notice of the final order setting forth the name of the applicant, the nature of the application and the superintendent's action thereon, together with a statement that copies of the order are available to the public at cost, must be published by the superintendent in those newspapers in which the notice required by subsection 2 was published. Unless the superintendent specifies a later date in the final notice relating thereto, the effective date of the final order is 30 days after its promulgation. The superintendent may waive all or part of the 30-day waiting period following promulgation of the final order, if the superintendent determines that extraordinary or unusual conditions exist that warrant that action. The superintendent shall set forth in writing the circumstances and reasons for waiving all or part of the 30-day waiting period, provided, however, the superintendent shall, within 60 days of the close of the comment period or within 60 days of the conclusion of the hearing if such was held, whichever period is greater, promulgate the final order either approving or disapproving the application. [PL 1997, c. 398, Pt. K, §5 (AMD).]

7. Time periods. [PL 1977, c. 694, §162 (RP).]
9-A M.R.S. § 5-116 — ME Code / Title 9-A / Chapter 5 / Section 5-116
9-A §5-116. Illegal, fraudulent or unconscionable conduct in attempted collection of debts
Status: in_force

1. In attempting to collect an alleged debt arising from a consumer credit sale, consumer lease or consumer loan, a person shall not: A. Use or threaten force or violence; [PL 1973, c. 762, §1 (NEW).] B. Threaten criminal prosecution; [PL 1973, c. 762, §1 (NEW).] C. Disclose or threaten to disclose information affecting the debtor's reputation for credit worthiness with knowledge or reason to know that the information is false; [PL 1973, c. 762, §1 (NEW).] D. Communicate more than twice or threaten to communicate more than twice to the debtor's employer information concerning the existence of a debt before or after obtaining final judgment against the debtor except as permitted by statute; [PL 1973, c. 762, §1 (NEW).] E. Disclose or threaten to disclose to a person other than the debtor or the debtor's spouse information affecting the debtor's reputation, whether or not for credit worthiness, with knowledge or reason to know that the other person does not have a legitimate business need for the information, but this subsection does not prohibit the disclosure to another person of information permitted to be disclosed to that person by statute; [RR 2025, c. 1, Pt. C, §42 (COR).] F. Disclose or threaten to disclose information concerning the existence of a debt known to be disputed by the debtor without disclosing that fact; [PL 1973, c. 762, §1 (NEW).] G. Claim, or attempt or threaten to enforce a right that has been barred by statute or a final order of the Supreme Judicial Court or a court of the United States; [PL 1973, c. 762, §1 (NEW).] H. Use a communication which simulates legal or judicial process or which gives the appearance of being authorized, issued or approved by a government, government agency, or attorney-at-law when it is not; or [PL 1973, c. 762, §1 (NEW).] I. Engage in conduct in violation of a rule adopted and published by the administrator after like conduct has been restrained or enjoined by a final order of a court in a civil action by the administrator against any person pursuant to the provisions or injunctions against fraudulent or unconscionable agreements or conduct, section 6‑111 . [PL 1973, c. 762, §1 (NEW).] [RR 2025, c. 1, Pt. C, §42 (COR).]
9-A M.R.S. § 4-106 — ME Code / Title 9-A / Chapter 4 / Section 4-106
9-A §4-106. Unconscionability
Status: in_force

1. In applying the provisions of this Act on unconscionability, sections 5‑108 and 6‑111 , to a separate charge for insurance, consideration shall be given, among other factors, to: A. Potential benefits to the consumer including the satisfaction of the consumer's obligations; [RR 2025, c. 1, Pt. C, §32 (COR).] B. The creditor's need for the protection provided by the insurance; and [PL 1973, c. 762, §1 (NEW).] C. The relation between the amount and terms of credit granted and the insurance benefits provided. [PL 1973, c. 762, §1 (NEW).] [RR 2025, c. 1, Pt. C, §32 (COR).]

2. If consumer credit insurance otherwise complies with Parts 1 , 2 and 3 of this Article and other applicable law, neither the amount nor the term of the insurance nor the amount of a charge therefor is in and of itself unconscionable in the absence of other practices and circumstances. [PL 1997, c. 315, §3 (AMD).]
9-A M.R.S. § 5-103 — ME Code / Title 9-A / Chapter 5 / Section 5-103
9-A §5-103. Restrictions on deficiency judgments
Status: in_force

1. This section applies to any consumer credit sale of goods or services and to any supervised loan. [PL 1973, c. 762, §1 (NEW).]

2. If a creditor takes possession of or voluntarily accepts surrender of goods in which that creditor has a security interest to secure a debt and the amount financed is $2,800 or less, the consumer and any sureties are not personally liable to the creditor for the unpaid balance of the debt. [PL 1997, c. 727, Pt. B, §17 (AMD).]

3. For the purpose of determining the unpaid balance of consolidated debts or debts pursuant to open end credit, the allocation of payments to a debt shall be determined in the same manner as provided for determining the amount of debt secured by various security interests, section 3‑303 . [PL 1973, c. 762, §1 (NEW).]

4. The consumer may be liable in damages to the creditor if the consumer has willfully or intentionally damaged the collateral or if, after default and demand, the consumer has concealed the collateral from the creditor. [PL 1973, c. 762, §1 (NEW).]

5. If the creditor elects to bring an action against the consumer for a debt arising from a consumer loan or consumer credit sale of goods or services, when under this section the creditor would not be entitled to a deficiency judgment if the creditor repossessed the collateral and obtains judgment: A. The creditor may not repossess the collateral; and [RR 2025, c. 1, Pt. C, §35 (COR).] B. The collateral is not subject to levy or sale on execution or similar proceedings pursuant to the judgment. [PL 1975, c. 288, §3 (AMD).] [RR 2025, c. 1, Pt. C, §35 (COR).]

6. [PL 1997, c. 727, Pt. B, §18 (RP).]
9-A M.R.S. § 6-108 — ME Code / Title 9-A / Chapter 6 / Section 6-108
9-A §6-108. Administrative enforcement orders
Status: in_force

1. After notice and hearing, the administrator may order any person to cease and desist from engaging in violations of this Act or any lawful regulation issued by the administrator and may further order that the person take appropriate corrective action to reimburse consumers in cases where consumers have been charged amounts in excess of those permitted by this Act. Notice and hearing need not be provided prior to issuance of an order to cease and desist, when, in the opinion of the administrator, immediate action is required to protect the public interest, and: A. The creditor has not complied with section 6‑202 ; or [PL 1973, c. 762, §1 (NEW).] B. The creditor does not maintain a permanent place of business in this State. [PL 1973, c. 762, §1 (NEW).] A respondent aggrieved by an order of the administrator may obtain judicial review of the order in the Superior Court. The proceeding for review is initiated and conducted in accordance with Title 5, chapter 375, subchapter VII . [PL 1983, c. 389 (AMD).]

2. [PL 1977, c. 694, §155-G (RP).]

3. An objection not urged at the hearing shall not be considered by the court unless the failure to urge the objection is excused for good cause shown. A party may move the court to remand the case to the administrator in the interest of justice for the purpose of adducing additional specified and material evidence and seeking findings thereon upon good cause shown for the failure to adduce this evidence before the administrator. [PL 1973, c. 762, §1 (NEW).]

4. The administrator's copy of the testimony shall be available at reasonable times to all parties for examination without cost. [PL 1977, c. 694, §155-H (AMD).]

5. If no proceeding is initiated, the administrator, through the Attorney General, may obtain a decree of the Superior Court for enforcement of its order upon showing that the order was issued in compliance with this section, that no proceeding for review was timely initiated and that the respondent is subject to the jurisdiction of the court. The decree of the Superior Court may also provide any relief available in an action brought under section 6‑110 . [PL 1977, c. 694, §155-I (AMD).]

6. With respect to unconscionable agreements or fraudulent or unconscionable conduct by the respondent, the administrator may not issue an order pursuant to this section but, through the Attorney General, may bring a civil action for an injunction, section 6‑111 . [PL 1973, c. 762, §1 (NEW).]

7. No order may be issued under this section if the creditor establishes by a preponderance of evidence that a violation was unintentional and the result of a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid any such violation or error except that this subsection does not apply if the violation had previously been brought to the attention of the creditor by way of examination, investigation or formal complaint through the administrator, or if the violation involves the obligation to refund excess charges, as specified in section 5‑201, subsections 2 and 3 or section 9‑405, subsections 2 and 4 . [PL 1993, c. 496, §3 (AMD).]
9-A M.R.S. § 11-117 — ME Code / Title 9-A / Chapter 11 / Section 11-117
9-A §11-117. Renegotiations and extensions
Status: in_force

1. A renegotiation occurs when an existing rental-purchase agreement is satisfied and replaced by a new agreement undertaken by the same merchant and consumer. A renegotiation is considered a new agreement requiring new disclosures. The following are not considered renegotiations: A. The addition or return of property in a multiple-item agreement or the substitution of the rental property, if that addition, return or substitution does not affect the total number, total amount or timing of all payments necessary to acquire ownership; [PL 1991, c. 787 (NEW).] B. A deferral or extension of one or more periodic payments or portions of a periodic payment; [PL 1991, c. 787 (NEW).] C. A reduction in charges in the agreement; and [PL 1991, c. 787 (NEW).] D. An agreement involved in a court proceeding. [PL 1991, c. 787 (NEW).] [PL 1991, c. 787 (NEW).]

2. Disclosures are not required for any extension of a rental-purchase agreement. [PL 1991, c. 787 (NEW).]
9-A M.R.S. § 16-108 — ME Code / Title 9-A / Chapter 16 / Section 16-108
9-A §16-108. Prohibition on acceleration of private education loans
Status: in_force

1. Prohibition on acceleration. A private education loan executed after the effective date of this section may not include a provision that permits the private education lender to accelerate, in whole or in part, payments on the private education loan, except in cases of payment default. A lender may not place any private education loan or account into default or accelerate a private education loan for any reason, other than for payment default. [PL 2021, c. 357, §2 (NEW).]

2. Private education loans executed prior to effective date of section. For a private education loan executed prior to the effective date of this section: A. The loan may permit the private education lender to accelerate payments only if the promissory note or loan agreement explicitly authorizes an acceleration and only for the reasons stated in the note or agreement; [PL 2021, c. 357, §2 (NEW).] B. If a cosigner of the private education loan dies, the lender may not attempt to collect against the cosigner's estate other than for payment default; [PL 2021, c. 357, §2 (NEW).] C. Upon receiving notification of the death or bankruptcy of a cosigner of the loan, if the loan is not more than 60 days delinquent at the time of the notification, the private education lender may not change any terms or benefits under the promissory note, repayment schedule, repayment terms or monthly payment amount or any other provision associated with the loan; and [PL 2021, c. 357, §2 (NEW).] D. The private education lender may not place the loan or account into default or accelerate payments on a loan while a borrower is seeking a loan modification or enrollment in an alternative repayment plan, except that the lender may place a loan or account into default or accelerate a loan for payment default 90 days following the borrower's default. [PL 2021, c. 357, §2 (NEW).] [PL 2021, c. 357, §2 (NEW).]
9-A M.R.S. § 3-311 — ME Code / Title 9-A / Chapter 3 / Section 3-311
9-A §3-311. Consumer's choice of attorney in residential mortgage transaction
Status: in_force

A supervised lender that accepts an application for a residential mortgage loan for 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 lender or land title insurance company, except that the lender 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 lender 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 lender against the mortgagor for review of the title search or any other relevant title documents by the lender, its title company or attorney. [RR 2025, c. 1, Pt. C, §25 (COR).]

A supervised lender 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 lender'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 lender may recommend an attorney. [RR 2025, c. 1, Pt. C, §25 (COR).]

This section may not be construed to require certification of title to a supervised lender if that lender does not so require, or to a land title insurance company if that company does not so require. [RR 2025, c. 1, Pt. C, §25 (COR).]
9-B M.R.S. § 911 — ME Code / Title 9-B / Part 9 / Chapter 91 / Section 911
9-B §911. Definition
Status: repealed

"Industrial bank" means a corporation organized under Title 9, Part 5 as repealed on October 1, 1975 and which was, on or before June 1, 1967, making loans and selling certificates of investment, either of fixed or uncertain term, and receiving payments in installments or otherwise, with or without an allowance of interest upon these installments. [RR 1997, c. 2, §38 (COR).]
9-A M.R.S. § 13-109 — ME Code / Title 9-A / Chapter 13 / Section 13-109
9-A §13-109. Continuing education for mortgage loan originators
Status: in_force

1. Requirement. In order to meet the annual continuing education requirements set forth in section 13‑108, subsection 1, paragraph B , a licensed mortgage loan originator must complete at least 8 hours of education approved in accordance with subsection 2 . A. [PL 2013, c. 466, §10 (RP).] B. [PL 2013, c. 466, §10 (RP).] C. [PL 2013, c. 466, §10 (RP).] [PL 2013, c. 466, §10 (AMD).]

2. Approved education courses. For purposes of subsection 1 , continuing education courses must be reviewed and approved by the nationwide mortgage licensing system and registry based upon reasonable standards. Review and approval of a continuing education course includes review and approval of the course provider. [PL 2009, c. 362, Pt. B, §1 (NEW).]

3. Approval of employer and affiliate education courses. Nothing in this section precludes any education course, as approved by the nationwide mortgage licensing system and registry, that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of such employer or entity. [PL 2009, c. 362, Pt. B, §1 (NEW).]

4. Venue of education. Continuing education may be offered either in a classroom, online or by any other means approved by the nationwide mortgage licensing system and registry. [PL 2009, c. 362, Pt. B, §1 (NEW).]

5. Calculation of continuing education credits. A licensed mortgage loan originator may: A. Notwithstanding section 13‑108, subsection 2 , receive credit for a continuing education course only in the year in which the course is taken; and [PL 2013, c. 466, §11 (AMD).] B. Not repeat an approved course in the same or successive years to meet the annual requirements for continuing education. [PL 2009, c. 362, Pt. B, §1 (NEW).] [PL 2013, c. 466, §11 (AMD).]

6. Instructor credit. [PL 2013, c. 466, §12 (RP).]

7. Reciprocity of education. The completion of the education requirements approved by the nationwide mortgage licensing system and registry under this section for any state must be accepted as credit towards completion of continuing education requirements in this State. [PL 2009, c. 362, Pt. B, §1 (NEW).]

8. Lapse in license. A person previously licensed under this Article as a licensed mortgage loan originator who subsequently becomes unlicensed must prove that the person has completed all of the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license. [PL 2009, c. 362, Pt. B, §1 (NEW).]

9. Deficiency in continuing education. [PL 2013, c. 466, §13 (RP).]
9-B M.R.S. § 322 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 322
9-B §322. Permission to organize
Status: in_force

1. Organizers. Any number of persons, but not less than 20, all of whom must reside in or reside proximate to the geographic area to be served by the institutions, may agree in writing to associate themselves for the purpose of forming a mutual or cooperative financial institution pursuant to this chapter. [PL 1997, c. 398, Pt. D, §3 (AMD).]

2. Application to organize. The organizers set forth in subsection 1 shall file with the superintendent an application for permission to organize a mutual or cooperative financial institution, which application must contain the following: A. The name by which the institution will be known; [PL 1997, c. 398, Pt. D, §3 (AMD).] B. The purpose for which it is to be formed, including whether the organizers seek a certificate of public convenience and advantage to conduct business as a financial institution. The organizers shall indicate in the application whether the institution will be organized as a mutual or cooperative financial institution; [PL 1997, c. 398, Pt. D, §3 (AMD).] C. The city or town within this State where the institution's principal office is to be located; [PL 1975, c. 500, §1 (NEW).] D. The proposed minimum amount of initial capital contributions to be deposited; [PL 1975, c. 500, §1 (NEW).] E. The names, addresses and occupations of the directors of the institution who are to serve until the initial meeting of the members or corporators or until their successors are elected and qualified, and the names, addresses and occupations of the directors who will be voted on by the members or corporators at the initial meeting; [PL 1997, c. 398, Pt. D, §3 (AMD).] F. A statement setting forth the name, address and occupation of each organizer, together with the amount of initial capital that such organizer shall deposit, subscribed to by said organizer; and [PL 1997, c. 398, Pt. D, §3 (AMD).] G. Such additional information, including the reasons why an institution of the type specified in paragraph B is needed in the proposed location, as the superintendent may require. [PL 1997, c. 398, Pt. D, §3 (AMD).] An application for permission to organize a mutual or cooperative financial institution may not be considered complete unless accompanied by an application fee of not more than $5,000, payable to the Treasurer of State, to be credited and used as provided in section 214 . [PL 1997, c. 398, Pt. D, §3 (AMD).]

3. Publication of notice. After determining that the application required in subsection 2 is complete, the superintendent shall advise the organizers to publish within 15 days of such advice, a notice in such form as the superintendent may prescribe. Such notice shall appear at least once a week for 3 successive weeks in one or more newspapers of general circulation in the county where the financial institution is to be established, or in such other newspapers as the superintendent may designate. Such published notice shall specify the names, addresses and occupations of the organizers and directors, the type of institution to be organized, and the name of the institution and its location, as set forth in the application for permission to organize. The superintendent may require individual notice to any person or corporation, and may require that one of such publications contain the information required under section 252, subsection 2 . [PL 1975, c. 500, §1 (NEW).]

4. Permission from superintendent. A. [PL 1997, c. 398, Pt. D, §4 (RP).] B. In determining whether public convenience and advantage will be promoted by granting permission to organize the type of institution requested, the superintendent shall make a decision in accordance with section 253 pursuant to the procedures set forth in section 252 . [RR 2025, c. 1, Pt. D, §18 (COR).] C. A grant of a certificate of public convenience and advantage and an order granting permission to organize may include such terms and conditions as the superintendent considers necessary, including, but not limited to, an increase in the amount of minimum capital deposits, pursuant to subsection 5 . [PL 1997, c. 398, Pt. D, §5 (AMD).] [RR 2025, c. 1, Pt. D, §18 (COR).]

5. Minimum initial capital contribution deposits. A. The certificate of public convenience and advantage and the superintendent's order granting permission to organize must set forth the minimum amount of capital deposits that the mutual or cooperative financial institution must have to begin business. [PL 1997, c. 398, Pt. D, §6 (AMD).] B. The minimum amount of capital deposits must be determined by the superintendent, but in no event may it be less than $500,000. [PL 2021, c. 508, §3 (AMD).] C. In determining the minimum amount of capital deposits, the superintendent may set different requirements for financial institutions and may consider such factors as the population of the city or town where the proposed institution is to be located, competition among financial institutions in that locale and the need to protect depositors and other creditors of the institution. [PL 1997, c. 398, Pt. D, §6 (AMD).] [PL 2021, c. 508, §3 (AMD).]

6. Effect of denial. If the superintendent denies permission to organize or refuses to issue a certificate of public convenience and advantage, the application may be renewed in the manner provided in this section after one year from the date of such denial. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 827 — ME Code / Title 9-B / Part 8 / Chapter 82 / Section 827
9-B §827. Accounts
Status: in_force

1. Receipt of savings. Except as provided in subsection 4 , a credit union may receive savings of its members in payment for shares, Christmas clubs, special purpose clubs, tax clubs, deposit accounts and the like. [PL 1997, c. 108, §8 (AMD).]

2. Receipt of payments from government agencies and other credit unions. A credit union may act as fiscal agent for and receive payments on shares and deposits from the Federal Government, this State or any agency or political subdivision or another federally insured credit union. [PL 2001, c. 211, §18 (AMD).]

3. Lien on shares. A credit union may impress and enforce a lien on the shares and dividends of a member to the extent of any loan made to and any dues or charges payable by that member. A credit union that has been designated a community development credit union pursuant to section 817 may impress and enforce a lien on the shares and dividends of a nonmember to the extent of any loan made to and any dues or charges payable by that nonmember. [PL 2003, c. 322, §18 (AMD).]

4. Nonmember shares and deposit accounts. A community development credit union designated by the superintendent as a community development credit union under section 817 may receive payments and savings from nonmembers representing shares of a type approved by the National Credit Union Administration and deposit accounts of a type approved by the superintendent. [PL 1997, c. 108, §9 (NEW).]
9-B M.R.S. § 461 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 461
9-B §461. Applicability of chapter
Status: in_force

The provisions of this chapter setting forth acts and practices that are prohibited apply to all financial institutions, universal banks, limited purpose banks, credit unions and financial institution holding companies subject to the laws of this State and are in addition to the prohibitions in this Title. [PL 1999, c. 546, §1 (AMD).]
9-B M.R.S. § 1225 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1225
9-B §1225. Insider loans and investments
Status: in_force

The terms of any loans by a merchant bank to or investments by a merchant bank in any of the following must be disclosed to the governing body of the merchant bank: [PL 1997, c. 398, Pt. J, §2 (NEW).]

1. Percentage of common stock. A person who owns 25% or more of the merchant bank's common stock or similar equity capital; [PL 1997, c. 683, Pt. A, §3 (AMD).]

2. Member of governing body. A member of the governing body of the merchant bank; [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Policy-making officer or manager. A policy-making officer or manager of the merchant bank; or [PL 1997, c. 398, Pt. J, §2 (NEW).]

4. Percentage of voting shares owned by certain person or entity. A company 25% of the voting shares or other similar voting equity of which is owned by a person or entity listed in subsections 1 to 3 . [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-A M.R.S. § 11-119 — ME Code / Title 9-A / Chapter 11 / Section 11-119
9-A §11-119. Collection activity
Status: in_force

The following provisions govern the debt collection practices of merchants under this Article. [PL 2001, c. 287, §18 (RPR).]

1. A merchant communicating with any person other than the consumer for the purpose of acquiring location information about the consumer may: A. Identify the merchant and state that the merchant is confirming or correcting location information concerning the consumer; [PL 2001, c. 287, §18 (NEW).] B. Not state that the consumer owes any debt; [PL 2001, c. 287, §18 (NEW).] C. Not communicate with any such person more than once, unless requested to do so by that person or unless the merchant reasonably believes that the earlier response of that person was erroneous or incomplete and that the person now has correct or complete location information; [PL 2001, c. 287, §18 (NEW).] D. Not communicate by postcard; [PL 2001, c. 287, §18 (NEW).] E. Not use language or a symbol on an envelope or in the contents of a communication effected by the mails or by telegram that indicates that the communication relates to the collection of a debt; and [PL 2001, c. 287, §18 (NEW).] F. After the merchant knows the consumer is represented by an attorney with regard to the subject debt and has knowledge of, or can readily ascertain, that attorney's name and address, not communicate with any person other than that attorney, unless the attorney fails to respond within a reasonable period of time to communication from the merchant. [PL 2001, c. 287, §18 (NEW).] [PL 2001, c. 287, §18 (NEW).]

2. Without the prior consent of the consumer given directly to the merchant or the express permission of a court of competent jurisdiction, a merchant may not communicate with a consumer in connection with the collection of any debt: A. At an unusual time or place or a time or place known or that should be known to be inconvenient to the consumer. In the absence of knowledge of circumstances to the contrary, a merchant shall assume that the convenient time for communicating with a consumer is after 8 a.m. and before 9 p.m. local time at the consumer's location; [PL 2001, c. 287, §18 (NEW).] B. If the merchant knows that the consumer is represented by an attorney with respect to that debt and has knowledge of, or can readily ascertain, that attorney's name and address, unless the attorney fails to respond within a reasonable period of time to a communication from the merchant or unless the attorney consents to direct communication with the consumer; or [PL 2001, c. 287, §18 (NEW).] C. At the consumer's place of employment if the merchant knows or has reason to know that the consumer's employer prohibits the consumer from receiving a communication. [PL 2001, c. 287, §18 (NEW).] [PL 2001, c. 287, §18 (NEW).]

3. Except as provided in subsection 1 , without the prior consent of the consumer given directly to the merchant or the express permission of a court of competent jurisdiction, or except as reasonably necessary to effectuate a post-judgment judicial remedy, a merchant may not communicate, in connection with the collection of a debt, with a person other than the consumer, the consumer's attorney, a consumer reporting agency if otherwise permitted by law or the attorney of the merchant. [PL 2001, c. 287, §18 (NEW).]

4. A merchant may not engage in conduct the natural consequence of which is to harass, oppress or abuse a person in connection with the collection of a debt. Without limiting the general application of this subsection, the following conduct is a violation of this section: A. The use or threat of use of violence or other criminal means to harm the physical person, reputation or property of a person; [PL 2001, c. 287, §18 (NEW).] B. The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader; [PL 2001, c. 287, §18 (NEW).] C. The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting agency or to persons meeting the requirements of Title 10, chapter 209‑B ; [PL 2013, c. 588, Pt. C, §3 (AMD).] D. The advertisement for sale of a debt to coerce payment of the debt; [PL 2001, c. 287, §18 (NEW).] E. Causing a telephone to ring or engaging a person in telephone conversation repeatedly or continuously with intent to annoy, abuse or harass a person at the called number; [PL 2001, c. 287, §18 (NEW).] F. Except as provided in subsection 1 , the placement of telephone calls without meaningful disclosure of the caller's identity; and [PL 2001, c. 287, §18 (NEW).] G. The use of "shame cards," "shame automobiles" or similar devices, except that delivery vehicles used by the merchant in the ordinary course of business may not be considered "shame automobiles." [PL 2001, c. 287, §18 (NEW).] [PL 2013, c. 588, Pt. C, §3 (AMD).]

5. A merchant may not use a false, deceptive or misleading representation or means in connection with the collection of a debt. Without limiting the general application of this subsection, the following conduct is a violation of this section: A. The false representation or implication that the merchant is vouched for, bonded by or affiliated with the United States or any state, including the use of any badge, uniform, seal, insignia or facsimile; [PL 2001, c. 287, §18 (NEW).] B. The false representation of the character, amount or legal status of a debt; [PL 2001, c. 287, §18 (NEW).] C. The false representation or implication that an individual is an attorney or that a communication is from an attorney; [PL 2001, c. 287, §18 (NEW).] D. The representation or implication that nonpayment of a debt will result in the arrest or imprisonment of a person or the seizure, garnishment, attachment or sale of property or wages of a person, unless that action is lawful and the merchant intends to take that action; [PL 2001, c. 287, §18 (NEW).] E. The threat to take an action that may not legally be taken or that is not intended to be taken; [PL 2001, c. 287, §18 (NEW).] F. The false representation or implication that a sale, referral or other transfer of any interest in a debt will cause the consumer to: (1) Lose a claim or defense to payment of the debt; or (2) Become subject to a practice prohibited by this Article; [PL 2001, c. 287, §18 (NEW).] G. The false representation or implication that the consumer committed a crime or other conduct in order to disgrace the consumer; [PL 2001, c. 287, §18 (NEW).] H. Communicating or threatening to communicate to any person credit information that is known or that should be known to be false, including the failure to communicate that a disputed debt is disputed; [PL 2001, c. 287, §18 (NEW).] I. The use or distribution of a written communication that simulates or is falsely represented to be a document authorized, issued or approved by a court, official or agency of the United States or any state, or that creates a false impression as to its source, authorization or approval; [PL 2001, c. 287, §18 (RPR).] J. The use of a false representation or deceptive means to collect or attempt to collect a debt or to obtain information concerning a consumer; [PL 2001, c. 287, §18 (NEW).] K. The false representation or implication that accounts have been turned over to innocent purchasers for value; [PL 2001, c. 287, §18 (NEW).] L. The false representation or implication that documents are legal process; [PL 2001, c. 287, §18 (NEW).] M. The use of a business, company or organization name other than the true name of the merchant's business, company or organization; [PL 2001, c. 287, §18 (NEW).] N. The false representation or implication that documents are not legal process forms or do not require action by the consumer; or [PL 2001, c. 287, §18 (NEW).] O. The false representation or implication that a merchant operates or is employed by a consumer reporting agency, as defined by Title 10, section 1308, subsection 3 . [PL 2013, c. 588, Pt. C, §4 (AMD).] [PL 2013, c. 588, Pt. C, §4 (AMD).]

6. A merchant may not use unfair or unconscionable means to collect or attempt to collect a debt. Without limiting the general application of this subsection, the following conduct is a violation of this section: A. The collection of an amount, including any interest, fee, charge or expense incidental to the principal obligation, unless the amount is expressly authorized by the agreement creating the debt or permitted by law; [PL 2001, c. 287, §18 (NEW).] B. The solicitation by a merchant of any postdated check or other postdated payment instrument for the purpose of threatening or instituting criminal prosecution; [PL 2001, c. 287, §18 (NEW).] C. Depositing or threatening to deposit any postdated check or other postdated payment instrument prior to the date on the check or instrument; [PL 2001, c. 287, §18 (NEW).] D. Causing charges to be made to a person for communications by concealment of the true purpose of the communication. These charges include, but are not limited to, collect telephone calls and telegram fees; [PL 2001, c. 287, §18 (NEW).] E. Communicating with a consumer regarding a debt by postcard; [PL 2001, c. 287, §18 (NEW).] F. Using language or a symbol, other than the merchant's address and business name, on an envelope when communicating with a consumer in connection with a debt; or [PL 2001, c. 287, §18 (NEW).] G. Using or employing notaries public, constables, sheriffs or any other officer authorized to serve legal papers in the collection of a debt. [PL 2001, c. 287, §18 (NEW).] [PL 2001, c. 287, §18 (NEW).]
9-A M.R.S. § 5-101 — ME Code / Title 9-A / Chapter 5 / Section 5-101
9-A §5-101. Short title
Status: in_force

This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Remedies and Penalties." [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1023 — ME Code / Title 9-B / Part 10 / Chapter 102 / Section 1023
9-B §1023. Application of general corporation law; articles of incorporation
Status: in_force

1. Subject to Title 13-C. Except as otherwise provided in this chapter, such a mutual trust investment company must be incorporated under and is subject to Title 13‑C . [RR 2001, c. 2, Pt. B, §19 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).]

2. Incorporators. The incorporators subscribing to and acknowledging the articles of incorporation shall consist of 5 or more persons who are officers or directors of the banks and trust companies causing such mutual trust investment company to be incorporated. [PL 1975, c. 500, §1 (NEW).]
9 M.R.S. § 5011-A — ME Code / Title 9 / Part 13 / Chapter 385 / Section 5011-A
9 §5011-A. Professional solicitor disclosure
Status: in_force

A professional solicitor or person who a professional solicitor employs or engages, directly or indirectly, to solicit contributions may not: [PL 2003, c. 541, §15 (NEW).]

1. Misrepresentation of relationship. Misrepresent, directly or indirectly, that person's relationship to a charitable organization; [PL 2003, c. 541, §15 (NEW).]

2. Misrepresentation of fact. Misrepresent, directly or indirectly, to a contributor or potential contributor any fact relating to the solicitation, including, but not limited to, the percentage of the contribution that will be paid over to the charitable organization or the purpose for which the contribution will be used; [PL 2003, c. 541, §15 (NEW).]

3. Use of contributions. Represent, directly or indirectly, that any part of the contributions received will be given or donated to any charitable organization unless the organization has previously consented in writing to the use of its name; or [PL 2003, c. 541, §15 (NEW).]

4. Disclosure of information. Solicit a contribution from any person in this State without clearly and conspicuously disclosing to the person, prior to the time the person makes or authorizes payment of a donation: A. The name and address of the professional solicitor; [PL 2003, c. 541, §15 (NEW).] B. That the solicitor is being paid by the charitable organization on whose behalf the solicitation is being made; and [PL 2003, c. 541, §15 (NEW).] C. How the potential contributor may obtain information from the State on the respective percentages of contributions that will be paid to the charitable organization and to the paid fund-raiser. [PL 2003, c. 541, §15 (NEW).] [PL 2003, c. 541, §15 (NEW).]
9-B M.R.S. § 1314 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1314
9-B §1314. Powers of Maine branches and agencies
Status: in_force

1. General powers. Except as otherwise specifically provided in this chapter or in orders or rules adopted by the superintendent, and notwithstanding any other law or rule of this State to the contrary, operations of a foreign bank at a Maine branch or Maine agency must be conducted with the same rights, privileges and powers accorded a trust company at the same location and are subject to all the same duties, restrictions, penalties, liabilities, conditions and limitations that apply under the laws of this State to a trust company doing business at the same location. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Exceptions. The following are exceptions to the provisions of subsection 1 . A. A Maine branch may not accept from citizens or residents of the United States deposits, other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers, of less than $100,000, except to the extent that those deposits are determined by the Federal Deposit Insurance Corporation not to constitute "domestic retail deposit activities requiring deposit insurance protection" within the meaning of Section 6 of the federal International Banking Act of 1978. [PL 1997, c. 182, Pt. B, §3 (NEW).] B. A Maine agency may not accept any deposits from citizens or residents of the United States, other than credit balances that are incidental to or arise out of its exercise of other lawful banking powers, but it may accept deposits from persons who are neither citizens nor residents of the United States. [PL 1997, c. 182, Pt. B, §3 (NEW).] C. A Maine branch or Maine agency is not required to maintain deposit insurance pursuant to section 422 . [PL 1997, c. 182, Pt. B, §3 (NEW).] D. Any limitation or restriction based on the capital and surplus of a financial institution is deemed to refer, as applied to a Maine branch or Maine agency, to the United States dollar equivalent of the capital and surplus of the foreign bank and, if the foreign bank has more than one branch or agency in the United States, the business transacted by all such branches and agencies must be aggregated in determining compliance with the limitation. [PL 1997, c. 182, Pt. B, §3 (NEW).] E. Unless otherwise provided by the superintendent, any provision in this Title and rules adopted under this Title that require a financial institution to obtain the approval of its board of directors are deemed to require a Maine branch or Maine agency to obtain the approval of parent foreign bank senior management. [PL 1997, c. 182, Pt. B, §3 (NEW).] [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-B M.R.S. § 351 — ME Code / Title 9-B / Part 3 / Chapter 35 / Section 351
9-B §351. Applicability of chapter; fees
Status: in_force

1. Applicability. The provisions of this chapter govern mergers and consolidations undertaken by financial institutions and industrial banks subject to the laws of this State and must set forth the procedures for and limitations on the acquisition of all or substantially all of the assets of such institutions by another institution. [PL 1997, c. 398, Pt. G, §1 (AMD).]

2. Fees. An application made pursuant to sections 352 , 353 , 354 , 354‑A , 355 and 355‑A may not be deemed complete by the superintendent unless accompanied by an application fee of $2,500, payable to the Treasurer of State, to be credited and used as provided in section 214 . [PL 1997, c. 398, Pt. G, §1 (AMD).]

3. Superintendent's approval required. Following approval by the governing body of each participating institution, the plan of merger, consolidation, purchase or assumption, together with certified copies of the authorizing resolutions adopted by the governing body of each participating institution, must be forwarded to the superintendent for approval or disapproval pursuant to section 252 . If the superintendent disapproves the plan, the superintendent shall state the reason or reasons for the disapproval in writing and furnish them to the participating institutions. The institutions must be given an opportunity to amend the plan to obviate the reasons for disapproval. [PL 2007, c. 79, §8 (AMD).]

3-A. Superintendent's approval not required. Notwithstanding subsection 3 , if the surviving institution of a merger, consolidation, purchase or assumption is a federally chartered institution and the transaction is subject to approval by its federal regulator, approval by the superintendent is not required. The financial institution shall notify and provide the superintendent a copy of the application filed with the appropriate federal regulator within 3 days of filing with the federal regulator. The Maine charter of the participating financial institution terminates automatically upon completion of the merger, consolidation, purchase or assumption. [PL 2021, c. 508, §4 (AMD).]

4. Vote of investors or mutual voters. The plan of merger or consolidation, as approved by the superintendent, must be submitted to the investors or mutual voters of the participating institutions for their approval at an annual meeting or at a special meeting called for that purpose in the following manner. A. Notice of such a meeting must be published at least once a week for 3 successive weeks in at least one newspaper of general circulation in the county or counties where each participating institution's principal office is located or in other newspapers as the superintendent may designate. The notice must be mailed to each investor of record or mutual voter at the address on the books of each participating institution at least 15 days prior to the date of the meeting. [PL 1997, c. 398, Pt. G, §1 (NEW).] B. A 2/3 vote of each class of investor or a 2/3 vote of the mutual voters of each participating institution is necessary to approve the plan of merger or consolidation at the meeting called for this purpose. The vote constitutes the adoption of the organizational documents of the resulting institution, including amendments, contained in the merger or consolidation agreement. [PL 1997, c. 398, Pt. G, §1 (NEW).] Notice and meeting are not required under this subsection if investors or mutual voters unanimously approve the plan of merger or consolidation. [PL 2021, c. 508, §5 (AMD).]

5. Executed plan; certificate; effective date. The following provisions apply to the executed plan, certificate and effective date. A. Upon approval by the investors or mutual voters of the participating institutions, the chief executive officer, president or vice-president of each institution shall submit the executed plan of merger or consolidation to the superintendent, together with evidence of approval by the investors or mutual voters approving it, each certified by these officers. [PL 2021, c. 508, §6 (AMD).] B. Upon receipt of the items in paragraph A and evidence that the participating institutions have complied with all applicable federal law and regulations, the superintendent shall issue to the resulting institution a certificate specifying the name of each participating institution and the name of the resulting institution and shall file a copy of the certificate and the certified votes with the Secretary of State for record. This certificate is conclusive evidence of the merger or consolidation and of the correctness of all proceedings relating to the merger or consolidation 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 participating institutions is to be held. [PL 1997, c. 398, Pt. G, §1 (NEW).] C. Unless a later date is specified in the certificate, the merger or consolidation is effective upon issuance of the certificate in paragraph B and the charters of all but the resulting institution terminate automatically. [PL 1997, c. 398, Pt. G, §1 (NEW).] D. Any plan of merger or consolidation may contain a provision that, notwithstanding approval of the investors, mutual voters or the superintendent, the plan may be abandoned at any time prior to the effective date of the merger or consolidation by the governing body of any participating institution either at the absolute discretion of the governing body or upon the occurrence of any stated condition. [PL 1997, c. 398, Pt. G, §1 (NEW).] [PL 2021, c. 508, §6 (AMD).]
9-B M.R.S. § 323 — ME Code / Title 9-B / Part 3 / Chapter 32 / Section 323
9-B §323. Organization
Status: in_force

Upon receipt of a certificate of public convenience and advantage and permission to organize pursuant to section 322 , the organizers shall comply with the following requirements: [PL 1975, c. 500, §1 (NEW).]

1. Franchise during organization. The organizers set forth in the application for permission to organize, and who subsequently receive permission from the superintendent, shall hold the institution's franchise until such time as the requirements of this section are met or the superintendent determines that said requirements have not been complied with. [PL 1975, c. 500, §1 (NEW).]

2. First meeting: adoption of articles and bylaws. A. Within 30 days after receipt of a certificate of public convenience and advantage and an order granting permission to organize pursuant to section 322 , the first meeting of the organizers of the financial institution must be called by a notice signed by that organizer who was designated in the application for that purpose, or by a majority of the organizers. Such notice must state the time, place and purposes of the meeting. A copy of the notice must be given to each organizer at least 3 days before the date appointed for the meeting, or left at each organizer's residence or usual place of business, or deposited in the post office and addressed to such an organizer at that organizer's residence or usual place of business, and another copy thereof, together with an affidavit of one of the organizers that the notice has been duly served, must be recorded with the records of the institution. If all the organizers, in writing indorsed upon the application to organize, waive such notice and fix the time and place of the meeting, no notice is required. [PL 1997, c. 398, Pt. D, §7 (AMD).] B. At the first meeting and thereafter, the organizers of a mutual financial institution are known as the "corporators" and the organizers of a cooperative financial institution are known as the "incorporators." [PL 1997, c. 398, Pt. D, §7 (AMD).] C. At such meeting or at any adjournment thereof, the corporators or incorporators shall by ballot select a temporary clerk, adopt the articles of incorporation and bylaws of the institution and, in such manner as the bylaws may determine, elect directors, a president, a clerk and such other officers as the bylaws may prescribe. All persons so elected shall qualify for their offices as provided in sections 326 and 327 . [PL 1975, c. 500, §1 (NEW).] D. The temporary clerk shall make and attest a record of the proceedings until the clerk has been chosen and sworn, including a record of such choice and qualification. [PL 1975, c. 500, §1 (NEW).] E. Within 10 days after adoption of the articles of incorporation and bylaws, the clerk shall file with the superintendent copies thereof; and, within 15 days after receipt, the superintendent shall, after examining such articles and bylaws for conformance with the requirements of this Title, approve or disapprove of such articles and bylaws. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 398, Pt. D, §7 (AMD).]

3. Submission to Secretary of State. Following the meeting required under subsection 2 , the directors so elected shall submit an attested copy of the institution's articles of incorporation to the Secretary of State, who shall determine whether such articles satisfy the filing requirements of Title 13‑C . If such filing requirements are met and the superintendent has approved said articles, the Secretary of State shall file the articles of incorporation pursuant to Title 13‑C, chapter 1, subchapter 2 . The filing of the articles of incorporation by the Secretary of State does not authorize the transaction of business by the financial institution until all conditions of this section are satisfied. [PL 2003, c. 344, Pt. D, §3 (AMD).]

4. Payment of capital deposits. A. A financial institution organized under this chapter shall not commence business until the minimum capital deposits required in its permission to organize have been deposited to the credit of the financial institution in a depository designated by the directors; [PL 1975, c. 500, §1 (NEW).] B. At such time as the institution has received to its credit the minimum capital deposits required in section 322, subsection 5 , a complete list of the capital depositors, with the name, address, occupation and the amount of capital deposited by each shall be filed with the superintendent, which list shall be verified by the president and clerk of the institution. Such deposits shall be handled by the institution in accordance with section 324 . [PL 1975, c. 500, §1 (NEW).] [PL 1975, c. 500, §1 (NEW).]

5. Certificate to commence business. A. Upon receipt of the statement required in subsection 4 , the superintendent shall cause an examination to be made to determine if the minimum capital deposits have been credited to the account of the institution as the superintendent may determine and that all requirements of this section and other provisions of law have been complied with. [RR 2025, c. 1, Pt. D, §19 (COR).] B. Upon completion of the superintendent's examination, and if the requirements of paragraph A are met, the superintendent shall issue a certificate authorizing the financial institution to begin transacting the business of a financial institution of the type as set forth in its articles of incorporation. The certificate is conclusive of the facts stated in the certificate, and it is unlawful for any such mutual financial institution to begin transacting business until the certificate has been granted. [RR 2025, c. 1, Pt. D, §20 (COR).] [RR 2025, c. 1, Pt. D, §§19, 20 (COR).]

6. Failure to commence business. A. Any mutual or cooperative 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 articles of incorporation may be terminated by the Secretary of State. [PL 1997, c. 398, Pt. D, §8 (AMD).] B. Upon any such forfeiture, the contributors of initial capital deposits of such institution shall be entitled to return of any amounts which they have paid to the institution and all expenses incurred in the organization shall be borne by the original organizers who were named in the application for permission to organize. [PL 1975, c. 500, §1 (NEW).] C. Upon failure to commence business within one year and forfeiture of permission to organize and any certificate to commence business so obtained, the organizers may not submit another application for permission to organize a financial institution under sections 312 or 322 for at least one year from the date of such forfeiture. [PL 1975, c. 500, §1 (NEW).] D. Notwithstanding the time limitation in paragraph A , the superintendent may extend the period in which business shall be commenced for a period not to exceed 6 months upon written application by the institution setting forth the reasons for such extension. If an extension is granted by the superintendent, the Secretary of State shall be so notified by the superintendent. [PL 1975, c. 500, §1 (NEW).] [PL 1997, c. 398, Pt. D, §8 (AMD).]
9-B M.R.S. § 847 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 847
9-B §847. Expulsion of members
Status: in_force

1. Grounds for expulsion. A manager or chief executive officer of a credit union may expel from the credit union any member who: A. Has not carried out the member's engagement with the credit union; [PL 2023, c. 539, §3 (NEW).] B. Has been convicted of a criminal offense; [PL 2023, c. 539, §3 (NEW).] C. Neglects or refuses to comply with the provisions of this Part or the bylaws of the credit union; [PL 2023, c. 539, §3 (NEW).] D. Has deceived the credit union or a committee of the credit union with regard to the use of borrowed money; [PL 2023, c. 539, §3 (NEW).] E. Has substantially and repeatedly violated the official policies of the credit union; [PL 2023, c. 539, §3 (NEW).] F. Has demonstrated dangerous, threatening or abusive behavior, as defined in rules adopted by the National Credit Union Administration, in such a way as to disrupt the operations of the credit union; or [PL 2023, c. 539, §3 (NEW).] G. Has been convicted of fraud, attempted fraud, conspiracy to commit fraud or other illegal conduct in relation to the credit union, including illegal conduct in which an employee of the credit union was conducting business on behalf of the credit union. [PL 2023, c. 539, §3 (NEW).] [PL 2023, c. 539, §3 (RPR).]

2. Return of paid-in shares. The amounts paid in on shares by members who have withdrawn or have been expelled shall be paid to them in the order of withdrawal or expulsion, but only as funds therefor become available and after deducting any amounts due from such members to the credit union. [PL 1975, c. 500, §1 (NEW).]

3. Liability unaffected by expulsion. Such expulsion shall not operate to relieve a member from any outstanding liability to the credit union. [PL 1975, c. 500, §1 (NEW).]

4. Expulsion policy; appealing an expulsion. The manager or chief executive officer of a credit union shall inform an expelled member of the grounds for the expulsion, and the expelled member may appeal the expulsion to the board of directors. A decision by the board regarding an expulsion is final. By January 1, 2025, the board of directors of a credit union shall establish a written expulsion policy and expulsion appeals process that clearly informs members of a member's right to appeal an expulsion decision. The credit union shall annually provide the expulsion policy and expulsion appeals process to members of the credit union. [PL 2023, c. 539, §4 (NEW).]
9-B M.R.S. § 415 — ME Code / Title 9-B / Part 4 / Chapter 41 / Section 415
9-B §415. Participation in public agencies
Status: in_force

To the extent authorized by the superintendent pursuant to regulations, a financial institution has the power to participate in a public agency created under the laws of this State or of the United States, the purpose of which is to afford advantages or safeguards to financial institutions, depositors or investors and to comply with all requirements and conditions imposed upon such participants. [PL 1997, c. 398, Pt. I, §8 (AMD).]
9-B M.R.S. § 231 — ME Code / Title 9-B / Part 2 / Chapter 23 / Section 231
9-B §231. Cease and desist orders
Status: in_force

1. Authority. The superintendent has the following authority over financial institutions, out-of-state financial institutions, financial institution holding companies and subsidiaries thereof. A. The superintendent may issue and serve an order upon an institution or company requiring the institution or company to cease and desist from the violation or practice if, in the opinion of the superintendent, a financial institution or its subsidiary, financial institution holding company or its subsidiary or out-of-state financial institution subject to the provisions of this Title is engaging in or has engaged in, or the superintendent has reasonable cause to believe that the institution or company is about to engage in, any of the following violations or practices: (1) An unsafe or unsound practice in conducting the business of the financial institution or company; (2) Violation of a law, rule or regulation relating to the supervision of the institution or company; (3) Violation of any condition, imposed in writing, in connection with the approval of any application by the superintendent; (4) Violation of any written agreement entered into with the superintendent; or (5) An anticompetitive or deceptive practice, or one that is otherwise injurious to the public interest under chapter 24 . [PL 1995, c. 628, §16 (RPR).] B. The superintendent may restrict the withdrawal of funds from one or more financial institutions in an order issued under paragraph A if, in the opinion of the superintendent, extraordinary circumstances make such action necessary and appropriate for the protection of depositors, investors or the public. [PL 2005, c. 82, §3 (AMD).] C. The order issued under paragraph A may require the officers or directors of the institution or company or subsidiary to take affirmative action to correct any violation or practice. [PL 1995, c. 628, §16 (RPR).] D. Before issuing a cease and desist order against an out-of-state financial institution operating one or more branches in this State, the superintendent shall request that the financial institution's home state regulatory agency undertake an enforcement action. If the home state regulatory agency is unwilling or unable to issue an enforcement action, the superintendent may then exercise the enforcement authority available under this section. The superintendent may take enforcement action against a branch of a foreign financial institution without requesting enforcement action be taken first by the foreign regulatory agency. Where, in the opinion of the superintendent, emergency conditions make such enforcement action immediately necessary for the protection of depositors, shareholders or the public, the superintendent may proceed without requesting enforcement by the home state regulatory agency. [PL 1995, c. 628, §16 (NEW).] [PL 2005, c. 82, §3 (AMD).]

2. Notice; hearing. A. Prior to the issuance of any order to cease and desist in accordance with subsection 1 , notice shall be given to the institution by the superintendent. Such notice shall contain a statement of the facts upon which the order is to be issued, and the date upon which such order is to take effect. [PL 1975, c. 500, §1 (NEW).] B. Upon petition of any interested party, a hearing in conformity with the Maine Administrative Procedure Act, Title 5, chapter 375 shall be provided prior to the effective date of any order issued pursuant to subsection 1 , except as provided in subsection 3 . [PL 1979, c. 663, §31 (AMD).] [PL 1979, c. 663, §31 (AMD).]

3. Temporary cease and desist order. A. Whenever, in the opinion of the superintendent, the violation or practice set forth in subsection 1 requires immediate action for the protection of depositors or investors, or the violation or practice, or the continuation thereof, is likely to cause insolvency or substantial dissipation of the assets or earnings of the institution, the superintendent may issue orders pursuant to subsection 1 , which become effective upon service thereof, without prior notice or hearing. [PL 2005, c. 82, §4 (AMD).] B. If an order is issued by the superintendent pursuant to paragraph A , the superintendent shall afford an opportunity for a hearing to rescind the order and action taken promptly thereafter, upon application by an interested party. [PL 1975, c. 500, §1 (NEW).] [PL 2005, c. 82, §4 (AMD).]

4. Power as additional. The power and authority granted to the superintendent by this section shall be in addition to any enforcement or regulatory powers granted elsewhere in this Title. [PL 1975, c. 500, §1 (NEW).]
9-B M.R.S. § 233 — ME Code / Title 9-B / Part 2 / Chapter 23 / Section 233
9-B §233. Enforcement by Superior Court
Status: in_force

Orders issued by the superintendent pursuant to sections 231 and 232 shall be enforced by the Superior Court, subject to the following conditions and limitations: [PL 1975, c. 500, §1 (NEW).]

1. Appeal of order. Any person aggrieved and directly affected by an order of the superintendent issued pursuant to sections 231 and 232 shall be entitled to judicial review of the order pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375, subchapter VII . [PL 1977, c. 694, §157 (RPR).]

2. Limitation on liability. No person shall be subjected to any civil or criminal liability for any act or omission to act in good faith in reliance upon a subsisting order, regulation or definition of the superintendent, notwithstanding a subsequent decision by any court invalidating the order, regulation or definition. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 2-502 — ME Code / Title 9-A / Chapter 2 / Section 2-502
9-A §2-502. Delinquency charges
Status: in_force

1. A creditor may contract for and receive a delinquency charge on any outstanding, unpaid installment payment or portion of such payment due under a consumer credit transaction or open-end credit plan not paid in full within 15 days after its scheduled or deferred due date in an amount not exceeding the greater of: A. An amount, not exceeding $10, that is 5% of the unpaid amount of the installment; or [PL 2003, c. 100, §2 (AMD).] B. The deferral charge, section 2‑503 , that would be permitted to defer the unpaid amount of the installment for the period that it is delinquent. [PL 1999, c. 184, §4 (AMD).] [PL 2003, c. 100, §2 (AMD).]

2. A delinquency charge under paragraph A of subsection 1 may be collected only once on an instalment however long it remains in default. No delinquency charge may be collected with respect to a deferred instalment unless the instalment is not paid in full within 15 days after its deferred due date. A delinquency charge may be collected at the time it accrues or at any time thereafter. [PL 1973, c. 762, §1 (NEW).]

3. [PL 2003, c. 135, §1 (RP).]

3-A. In connection with collecting a debt, a delinquency charge under subsection 1, paragraph A may not be collected on a payment if the only delinquency is attributable to late fees or delinquency charges assessed on earlier installments, and the payment is otherwise a full payment for the applicable period and is paid on its due date, or within the applicable grace period. For the purposes of this subsection, "collecting a debt" means any activity, other than the use of judicial process, that is intended to bring about or does bring about repayment of all or part of the money due or alleged to be due from a consumer. [PL 2003, c. 135, §2 (NEW).]

4. If 2 instalments or parts thereof of a precomputed consumer loan are in default for 15 days or more, the lender may elect to convert the loan from a precomputed loan to one in which the finance charge is based on unpaid balances. In this event the lender shall make a rebate pursuant to the provisions on rebate upon prepayment, section 2‑510 , as of the maturity date of the first delinquent instalment, and thereafter may make a finance charge as authorized by the provisions on loan finance charge for consumer loans, section 2‑401 . The amount of the rebate may not be reduced by the amount of any permitted minimum charge, section 2‑510 . If the creditor proceeds under this subsection, any delinquency or deferral charges made with respect to instalments due at or after the maturity date of the first delinquent instalment must be rebated, and further delinquency or deferral charges may not be made. [RR 2025, c. 1, Pt. C, §11 (COR).]

5. [PL 1997, c. 727, Pt. B, §12 (RP).]

6. [PL 1981, c. 618, §5 (RP).]
9-A M.R.S. § 1-102 — ME Code / Title 9-A / Chapter 1 / Section 1-102
9-A §1-102. Purposes; rules of construction
Status: in_force

1. This Act shall be liberally construed and applied to promote its underlying purposes and policies. [PL 1973, c. 762, §1 (NEW).]

2. The underlying purposes and policies of this Act are: A. To simplify, clarify and modernize the law governing retail installment sales, consumer credit, small loans and usury; [PL 1973, c. 762, §1 (NEW).] B. To provide rate ceilings to assure an adequate supply of credit to consumers; [PL 1973, c. 762, §1 (NEW).] C. To further consumer understanding of the terms of credit transactions and to foster competition among suppliers of consumer credit so that consumers may obtain credit at reasonable cost; [PL 1973, c. 762, §1 (NEW).] D. To protect consumer buyers, lessees, and borrowers against unfair practices by some suppliers of consumer credit, having due regard for the interests of legitimate and scrupulous creditors; [PL 1973, c. 762, §1 (NEW).] E. To permit and encourage the development of fair and economically sound consumer credit practices; and [PL 1973, c. 762, §1 (NEW).] F. To conform the regulation of consumer credit transactions to the policies of the Federal Truth in Lending Act. [PL 1973, c. 762, §1 (NEW).] [PL 1973, c. 762, §1 (NEW).]

3. A reference to a requirement imposed by this Act includes reference to a related rule of the administrator adopted pursuant to this Act. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 2-601 — ME Code / Title 9-A / Chapter 2 / Section 2-601
9-A §2-601. Finance charge for other credit transactions
Status: in_force

Except where otherwise provided by law with respect to a credit transaction other than a consumer credit transaction, the parties may contract for the payment by the debtor of any finance charge. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 8-504 — ME Code / Title 9-A / Chapter 8-A / Section 8-504
9-A §8-504. Maine Consumer Credit Code - Truth-in-Lending
Status: in_force

1. Compliance with Federal Truth in Lending Act. Notwithstanding any other law, a creditor shall comply with the Federal Truth in Lending Act, Title I of the federal Consumer Credit Protection Act, 15 United States Code, Section 1601 et seq. and its implementing regulations, Regulation Z, 12 Code of Federal Regulations, Section 1026.1 et seq. and Regulation M, 12 Code of Federal Regulations, Section 1013.1 et seq. [PL 2013, c. 464, §4 (AMD).]

2. Rule-making authority. Consistent with the purposes of Title X and Title XIV of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203 and with the purposes set forth in sections 1‑102 and 8‑502 and notwithstanding other law, the administrator may adopt rules substantially similar to or that afford more protection for consumers than those codified in 12 Code of Federal Regulations, Part 1026 and 12 Code of Federal Regulations, Part 1013. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . In adopting rules pursuant to this subsection, the administrator shall specifically consider whether there is a substantial impact on consumer protection before adopting rules affecting the following provisions of section 8‑506 : A. The rate thresholds pertaining to high-cost mortgage loans in section 8‑506, subsection 1, paragraph H ; [PL 2011, c. 427, Pt. A, §15 (NEW).] B. The prepayment penalties for high-cost mortgage loans in section 8‑506, subsection 2, paragraph D ; [PL 2011, c. 427, Pt. A, §15 (NEW).] C. The assignee liability for high-cost mortgage loans in section 8‑506, subsection 3 ; [PL 2011, c. 427, Pt. A, §15 (NEW).] D. The ability to repay in section 8‑506, subsection 4 ; [PL 2011, c. 427, Pt. A, §15 (NEW).] E. The prohibition against flipping and the principles of tangible net benefit in section 8‑506, subsection 5 ; and [PL 2013, c. 464, §4 (AMD).] F. The enhanced penalties for violations in section 8‑506, subsection 6 . [PL 2011, c. 427, Pt. A, §15 (NEW).] The rules may contain classifications, differentiations or other provisions and may provide for adjustments and exceptions for any class of transactions subject to this Title that in the judgment of the administrator are necessary or proper to effectuate the purposes of this Title, or to prevent circumvention or evasion of or to facilitate compliance with, the provisions of this Title. [PL 2013, c. 464, §4 (AMD).]

3. Compliance with rules prior to effective date. A creditor may comply with any rules adopted by the administrator pursuant to subsection 2 prior to the effective date of those rules. [PL 2011, c. 427, Pt. A, §15 (NEW).]
9-B M.R.S. § 1327 — ME Code / Title 9-B / Part 13 / Chapter 131 / Section 1327
9-B §1327. Interstate operations of Maine foreign banks
Status: in_force

1. Establishment. A Maine foreign bank may establish and operate a branch in another state in accordance with section 1312 . The establishment of that branch may be de novo or through merger, acquisition or other consolidation. [PL 1997, c. 182, Pt. B, §3 (NEW).]

2. Activities. A Maine foreign bank may conduct any activity at that branch that is permissible for a foreign bank in that host state, as defined in section 131, subsection 20‑B . [PL 1997, c. 182, Pt. B, §3 (NEW).]
9-A M.R.S. § 4-107 — ME Code / Title 9-A / Chapter 4 / Section 4-107
9-A §4-107. Maximum charge by creditor for insurance
Status: in_force

1. Except as provided in subsection 2 , if a creditor contracts for or receives a separate charge for insurance, the amount charged to the consumer for the insurance may not exceed the premium to be charged by the insurer, as computed at the time the charge to the consumer is determined, conforming to any rate filings required by law and made by the insurer with the Superintendent of Insurance. [PL 1973, c. 762, §1 (NEW).]

2. A creditor who provides consumer credit insurance in relation to open end credit may calculate the charge to the consumer in each billing cycle by applying the current premium rate to the unpaid balance of debt in the same manner as is permitted with respect to finance charges by the provisions on finance charges for consumer credit sales pursuant to open end credit, section 2‑202 . [PL 2021, c. 676, Pt. A, §8 (AMD).]
9-B M.R.S. § 842 — ME Code / Title 9-B / Part 8 / Chapter 84 / Section 842
9-B §842. Board of directors
Status: reserved

The management and control of the affairs of a credit union shall be vested in a board of directors, whose powers shall be exercised in accordance with the provisions of this section. [PL 1975, c. 500, §1 (NEW).]

1. Number, election and qualifications. A. The number of directors of a credit union may not be less than 5, all of whom must be members of the credit union. [PL 1997, c. 566, §1 (AMD).] B. The initial board of directors shall be elected at the first meeting of the members of the credit union, and by a vote of the members at each annual meeting thereafter. [PL 1975, c. 500, §1 (NEW).] C. The term of a director shall not be less than one year nor more than 3 years; provided that if the term is more than one year, the bylaws shall establish terms of office so that an equal number of directors, so far as possible, shall be elected each year. [PL 1975, c. 500, §1 (NEW).] D. Directors shall be sworn annually to the proper discharge and faithful performance of their duties. Such oaths shall be taken within 60 days of election to office, or such office shall become vacant. A record of every such qualification shall be preserved with the records of the credit union. [PL 1975, c. 500, §1 (NEW).] E. A director shall serve until a successor is elected and qualified. [PL 1975, c. 500, §1 (NEW).] F. If a director ceases to be a member of the credit union, the director's office becomes vacant. [RR 2025, c. 1, Pt. D, §39 (COR).] [RR 2025, c. 1, Pt. D, §39 (COR).]

2. Powers and duties. The board of directors shall manage the affairs, funds and records of the credit union and shall meet as often as necessary, but not less than once a month, notice of the meeting to be made in the manner prescribed in the bylaws. The superintendent may approve fewer meetings upon a credit union's demonstration of good cause. As set forth below, the special duties of the board of directors are: A. To act upon applications for membership, or to appoint a membership committee of one or more membership officers from among the members of the credit union, other than the treasurer, an assistant treasurer or loan officer, who may be authorized by the board to approve applications for membership under such conditions as the board may prescribe, as long as that committee or membership officer submits to the board at each meeting a list of approved or pending applications for membership received since the previous meeting, together with other related information as the bylaws or board may require; [PL 2023, c. 539, §2 (AMD).] B. To fix from time to time the maximum amount, both secured and unsecured, that may be loaned to any one member, except as limited by chapter 85 , and to establish a written loan policy pursuant to section 851 , which must be reviewed and ratified at least annually; [PL 2023, c. 539, §2 (AMD).] C. To authorize the employment of a person or persons as may be necessary to carry on the business of the credit union and to fix the compensation of those employees, including the treasurer; [PL 2023, c. 539, §2 (AMD).] D. To borrow money to carry on the functions of the credit union, subject to the limitation set forth in section 822 ; [PL 1975, c. 500, §1 (NEW).] E. To authorize the conveyance of property; [PL 1975, c. 500, §1 (NEW).] F. To purchase a blanket bond in an amount that is not less than an amount recommended by the superintendent, which must be required of the treasurer and of each other officer and other employee having custody of funds or property; [PL 2023, c. 539, §2 (AMD).] G. To limit the number of shares that may be owned by one member or nonmember as provided in section 817 , and that limitation must be applied uniformly; [PL 2023, c. 539, §2 (AMD).] H. To have charge of the investment of funds and to establish a written investment policy pursuant to section 861 , which must be reviewed and ratified at least annually; [PL 2003, c. 322, §30 (AMD).] I. To perform such other duties as the members may from time to time require; [PL 1975, c. 500, §1 (NEW).] J. To appoint a supervisory committee of not fewer than 3 members, not more than one member of which may be a director. If the duties of the supervisory committee are conducted by an independent public accountant and the board has contracted for an annual audit by an independent public accountant pursuant to section 844 , a supervisory committee need not be appointed; [PL 2023, c. 539, §2 (AMD).] K. To appoint a credit committee of not fewer than 3 members or to establish a written loan policy that provides for the designation of one or more loan officers in lieu of a credit committee and provides that all loans are subject to ratification by the full board; [PL 2023, c. 539, §2 (AMD).] L. To appoint an executive committee, when the bylaws so provide, consisting of not fewer than 3 members of the board with authority to invest funds or borrow in the name of the credit union, except that the board may establish a written investment policy that provides for the designation of a qualified individual to have charge of making investments, subject to ratification by the full board; [PL 2023, c. 539, §2 (AMD).] M. To suspend any or all members of the credit and supervisory committees for failure to perform their duties; [PL 1975, c. 500, §1 (NEW).] N. To fill vacancies occurring between annual meetings in the board of directors and in the credit committee and supervisory committee until the election or appointment and qualification of their successors; [PL 1975, c. 500, §1 (NEW).] O. To establish and provide for compensation of loan officers appointed by the credit committee and for auditing assistance requested by the supervisory committee; [PL 2023, c. 539, §2 (AMD).] P. To designate a depository or depositories for the funds of the credit union; [PL 1975, c. 500, §1 (NEW).] Q. To declare dividends in the way and manner provided in the bylaws and in accordance with this Part; [PL 1975, c. 500, §1 (NEW).] R. To determine from time to time the rate of interest consistent with the laws of this State that must be charged on loans and the amount of interest rebate and the interval on which such rebate, if any, is computed; and [PL 2023, c. 539, §2 (AMD).] S. To perform or authorize any action consistent with this Part not specifically reserved by the bylaws for the members. [PL 1975, c. 500, §1 (NEW).] [PL 2023, c. 539, §2 (AMD).]

3. Compensation. A member of the board of directors may not receive any compensation for the member's services as a member of the board or as a member of any committees of the credit union. [RR 2025, c. 1, Pt. D, §40 (COR).]

4. Director as a committee member. No director of a credit union shall be a member of both the credit and the supervisory committees of the credit union, unless the number of members in the credit union is less than 11. [PL 1975, c. 500, §1 (NEW).]

5. Comakers of loans. [PL 2003, c. 322, §32 (RP).]
9-A M.R.S. § 3-302 — ME Code / Title 9-A / Chapter 3 / Section 3-302
9-A §3-302. Cross-collateral
Status: in_force

1. In addition to contracting for a security interest pursuant to the provisions on security in sales or leases, section 3‑301 , a seller in a consumer credit sale may secure the debt arising from the sale by contracting for a security interest in other property if as a result of a prior sale the seller has an existing security interest in the other property. The seller may also contract for a security interest in the property sold in the subsequent sale as security for the previous debt. [PL 1973, c. 762, §1 (NEW).]

2. If the seller contracts for a security interest in other property pursuant to this section, the rate of finance charge thereafter on the aggregate unpaid balances so secured may not exceed that permitted if the balances so secured were consolidated pursuant to the provisions on consolidation involving a refinancing, section 2‑505, subsection 1 . The seller has a reasonable time after so contracting to make any adjustments required by this section. "Seller" in this section does not include an assignee not related to the original seller. [PL 1987, c. 129, §60 (AMD).]
9-A M.R.S. § 12-106 — ME Code / Title 9-A / Chapter 12 / Section 12-106
9-A §12-106. Registration of litigation funding provider; fees
Status: in_force

1. Unless a litigation funding provider has first registered pursuant to this article, the litigation funding provider may not engage in the business of legal funding. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

2. Registration must be filed in the manner prescribed by the administrator and must contain the information the administrator requires to make an evaluation of the character, fitness and financial responsibility of the applicant. The administrator may require registration 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. In all cases, whether registration is through the nationwide mortgage licensing system and registry or otherwise, the administrator may establish, by rule, requirements for registration, 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, §3 (NEW).] B. The payment of fees to apply for or renew registrations, except that the fee for an initial application may not exceed $800 and for a renewal may not exceed $500. If registration 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, §3 (NEW).] C. The setting or resetting as necessary of renewal or reporting dates; and [PL 2021, c. 245, Pt. D, §3 (NEW).] D. Other requirements for application for, amendment of or revocation of a registration or any other such activities as the administrator considers necessary. [PL 2021, c. 245, Pt. D, §3 (NEW).] 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. D, §3 (AMD).]

3. Registration may not be issued unless the administrator, upon investigation, finds that the character and fitness of the applicant, and of the members thereof if the applicant is a copartnership or association, and of the officers and directors thereof if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly and fairly within the purposes of this article. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

4. For purposes of this section, an applicant demonstrates financial responsibility if: A. The applicant has available for the operation of the registered business net assets of at least $25,000; and [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] B. Following the issuance of a registration under this section, the registrant maintains net assets of at least $25,000 that are either used or readily available for use in the conduct of the business of each office of the registrant in which a legal funding is made. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

5. Every applicant shall also, at the time of filing such an application, file with the administrator, if the administrator so requires, a bond satisfactory to the administrator in an amount not to exceed $50,000. In lieu of the bond at the option of the registrant, the registrant may post an irrevocable letter of credit. The terms of the bond must run concurrent with the period of time during which the registration will be in effect. The bond must run to the State for the use of the State and of any person who may have a cause of action against the registrant under this article. The bond must be conditional that the registrant will faithfully conform to this article and to all rules made by the administrator under this article and will pay to the State and to any person all money that may become due or owing to the State or to such a person from the registrant under and by virtue of this article during the period for which the bond is given. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

6. A separate registration is required for each place of business. A registration fee of $200 may be imposed for any registration issued for a place of business other than that of the first registered location of the registrant. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

7. A registrant may conduct the business of legal funding only at or from any place of business for which the registrant holds a license, including the names of other "doing business as" entities listed on the registration, and not under any other name than that on the registration. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]

8. Upon written request, the applicant is entitled to a hearing on the question of the applicant's qualifications for a registration if: A. The administrator has notified the applicant in writing that the application has been denied; or [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] B. The administrator has not issued a registration within 60 days after the application for the registration was filed. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).] A request for a hearing may not be made more than 15 days after the administrator has mailed a written notice to the applicant that the application has been denied and stating in substance the administrator's findings supporting denial of the application. [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
9-B M.R.S. § 426 — ME Code / Title 9-B / Part 4 / Chapter 42 / Section 426
9-B §426. Savings deposits or accounts: written notice of withdrawal
Status: in_force

1. Withdrawal notice may be required. A financial institution may at any time, by resolution of its governing body, require written notice by a savings depositor not to exceed 90 days prior to the repayment of deposits or accounts, or may require similar notice before repaying deposits in excess of $50, or certain classes of savings deposits or accounts. [PL 1997, c. 398, Pt. I, §18 (AMD).]

2. Deposit not payable during waiting period. In the event such notice is required, no such deposit or account shall be due or payable during the required period after the notice shall have been given. If not withdrawn within 15 days after the expiration of the required period following notice, such deposit or account shall not be due and payable under that notice. [PL 1975, c. 500, §1 (NEW).]

3. Deposits prior to expiration of waiting period. The institution may receive any deposit or deposits before expiration of the required period, subject to such regulations as may be imposed by the superintendent. [PL 1975, c. 500, §1 (NEW).]

4. Interest earned until actual withdrawal. The written notice of withdrawal required pursuant to this section does not constitute a withdrawal from the deposit or account until the amounts noticed have been actually withdrawn by the depositor giving such written notice, and interest is earned on these amounts for the period prior to actual withdrawal. [PL 1997, c. 398, Pt. I, §18 (AMD).]

5. Exception. [PL 1997, c. 398, Pt. I, §19 (RP).]
9-B M.R.S. § 453 — ME Code / Title 9-B / Part 4 / Chapter 45 / Section 453
9-B §453. Annual audits
Status: in_force

1. Selection of auditor. The governing body of a financial institution subject to the provisions of this Title shall employ an independent public accountant or accountants at least annually. [PL 1997, c. 398, Pt. I, §38 (AMD).]

2. Duties of auditor. The accountant or auditor selected in subsection 1 shall analyze the books, accounts, notes, mortgages, securities and operating systems of the institution in such manner as in the accountant's or auditor's judgment will result in an audit that, together with the internal auditing and accounting procedures of the institution, comports with generally accepted accounting standards for the protection of depositors, members or stockholders and the efficient operation of the institution. The accountant or auditor shall make a written report of the condition of the institution to the president and chair of the board, for the board, in such manner and to such extent as the accountant or auditor may consider necessary or proper, and the accountant or auditor shall supply such additional information obtained from the audit as the board may direct. [RR 2025, c. 1, Pt. D, §36 (COR).]

3. Superintendent's comment on audit. The superintendent shall, in the course of the superintendent's regular official examination of the institution and at such other times as the superintendent determines advisable, investigate the work of the accountant or auditor to determine its adequacy for the purposes set forth in subsection 2 . In determining the adequacy of such an audit, the superintendent shall take into account the internal auditing and accounting procedures established by the institution. If the superintendent determines that the audit is inadequate, the superintendent shall report forthwith the superintendent's findings, with instructions, in writing to the directors, who shall, within 30 days after the findings and instructions are reported, comply with the instructions. [RR 2025, c. 1, Pt. D, §37 (COR).]

4. Audit limiting liability. Whenever the directors of a financial institution shall have provided for such audit or audits by the method prescribed and, in the case of the employment, election or appointment of an accountant or auditor by them, shall have taken such action to remedy conditions as may be deemed reasonably necessary in the light of the information disclosed by any report of said accountant or auditor, and shall have complied with all reasonable recommendations of the superintendent relative thereto within the time hereinbefore prescribed, they shall not be personally liable for any loss suffered by such institution due to any subsequent wrongdoing by any officer or employee of the institution, in the absence of other facts indicating negligence on the part of said directors. [PL 1975, c. 500, §1 (NEW).]
9-A M.R.S. § 3-504 — ME Code / Title 9-A / Chapter 3 / Section 3-504
9-A §3-504. Restoration of down payment; no retention of cancellation fee
Status: in_force

1. Within 20 days after a home solicitation sale has been cancelled or an offer to purchase revoked, the seller must tender to the buyer any payments made by the buyer and any note or other evidence of indebtedness. A provision permitting the seller to keep all or any part of any payment, note or evidence of indebtedness is in violation of this section and unenforceable. [PL 1973, c. 762, §1 (NEW).]

2. If the down payment includes goods traded in, the goods must be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement. [PL 1973, c. 762, §1 (NEW).]

3. Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to the buyer by the seller and has a lien on the goods in the buyer's possession or control for any recovery to which the buyer is entitled. [RR 2025, c. 1, Pt. C, §30 (COR).]

4. The seller is not entitled to retain any cancellation fee. [PL 1973, c. 762, §1 (NEW).]
9-B M.R.S. § 1214 — ME Code / Title 9-B / Part 12 / Chapter 121 / Section 1214
9-B §1214. Business of nondepository trust companies
Status: in_force

1. General powers. A nondepository trust company has all of the powers of and is entitled to engage in the business of a financial institution, including, without limitation, powers with respect to fiduciary and trust functions and transactions except that a nondepository trust company does not have the power to solicit, receive or accept money or its equivalent on deposit as a regular business within the meaning of section 131, subsection 5 and does not have the power to lend money except in transactions reasonably related to and deriving from its service as fiduciary or its conduct of trust business. [PL 1997, c. 398, Pt. J, §2 (NEW).]

2. Closely related activities. A nondepository trust company may conduct closely related activities, as defined in section 131, subsection 6‑A and provided for in chapter 44 , except that the superintendent may exclude those activities closely related to lending and taking deposits. [PL 1997, c. 398, Pt. J, §2 (NEW).]

3. Cash deposits. A nondepository trust company may deposit cash, whether constituting principal or income, in any financial institution whether within or without this State, including any affiliated financial institution, if the account is held either in the name of the trust to which the cash belongs or in the name of the nondepository trust company and is composed entirely of cash belonging to trust accounts, the respective contributions of which are reflected in the books and records of the nondepository trust company. [PL 1997, c. 398, Pt. J, §2 (NEW).]

4. Name. A nondepository trust company may not use as a part of the name or title under which its business is conducted or in designating its business the word or words "bank," "banker" or "banking" or the plural of or any abbreviation of those words. A nondepository trust company shall include as a part of its name the word "trust" unless otherwise approved by the superintendent for good cause shown. [PL 1997, c. 398, Pt. J, §2 (NEW).]

5. Additional offices. Notwithstanding chapters 33 and 37 , a nondepository trust company may establish additional offices without the superintendent's approval. [PL 1997, c. 398, Pt. J, §2 (NEW).]
9-A M.R.S. § 6-115 — ME Code / Title 9-A / Chapter 6 / Section 6-115
9-A §6-115. Venue
Status: in_force

The administrator, through the Attorney General, may bring actions or proceedings in a court in a county or division in which an act on which the action or proceeding is based occurred or in a county or division in which respondent resides or transacts business. [PL 1973, c. 762, §1 (NEW).]
9-A M.R.S. § 9-403 — ME Code / Title 9-A / Chapter 9 / Section 9-403
9-A §9-403. Illegal, fraudulent or unconscionable conduct in attempted collection of debts
Status: in_force

1. In attempting to collect an alleged debt arising from a consumer credit transaction, a person shall not: A. Use or threaten force or violence; [PL 1987, c. 396, §12 (NEW).] B. Threaten criminal prosecution; [PL 1987, c. 396, §12 (NEW).] C. Disclose or threaten to disclose information affecting the debtor's reputation for credit worthiness with knowledge or reason to know that the information is false; [PL 1987, c. 396, §12 (NEW).] D. Communicate more than twice or threaten to communicate more than twice to the debtor's employer information concerning the existence of a debt before or after obtaining final judgment against the debtor, except as permitted by law; [PL 1987, c. 396, §12 (NEW).] E. Disclose or threaten to disclose to a person other than the debtor or the debtor's spouse information affecting the debtor's reputation, whether or not for credit worthiness, with knowledge or reason to know that the other person does not have a legitimate business need for the information, but this subsection does not prohibit the disclosure to another person of information permitted to be disclosed to that person by law; [RR 2025, c. 1, Pt. C, §60 (COR).] F. Disclose or threaten to disclose information concerning the existence of a debt known to be disputed by the debtor without disclosing that fact; [PL 1987, c. 396, §12 (NEW).] G. Claim, attempt or threaten to enforce a right that has been barred by law or a final order of the Supreme Judicial Court or a court of the United States; [PL 1987, c. 396, §12 (NEW).] H. Use a communication which simulates legal or judicial process or which gives the appearance of being authorized, issued or approved by a government, government agency or attorney-at-law when it is not; or [PL 1987, c. 396, §12 (NEW).] I. Engage in conduct in violation of a rule adopted and published by the administrator after like conduct has been restrained or enjoined by a final order of a court in a civil action by the administrator against any person pursuant to the provisions or injunctions against fraudulent or unconscionable agreements or conduct, section 6‑111 . [PL 1987, c. 396, §12 (NEW).] [RR 2025, c. 1, Pt. C, §60 (COR).]
9-B M.R.S. § 834 — ME Code / Title 9-B / Part 8 / Chapter 83 / Section 834
9-B §834. Fiscal year
Status: in_force

The fiscal year of a credit union shall end as of the close of business on the last business day of December. [PL 1975, c. 500, §1 (NEW).]
9 M.R.S. § 3201 — ME Code / Title 9 / Part 7-A / Chapter 301 / Section 3201
9 §3201. Loan companies
Status: repealed

All corporations chartered and doing business as "loan companies" pursuant to sections 3201 to 3210 as repealed on June 2, 1975 are hereby made corporations organized under Title 13‑C and such "loan companies" are subject to Title 9‑A to the extent that the activities of these companies are within the provisions of Title 9‑A . [PL 2003, c. 688, Pt. A, §10 (AMD).]
9-B M.R.S. § 467 — ME Code / Title 9-B / Part 4 / Chapter 46 / Section 467
9-B §467. Outside business interests
Status: in_force

1. Acting as broker-dealer prohibited. [PL 1997, c. 22, §20 (RP).]

2. Other outside business interests. A policy-making officer of a financial institution may not engage in, directly or indirectly, any other business or occupation without the consent of a majority of the directors, evidenced by a duly recorded resolution. [PL 1991, c. 386, §16 (AMD).]

3. Compliance. Any person described in subsections 1 or 2 who is in violation of this section on the effective date hereof shall have two years from said effective date to comply with the requirements of subsections 1 and 2 . [PL 1975, c. 500, §1 (NEW).]

4. Sale of annuities. A financial institution or a credit union authorized to do business in this State may not arrange for the sale of annuities pursuant to section 443, subsection 11 with an insurance agent if that agent is a director of the financial institution or credit union or with an agency if a director is an owner or otherwise has a financial interest in the agency. [PL 1993, c. 322, §2 (NEW).]

5. Provision of names of persons purchasing annuities. A financial institution or a credit union authorized to do business and to sell annuities in this State may not sell or provide to any individual or institution the name of any person that has purchased annuities from that financial institution or credit union. [PL 1993, c. 322, §2 (NEW).]
9-B M.R.S. § 1226 — ME Code / Title 9-B / Part 12 / Chapter 122 / Section 1226
9-B §1226. Holding companies of merchant banks
Status: in_force

If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than a merchant bank or a nondepository trust company, a holding company of a merchant bank is not subject to the provisions of chapter 101 , except for section 1013, subsection 1 and the application requirements of section 1015 relevant to section 1013, subsection 1 . [PL 1997, c. 398, Pt. J, §2 (NEW).]

If the holding company is not deemed to be a financial institution holding company under chapter 101 by virtue of controlling financial institutions other than a merchant bank, the superintendent may examine the holding company, including its subsidiaries and affiliates, to the extent necessary to determine the soundness and viability of the merchant bank. [PL 2005, c. 82, §16 (AMD).]
9-A M.R.S. § 2-401 — ME Code / Title 9-A / Chapter 2 / Section 2-401
9-A §2-401. Finance charge for consumer loans
Status: in_force

1. [PL 1987, c. 129, §38 (RP).]

2. With respect to a consumer loan, other than a loan pursuant to open-end credit, a lender may contract for and receive a finance charge calculated according to the actuarial method, not exceeding the equivalent of the following: A. The total of: (i) 30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less; (ii) 24% per year on that part of the unpaid balances of the amount financed that is more than $2,000 but does not exceed $4,000; and (iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000. [PL 1997, c. 727, Pt. B, §10 (AMD).] B. [PL 1997, c. 727, Pt. B, §10 (RP).] Notwithstanding paragraph A , with respect to a consumer loan in which the amount financed exceeds $8,000, a lender may not contract for and receive a finance charge calculated according to the actuarial method in excess of 18% per year on the entire amount of the loan. [PL 1997, c. 727, Pt. B, §10 (AMD).]

3. This section does not limit or restrict the manner of calculating the finance charge, whether by way of add-on, discount or otherwise, so long as the rate of the finance charge does not exceed that permitted by this section. If the loan is precomputed, A. The finance charge may be calculated on the assumption that all scheduled payments will be made when due; and [PL 1973, c. 762, §1 (NEW).] B. The effect of prepayment is governed by the provisions on rebate upon prepayment, section 2‑510 . [PL 1973, c. 762, §1 (NEW).] C. [PL 1987, c. 129, §40 (RP).] C. [PL 1989, c. 457, §§1, 8, 9 (RP); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).] [PL 1989, c. 457, §§1, 8, 9 (AMD); PL 1989, c. 600, Pt. B, §§7, 8 (AFF).]

4. The term of a loan for the purposes of this section commences on the date the loan is made. Differences in the lengths of months are disregarded and a day may be counted as 1/30th of a month. Subject to classifications and differentiations the lender may reasonably establish, a part of a month in excess of 15 days may be treated as a full month if periods of 15 days or less are disregarded and that procedure is not consistently used to obtain a greater yield than would otherwise be permitted. [PL 1973, c. 762, §1 (NEW).]

5. If the primary purpose of the loan is the financing of premiums on a policy or contract of insurance issued by an insurer authorized in this State to do business of the kind involved and the debt under the loan agreement is owed to a supervised lender, the term of the loan for purposes of this section commences on the inception date of the policy or contract of insurance. [PL 1973, c. 762, §1 (NEW).]

6. [PL 1997, c. 727, Pt. B, §11 (RP).]

7. Notwithstanding subsection 2 , the lender may contract for and receive a minimum charge of not more than: A. Five dollars when the amount financed does not exceed $75; [PL 1975, c. 298, §2 (NEW).] B. Fifteen dollars when the amount financed exceeds $75, but is less than $250; or [PL 1999, c. 184, §3 (AMD).] C. Twenty-five dollars when the amount financed is $250 or more. [PL 1975, c. 298, §2 (NEW).] [PL 1999, c. 184, §3 (AMD).]

8. Notwithstanding any other subsection, the finance charge on a transaction to finance or refinance the acquisition of, or secured by, manufactured housing, not involving a security interest in real estate, may not exceed the greater of the following: A. A rate 2% greater than the maximum rate established by federal regulations pursuant to the United States Code, Title 38, Section 1819(f), Veterans Housing Act of 1970, as amended, and published from time to time in the Federal Register, 38 Code of Federal Regulations, Part 36; or [PL 1987, c. 129, §43 (AMD).] B. 18% per year. [PL 1983, c. 87, §2 (NEW).] In the event that no specific maximum rate is established by federal regulation in accordance with this subsection, this subsection shall not apply. [PL 1987, c. 129, §43 (AMD).]

9. Notwithstanding any other subsection, the finance charge on an insurance premium loan may not exceed 18% per year on the unpaid balances of the amount financed, except for any minimum charge that may be allowed pursuant to subsection 7 . [PL 1985, c. 763, Pt. A, §33 (NEW).]
9-B M.R.S. § 378 — ME Code / Title 9-B / Part 3 / Chapter 37 / Section 378
9-B §378. Effective date
Status: in_force

This chapter takes effect January 1, 1997. [PL 1995, c. 628, §20 (NEW).]