reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-116. Receipts and accounts

§11-116. Receipts and accounts
A merchant shall furnish the consumer a written receipt for each payment made in cash or by any other method of payment that does not provide evidence of payment when any such payment is made in person during normal working hours. The merchant shall provide the consumer with a written statement of account within 7 days of the consumer's request.   [PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-117. Renegotiations and extensions

§11-117. Renegotiations and extensions
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).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-118. Advertising and point-of-sale disclosure

§11-118. Advertising and point-of-sale disclosure
1.
An advertisement for a rental-purchase agreement that refers to or states the dollar amount of any payment for a specific item must state clearly and conspicuously:
A. That the transaction advertised is a rental-purchase agreement;   [PL 1991, c. 787 (NEW).]
B. The rental-purchase cost; and   [PL 2001, c. 287, §17 (AMD).]
C. That the consumer does not acquire ownership rights until the total of payments to acquire ownership is paid.   [PL 2001, c. 287, §17 (AMD).]
[PL 2001, c. 287, §17 (AMD).]
2.
For any item of property displayed or offered for rental-purchase, the merchant shall display a point-of-rental placard. The point-of-rental placard must disclose the rental payment amount and, in numerals and lettering at least as prominent as the rental payment amount, the following:
A. The number of rental payments necessary to acquire ownership of the item and the rental period;   [PL 2001, c. 287, §17 (AMD).]
B. The rental-purchase cost of the item; and   [PL 2001, c. 287, §17 (AMD).]
C. Whether the item is new or used.   [PL 2001, c. 287, §17 (NEW).]
Labeling a new item as used is not a violation of this Article.
[PL 2001, c. 287, §17 (AMD).]
3.
An owner or the personnel of a medium in which an advertisement appears or through which an advertisement is disseminated is not liable under this section.
[PL 1991, c. 787 (NEW).]
4.
A merchant may make the disclosures required by subsection 2 in the form of a list or catalog that is readily available to the consumer if the property is not displayed in the merchant's showroom or if displaying a point-of-rental placard would be impractical due to the size of the property.
[PL 2001, c. 287, §17 (NEW).]
This section does not apply to an advertisement that does not refer to or state the amount of any payment.   [PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW). PL 2001, c. 287, §17 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-120. Enforcement; penalties

§11-120. Enforcement; penalties
A merchant who violates this Article or any rule issued by the administrator is subject to the following:   [PL 1991, c. 787 (NEW).]
1.
After notice and hearing, a cease and desist order and order of restitution from the administrator;
[PL 1991, c. 787 (NEW).]
2.
A civil action, by the administrator through the Attorney General, after which a court, upon a finding of repeated or willful violations or of violation of an assurance of discontinuance, may assess a civil penalty of not more than $5,000; and
[PL 1991, c. 787 (NEW).]
3.
A civil action by an aggrieved consumer in which the consumer may recover actual damages or $250, whichever is greater, plus costs of the action and reasonable attorney's fees.
[PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-121. Effective date

§11-121. Effective date
This Article takes effect January 1, 1993.   [PL 1991, c. 787 (NEW).]
SECTION HISTORY
PL 1991, c. 787 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 11: RENTAL-PURCHASE PRACTICES › 9-A §11-122. Privacy of consumer financial information

§11-122. Privacy of consumer financial information
A merchant who enters into a rental-purchase agreement with a consumer shall comply with the provisions of the federal Gramm-Leach-Bliley Act, 15 United States Code, Section 6801 et seq. (1999) and the applicable implementing federal Privacy of Consumer Information regulations, as adopted by the Office of the Comptroller of the Currency, 12 Code of Federal Regulations, Part 40 (2001); the Board of Governors of the Federal Reserve System, 12 Code of Federal Regulations, Part 216 (2001); the Federal Deposit Insurance Corporation, 12 Code of Federal Regulations, Part 332 (2001); the Office of Thrift Supervision, 12 Code of Federal Regulations, Part 573 (2001); the National Credit Union Administration, 12 Code of Federal Regulations, Part 716 (2001); the Federal Trade Commission, 16 Code of Federal Regulations, Part 313 (2001); or the Securities and Exchange Commission, 17 Code of Federal Regulations, Part 248 (2001), if the merchant is a financial institution as defined in those regulations. This section is not intended to permit the release of health care information except as permitted by Title 22, section 1711‑C or Title 24‑A, chapter 24. This section does not apply to a supervised financial organization.   [PL 2001, c. 262, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 2001, c. 262, §A4 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 12: LEGAL FUNDING PRACTICES › 9-A §12-101. Short title

§12-101. Short title
This article may be known and cited as "the Maine Consumer Credit Code Legal Funding Practices."   [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 12: LEGAL FUNDING PRACTICES › 9-A §12-102. Definitions

§12-102. Definitions
As used in this article, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
1.
"Consumer" means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
2.
"Legal funding" means a transaction in which a company makes a cash payment to a consumer in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award or verdict the consumer may receive in a civil claim or action. If no proceeds in the civil claim or action are received, the consumer is not required to pay the company.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3.
"Litigation funding provider" means a person or entity, wherever located, that provides legal funding to a consumer.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 12: LEGAL FUNDING PRACTICES › 9-A §12-103. Application of law

§12-103. Application of law
1.
This article does not apply to an advance made by a consumer's attorney to pay for expenses related to preparation for trial.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
2.
Legal funding that is made pursuant to this article is not a consumer credit transaction as defined in section 1‑301, subsection 12.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3.
An advance made to a consumer other than pursuant to the terms of this article is a supervised loan as defined in section 1‑301, subsection 40.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 12: LEGAL FUNDING PRACTICES › 9-A §12-105. Fee requirements

§12-105. Fee requirements
1.
A litigation funding provider may not assess fees for any period exceeding 42 months from the date of the contract with the civil litigant.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
2.
Fees assessed by a litigation funding provider may compound semiannually but may not compound based on any lesser time period.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3.
In calculating the annual percentage fee or rate of return, a litigation funding provider must include all charges payable directly or indirectly by the consumer, and must compute the rate based only on amounts actually received and retained by a consumer.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
SECTION HISTORY
PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 12: LEGAL FUNDING PRACTICES › 9-A §12-107. Powers and functions of the administrator

§12-107. Powers and functions of the administrator
1.
The powers and functions of the administrator are as set forth in Article 6, except that references to "consumer credit transactions" in Article 6 are considered to be references to advances made pursuant to legal funding.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
2.
The administrator shall maintain a list of all registered companies and make that list available to consumers, attorneys and others on a publicly accessible website.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
3.
The administrator shall require a litigation funding provider registered pursuant to section 12‑106 to annually submit certain data, in a form and manner acceptable to the administrator, regarding the number of legal fundings, the amount of legal fundings, the number of legal fundings required to be repaid by the consumer and the amount charged to the consumer, including but not limited to the annual percentage fee charged to the consumer and the itemized fees charged to the consumer.
[PL 2007, c. 394, §1 (NEW); PL 2007, c. 394, §3 (AFF).]
4.
[PL 2021, c. 245, Pt. C, §1 (RP).]
SECTION HISTORY
PL 2007, c. 394, §1 (NEW). PL 2007, c. 394, §3 (AFF). PL 2021, c. 245, Pt. C, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-101. Short title

§13-101. Short title
This Article may be known and cited as "the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009."   [PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-105. Issuance of license

§13-105. Issuance of license
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).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-106. Prelicensing education for mortgage loan originators

§13-106. Prelicensing education for mortgage loan originators
1.  Minimum education requirements.
In order to meet the prelicensing education requirement set forth in section 13‑105, subsection 4, a person must complete at least 20 hours of education approved in accordance with subsection 2.
A. [PL 2013, c. 466, §8 (RP).]
B. [PL 2013, c. 466, §8 (RP).]
C. [PL 2013, c. 466, §8 (RP).]
[PL 2013, c. 466, §8 (AMD).]
2.  Approved education courses.
For purposes of subsection 1, prelicensing education courses must be reviewed and approved by the nationwide mortgage licensing system and registry based on reasonable standards. Review and approval of a prelicensing education course must include 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 prelicensing education course, as approved by the nationwide mortgage licensing system and registry, that is provided by the employer of the applicant or an entity that is affiliated with the applicant 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.
Prelicensing 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.  Reciprocity of education.
The completion of the prelicensing 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 prelicensing education requirements in this State.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
6.  Relicensing education requirements.
A person previously licensed under this Article who applies to be licensed again must prove that that person has completed all of the continuing education requirements for the year in which the license was last held.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2013, c. 466, §8 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-107. Testing of mortgage loan originators

§13-107. Testing of mortgage loan originators
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).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2013, c. 466, §9 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-108. Standards for license renewal

§13-108. Standards for license renewal
1.  Minimum standards.
The minimum standards for license renewal for mortgage loan originators include the following:
A. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13‑105, subsections 1 to 5;   [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. The mortgage loan originator has satisfied the annual continuing education requirements described in section 13‑109; and   [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. The mortgage loan originator has paid all required fees for renewal of the license.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2.  Failure to satisfy minimum standards of license renewal.
If a mortgage loan originator fails to satisfy the minimum standards for license renewal, that individual's license expires. The administrator may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-109. Continuing education for mortgage loan originators

§13-109. Continuing education for mortgage loan originators
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).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2013, c. 466, §§10-13 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-110. Authority to require license

§13-110. Authority to require license
In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry out this requirement, the administrator is authorized to participate in the nationwide mortgage licensing system and registry. For this purpose, the administrator may establish, by rule or order, requirements as necessary, including but not limited to:   [PL 2009, c. 362, Pt. B, §1 (NEW).]
1.  Background checks.
Background checks for:
A. Criminal history through fingerprint or other databases;   [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. Civil or administrative records;   [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. Credit history; or   [PL 2009, c. 362, Pt. B, §1 (NEW).]
D. Any other information determined necessary by the nationwide mortgage licensing system and registry;   [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2.  Fees.
The payment of fees to apply for or renew licenses through the nationwide mortgage licensing system and registry, that fee being initially established in the amount of $20 to the administrator at application and $20 for renewal, subject to adjustment pursuant to rule or order as set forth under this section. Renewal applications received after the due date are subject to an additional fee of $100;
[PL 2013, c. 466, §14 (AMD).]
3.  Dates.
The setting or resetting as necessary of renewal or reporting dates; and
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4.  Other requirements.
Other requirements for amending or revoking a license or any other such activities as the administrator considers necessary for participation in the nationwide mortgage licensing system and registry.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2011, c. 427, Pt. B, §20 (AMD). PL 2013, c. 466, §14 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-111. Nationwide mortgage licensing system and registry information challenge process

§13-111. Nationwide mortgage licensing system and registry information challenge process
The administrator shall establish a process by which mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the administrator.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-113. Surety bond or minimum net worth requirements

§13-113. Surety bond or minimum net worth requirements
Mortgage loan originators must comply with either subsection 1 or subsection 2.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
1.  Surety bond.
Unless in compliance with subsection 2, a mortgage loan originator must be covered by a surety bond in accordance with this subsection.
A. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Article, the surety bond of that person subject to this Article can be used in lieu of the mortgage loan originator’s surety bond requirement.
(1) The surety bond must provide coverage for each mortgage loan originator in an amount prescribed in paragraph B.
(2) The surety bond must be in a form prescribed by the administrator.
(3) The administrator may adopt rules with respect to the requirements for surety bonds necessary to accomplish the purposes of this Article.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. The penal sum of the surety bond must be maintained in an amount established by rule.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
C. When an action is commenced on a licensee's bond, the administrator may require the filing of a new bond.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
D. Immediately on recovery upon any action on the bond the licensee shall file a new bond.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2.  Minimum net worth.
Unless in compliance with subsection 1, a minimum net worth must be continuously maintained for mortgage loan originators in accordance with this subsection and section 13‑105, subsection 6. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to this Article, the net worth of that person subject to this Article can be used in lieu of the mortgage loan originator’s minimum net worth requirement.
A. Minimum net worth must be maintained in an amount determined by the administrator.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. The administrator may adopt rules with respect to the requirements for minimum net worth necessary to accomplish the purposes of this Article.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-114. Confidentiality

§13-114. Confidentiality
1.  Protections.
Notwithstanding any provision of law to the contrary and except as otherwise provided in federal Public Law 110-289, Section 1512, the requirements under any federal or state law regarding the privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, continue to apply to that information or material after the information or material has been disclosed to the nationwide mortgage licensing system and registry. That information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or state law.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
2.  Agreements and sharing arrangements.
The administrator is authorized to enter agreements or sharing arrangements with other governmental agencies, a national organization dedicated to advancing the state banking system, a national association of residential mortgage regulators or other associations representing governmental agencies as established by rule or order of the administrator.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
3.  Nonapplicability of certain requirements.
Information or material that is subject to a privilege or confidentiality under subsection 1 is not subject to:
A. Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the Federal Government or the respective state; or   [PL 2009, c. 362, Pt. B, §1 (NEW).]
B. Subpoena, discovery or admission into evidence in any private civil action or administrative process, unless with respect to a privilege held by the nationwide mortgage licensing system and registry regarding that information or material, the person to whom such information or material pertains waives, in whole or in part, that privilege.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
[PL 2009, c. 362, Pt. B, §1 (NEW).]
4.  Public access to information.
This section does not apply to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the nationwide mortgage licensing system and registry for access by the public.
[PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-117. Report to nationwide mortgage licensing system and registry

§13-117. Report to nationwide mortgage licensing system and registry
The administrator shall regularly report violations of this Article, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-118. Unique identifier shown

§13-118. Unique identifier shown
The unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or publicly accessible websites and any other documents as established by rule or order of the administrator.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-119. Rulemaking

§13-119. Rulemaking
Rules adopted pursuant to this Article are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2009, c. 362, Pt. B, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 13: MAINE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009 › 9-A §13-120. Effective date

§13-120. Effective date
This Article takes effect January 1, 2011.   [PL 2009, c. 497, §1 (AMD).]
SECTION HISTORY
PL 2009, c. 362, Pt. B, §1 (NEW). PL 2009, c. 497, §1 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-101. Short title

§14-101. Short title
This Article may be known and cited as "the Student Loan Bill of Rights."   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-102. Applicability

§14-102. Applicability
This Article applies to a person who acts as a student loan servicer in this State, except that this Article does not apply to a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1, to a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or to a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-103. Definitions

§14-103. Definitions
As used in this Article, unless the context otherwise indicates, the following terms have the following meanings.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
1.  Servicing.
"Servicing" means:
A. Receiving any scheduled periodic payments from a student loan borrower or notification of such payments and applying the payments to the student loan borrower's account pursuant to the terms of a student education loan or to the terms of the contract governing the servicing of the student education loan;   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
B. During a period when a payment is not required on a student education loan, maintaining account records for a student education loan and communicating with a student loan borrower regarding the loan on behalf of the loan's holder; or   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
C. Interactions with a student loan borrower, including activities to help prevent default on obligations arising from student education loans, conducted to facilitate any of the activities described in paragraph A or B.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
2.  Student education loan.
"Student education loan" means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or other school-related expenses and does not include open-ended credit or any loan that is secured by real property.
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
3.  Student loan borrower.
"Student loan borrower" means:
A. A resident of this State who has received or agreed to pay a student education loan; or   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
B. A person who shares legal responsibility with a resident under paragraph A for repaying the student education loan.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
4.  Student loan servicer.
"Student loan servicer" means a person, wherever located, responsible for the servicing of a student education loan to a student loan borrower. "Student loan servicer" does not include a supervised financial organization or a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1, a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company.
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
5.  Superintendent.
"Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-105. Annual report

§14-105. Annual report
The superintendent shall submit a report by January 1st of each year to the joint standing committees of the Legislature having jurisdiction over education and cultural affairs and insurance and financial services matters. The report must include:   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
1.  Implementation.
A description of actions taken with respect to the implementation of this Article;
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
2.  Effectiveness.
An assessment of the overall effectiveness of the student loan ombudsman, including information, in the aggregate, regarding student loan borrower complaints investigated with the assistance of an organization that is exempt from this Article pursuant to section 14‑107, subsection 1;
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
3.  Funding.
An accounting of the funding for the program, including the license, examination and investigation fees collected pursuant to this Article, and whether those funds are adequate for or are in excess of the costs of carrying out the duties of this Article; and
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
4.  Additional steps.
Recommendations regarding additional steps for the Department of Professional and Financial Regulation to gain regulatory control over licensing and enforcement with respect to student loan servicers.
[PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
5.  Additional steps.
[PL 2021, c. 293, Pt. A, §14 (RP).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF). PL 2021, c. 293, Pt. A, §14 (AMD).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-106. Assistance by exempt organization; report

§14-106. Assistance by exempt organization; report
An exempt organization that is requested by the student loan ombudsman to provide assistance pursuant to section 14‑104, subsection 8 shall provide, in a timely manner, the information requested by the ombudsman necessary to investigate and resolve a student loan borrower complaint, including the steps taken by the exempt organization to resolve the complaint, or, on its own, shall resolve, in a timely manner, the complaint and provide the ombudsman with documentation regarding the resolution. Annually, an exempt organization that is involved in the resolution of a complaint pursuant to this section shall report to the ombudsman the number of complaints received and the number of complaints resolved by the exempt organization. For purposes of this section, "exempt organization" means the Finance Authority of Maine and financial institutions exempt from this Article pursuant to section 14‑107, subsection 1.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-110. Compliance with federal law

§14-110. Compliance with federal law
A student loan servicer shall comply with all applicable federal laws and regulations relating to student education loan servicing, including, but not limited to, the federal Truth in Lending Act, 15 United States Code, Sections 1601 to 1667f (2010), as amended, and the regulations adopted pursuant to that Act. In addition to any other remedies provided by law, a violation of that Act or regulations adopted pursuant to that Act is a violation of this section and a basis upon which the superintendent may take enforcement action pursuant to this Article.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 14: STUDENT LOAN BILL OF RIGHTS › 9-A §14-111. Funding

§14-111. Funding
The superintendent shall internally track any license, examination and investigation fees collected pursuant to this Article and any funds received from any public or private source. The superintendent shall use these funds to cover the costs of carrying out the duties of this Article, and funds received may not be used for any other purpose.   [PL 2019, c. 431, §2 (NEW); PL 2019, c. 431, §4 (AFF).]
SECTION HISTORY
PL 2019, c. 431, §2 (NEW). PL 2019, c. 431, §4 (AFF).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 15: PRIVATE STUDENT LENDER REGISTRY › 9-A §15-101. Definitions

§15-101. Definitions
As used in this Article, unless the context indicates otherwise, the following terms have the following meanings.   [PL 2021, c. 357, §1 (NEW).]
1.  Provider of postsecondary education.
"Provider of postsecondary education" means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a person located in the State. "Provider of postsecondary education" also includes a person not authorized to operate as and not accredited as a postsecondary educational institution in the State.
[PL 2021, c. 357, §1 (NEW).]
2.  Student financing.
"Student financing" means an extension of credit or a debt or obligation owned or incurred by a student, contractual or otherwise, that:
A. Is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV; and   [PL 2021, c. 357, §1 (NEW).]
B. Is extended to or owned or incurred by a student expressly for postsecondary education expenses regardless of whether the extension of credit or a debt or obligation owned or incurred is provided by or owed to the provider of postsecondary education that the student attends.   [PL 2021, c. 357, §1 (NEW).]
"Student financing" does not include a loan secured by real property or a dwelling.
[PL 2021, c. 357, §1 (NEW).]
3.  Student financing company.
"Student financing company" means a person engaged in the business of making or extending credit to a student for postsecondary education expenses or a holder of debt or obligation owned or incurred by a student to finance postsecondary education expenses. "Student financing company" does not include a supervised financial organization; a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1; a mutual holding company as defined in Title 9‑B, section 1052, subsection 2; a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; or the Finance Authority of Maine. Only to the extent that state regulation is preempted by federal law, "student financing company" does not include:
A. A federally chartered bank, savings bank, savings and loan association or credit union;   [PL 2021, c. 357, §1 (NEW).]
B. A wholly owned subsidiary of a federally chartered bank or credit union; or   [PL 2021, c. 357, §1 (NEW).]
C. An operating subsidiary of a wholly owned subsidiary of a federally chartered bank or credit union in which each owner of the operating subsidiary is wholly owned by the same federally chartered bank or credit union.   [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
4.  Superintendent.
"Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 15: PRIVATE STUDENT LENDER REGISTRY › 9-A §15-102. Private student lender registry

§15-102. Private student lender registry
1.  Private student lender registry.
A person may not engage in the business of student financing as a student financing company in the State unless the person:
A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and   [PL 2021, c. 357, §1 (NEW).]
B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year:
(1) A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State;
(2) The number of student financing transactions made to students residing in the State;
(3) The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1);
(4) The default rate for a student obtaining student financing from the person; and
(5) A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing.   [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
2.  Publicly accessible website.
By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis:
A. The name, address, telephone number and website address for each student financing company registered under this section;   [PL 2021, c. 357, §1 (NEW).]
B. A summary of the information required under subsection 1, paragraph B, subparagraphs (1) to (4); and   [PL 2021, c. 357, §1 (NEW).]
C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B, subparagraph (5).   [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 15: PRIVATE STUDENT LENDER REGISTRY › 9-A §15-103. Violations

§15-103. Violations
1.  Fine.
The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15‑104 is a separate offense for the purposes of this section.
[PL 2021, c. 357, §1 (NEW).]
2.  Suspended from operating in State.
If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years.
[PL 2021, c. 357, §1 (NEW).]
3.  Crime.
A violation of this Article is a Class E crime.
[PL 2021, c. 357, §1 (NEW).]
4.  Private right of action.
A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following:
A. Actual damages or $500, whichever is greater;   [PL 2021, c. 357, §1 (NEW).]
B. An order enjoining the methods, acts or practices;   [PL 2021, c. 357, §1 (NEW).]
C. Restitution of property;   [PL 2021, c. 357, §1 (NEW).]
D. Punitive damages;   [PL 2021, c. 357, §1 (NEW).]
E. Attorney's fees; and   [PL 2021, c. 357, §1 (NEW).]
F. Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable.   [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
5.  Remedies.
Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law.
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).
2023 Maine Revised Statutes › TITLE 9-A: MAINE CONSUMER CREDIT CODE › Article 15: PRIVATE STUDENT LENDER REGISTRY › 9-A §15-104. Rules

§15-104. Rules
The superintendent may adopt rules to carry out the purposes of this Article. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A.   [PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).