§10-301. Escrow of funds Each loan broker shall place fees from consumers, other than bona fide 3rd-party fees, in an escrow account separate from any operating accounts of the business, pending completion of services offered. With respect to loan brokers offering to arrange for or obtain extensions of credit for consumers, or provide advice or […]
§10-302. Requirement for written agreement Each agreement between a consumer and a loan broker must be in writing, dated and signed by the consumer and must include the following: [PL 2005, c. 274, §8 (AMD).] 1. A full and detailed description of the services to be performed for the consumer, including all guarantees and […]
§10-303-A. Good faith and fair dealing 1. A loan broker shall, in addition to duties imposed by other statutes or at common law: A. Act in good faith and with fair dealing in any transaction, practice or course of business in connection with the brokering or making of any mortgage loan; [PL 2007, […]
§10-303. Requirement for written disclosure Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following: [PL 2005, c. 274, §10 (AMD).] 1. The existence and purpose of the surety […]
§10-304. Advertising 1. A loan broker may not engage in this State in false or misleading advertising concerning the terms and conditions of any services or assistance offered. [PL 2005, c. 274, §11 (AMD).] 2. This section imposes no liability on the owner or personnel of any medium in which an advertisement appears or […]
§10-305. Rulemaking The administrator may adopt reasonable rules pursuant to the Maine Administrative Procedure Act, Title 5, chapter 375, and in accordance with this article governing loan brokers. [PL 2005, c. 274, §12 (AMD).] SECTION HISTORY PL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §12 (AMD).
§10-306. Privacy of consumer financial information A loan broker 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 […]
§10-307-A. Application of truth in lending limits A loan broker and its mortgage loan originators shall comply with the provisions of the Federal Truth in Lending provisions of Article 8‑A and any rules adopted in accordance with that Article. [PL 2011, c. 427, Pt. A, §16 (NEW).] SECTION HISTORY PL 2011, c. 427, Pt. […]
§10-307. Real estate settlement procedures A loan broker and its mortgage loan originators shall comply with the provisions of 12 United States Code, Section 2601 et seq., the federal Real Estate Settlement Procedures Act of 1974 and its implementing regulation, Regulation X, 12 Code of Federal Regulations, Section 1024.1 et seq. [PL 2013, c. […]
§10-308. False information on application for credit A loan broker or any mortgage loan originator of a loan broker may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a loan broker or mortgage loan originator of a loan broker knowingly falsify such information on […]
§10-309. Rate locks If a loan broker collects a fee from a consumer to lock in a certain interest rate for a certain length of time, that loan broker shall: [PL 2007, c. 273, Pt. A, §33 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).] 1. Take steps that are necessary to actually […]
§10-310. Requirements related to refund anticipation loan and refund anticipation check 1. A facilitator of a refund anticipation loan or refund anticipation check shall make the following disclosures in accordance with this section. A. A facilitator of a refund anticipation loan or refund anticipation check shall prominently display a schedule showing the current fees […]
