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25,400 statutes · page 1248 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A private education lender must give a cosigner certain loan disclosures before a cosigned private education loan is extended, and must give refinancing disclosures before offering a refinancing loan.
Private education lenders must give borrowers and cosigners notice about cosigner-release criteria and applications, and they may not block cosigner release with permanent restrictions, excessive on-time-payment requirements, or negative consequences during review.
1. Notification of total and permanent disability. A private education lender, when notified of the total and permanent disability of a borrower or cosigner of a cosigned private education loan, shall release a cosigner from the
A private education lender must make certain repayment options available and disclose them on its website.
A private education lender must keep records and let the superintendent access and copy records that must be maintained under the Article.
Private education lenders are restricted from accelerating loans or changing loan terms except in payment default and, for older loans, only under specified note terms.
This section sets evidence and notice requirements for private education loan collection actions.
The superintendent may fine a person up to $25,000 for a violation of this Article, and some violations can also lead to suspension or a bar from private-education-lender roles for up to 10 years.
The superintendent may adopt rules to carry out this Article’s purposes.
This Article shall be known and may be cited as the "Maine Consumer Credit Code -- Finance Charges and Related Provisions." [PL 1973, c. 762, §1 (NEW).]
Part 2 of this Article applies to consumer credit sales. Parts 3 and 4 apply to consumer loans, including loans made by supervised lenders. Part 5 applies to other charges and modifications with respect to consumer credit transactions.
A seller in a consumer credit sale may charge finance charges only up to the limits in this section.
This section lets a creditor charge finance charges on open-end consumer credit sales, but limits how those charges are calculated and sets exceptions.
A person generally may not make supervised loans, collect or enforce rights arising from supervised loans, or service mortgage loans unless exempt or licensed by the administrator.
The administrator handles license applications for supervised loans, and applicants must follow prescribed filing rules and provide required information.
The administrator may suspend certain loan-related licenses or delay their effective date if the public interest or borrower protection requires it.
The administrator may seek suspension or revocation of a supervised-loan license in District Court, may refuse renewal for the same reasons, and may reinstate or issue a new license if the disqualifying facts no longer exist. Suspension or revocation is not lawful unless the licensee got mailed notice and an opportunit
The administrator may require licensees to file composite annual and quarterly reports about supervised loans, and report information is confidential.
A lender may not take land or home security interests for certain supervised loans above or at low finance amounts, and some prohibited security interests are void.
Certain small supervised loans must be repaid in substantially equal installments at equal intervals, unless section 3-308 applies.
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