Maine Revised Statutes, Title 9-A, § 15-103: Violations, 2021

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).]