Maine Revised Statutes Title 10 Sec. 1395 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 2009, c. 61, §1 (NEW).]
1. Administrator. “Administrator” means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.
[PL 2009, c. 61, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1395
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 10 Sec. 1395
- Affiliated: means a person, directly or indirectly through one or more intermediaries, who controls, is controlled by or is under common control of, another person. See Maine Revised Statutes Title 10 Sec. 1395
- Client: means the taxpayer with whom the exchange facilitator enters into an agreement described in subsection 4, paragraph A. See Maine Revised Statutes Title 10 Sec. 1395
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Exchange facilitator: means a person that does any of the following:
A. See Maine Revised Statutes Title 10 Sec. 1395Fee: means compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person or related person as defined in the United States Internal Revenue Code, Section 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property. See Maine Revised Statutes Title 10 Sec. 1395 Financial institution: means a bank, credit union, savings and loan association, savings bank or trust company or other similar depository or nondepository financial institution including an institution whose accounts are insured by the full faith and credit of the United States, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or other similar or successor programs as well as an affiliate or subsidiary of such institution. See Maine Revised Statutes Title 10 Sec. 1395 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust or any other form of legal entity, including agents and employees of a person. See Maine Revised Statutes Title 10 Sec. 1395 Prudent investor standard: means the prudent investor standard referenced in Title 18?B, Part 1, section 901, subsection 1. See Maine Revised Statutes Title 10 Sec. 1395 Trustee: A person or institution holding and administering property in trust. United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Affiliated. “Affiliated” means a person, directly or indirectly through one or more intermediaries, who controls, is controlled by or is under common control of, another person.
[PL 2009, c. 61, §1 (NEW).]
3. Client. “Client” means the taxpayer with whom the exchange facilitator enters into an agreement described in subsection 4, paragraph A.
[PL 2009, c. 61, §1 (NEW).]
4. Exchange facilitator. “Exchange facilitator” means a person that does any of the following:
A. Facilitates, for a fee, an exchange of like-kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayer’s relinquished property located in this State and transfers a replacement property to the taxpayer as a qualified intermediary as that term is defined under United States Treasury Regulation Section 1.1031(k)-1(g)(4) or enters into an agreement with the taxpayer to take title to a property in this State as an exchange accommodation titleholder as that term is defined in United States Internal Revenue Service Revenue Procedure 2000-37 or enters into an agreement with a taxpayer to act as a qualified trustee or qualified escrow holder as those terms are defined under United States Treasury Regulation Section 1.1031(k)-1(g)(3), except as provided in section 1396; [PL 2009, c. 61, §1 (NEW).]
B. Maintains an office in this State for the purpose of soliciting business as an exchange facilitator; or [PL 2009, c. 61, §1 (NEW).]
C. Purports to be an exchange facilitator by advertising any of the services listed in paragraph A or soliciting clients in printed publications, direct mail, television or radio advertisements, telephone calls, facsimile transmissions or other electronic communications directed to the general public in this State for purposes of providing any of those services. [PL 2009, c. 61, §1 (NEW).]
[PL 2009, c. 61, §1 (NEW).]
5. Fee. “Fee” means compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person or related person as defined in the United States Internal Revenue Code, Section 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property.
[PL 2009, c. 61, §1 (NEW).]
6. Financial institution. “Financial institution” means a bank, credit union, savings and loan association, savings bank or trust company or other similar depository or nondepository financial institution including an institution whose accounts are insured by the full faith and credit of the United States, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or other similar or successor programs as well as an affiliate or subsidiary of such institution.
[PL 2009, c. 61, §1 (NEW).]
7. Person. “Person” means an individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust or any other form of legal entity, including agents and employees of a person.
[PL 2009, c. 61, §1 (NEW).]
8. Prudent investor standard. “Prudent investor standard” means the prudent investor standard referenced in Title 18?B, Part 1, section 901, subsection 1.
[PL 2009, c. 61, §1 (NEW).]
SECTION HISTORY
PL 2009, c. 61, §1 (NEW).