Maine Revised Statutes Title 10 Sec. 1122 – Definitions
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As used in this chapter unless the context clearly indicates otherwise, the following terms shall have the following meanings. [PL 1979, c. 483 (NEW).]
1. Agreement. “Agreement” means any writing which is substantially prepared in advance of a consumer loan or consumer lease and which a supervised lender or lessor furnishes to a consumer for the consumer to sign in connection with that loan or lease.
[PL 1985, c. 763, Pt. A, §67 (AMD).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1122
- Agreement: means any writing which is substantially prepared in advance of a consumer loan or consumer lease and which a supervised lender or lessor furnishes to a consumer for the consumer to sign in connection with that loan or lease. See Maine Revised Statutes Title 10 Sec. 1122
- Amount financed: means "amount financed" as defined by Title 9?A, section 1?301, subsection 5. See Maine Revised Statutes Title 10 Sec. 1122
- Consumer: means an individual to whom a consumer loan or consumer lease is made. See Maine Revised Statutes Title 10 Sec. 1122
- Consumer lease: means a lease of goods to a consumer by a lessor for personal, family or household purposes, which is for a term exceeding 4 months and which is not made pursuant to a lender credit card. See Maine Revised Statutes Title 10 Sec. 1122
- Consumer loan: means a loan made to a consumer by a supervised lender for personal, family or household purposes, if the debt is payable in installments or a finance charge is made, including a loan made pursuant to a lender credit card. See Maine Revised Statutes Title 10 Sec. 1122
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lessor: means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the lease of personal property under a consumer lease. See Maine Revised Statutes Title 10 Sec. 1122
- Personal property: All property that is not real property.
- Supervised lender: means "supervised lender" as defined under Title 9?A, section 1?301, subsection 39. See Maine Revised Statutes Title 10 Sec. 1122
2. Amount financed. “Amount financed” means “amount financed” as defined by Title 9?A, section 1?301, subsection 5.
[PL 1979, c. 483 (NEW).]
3. Consumer. “Consumer” means an individual to whom a consumer loan or consumer lease is made.
[PL 1985, c. 763, Pt. A, §67 (AMD).]
3-A. Consumer lease. “Consumer lease” means a lease of goods to a consumer by a lessor for personal, family or household purposes, which is for a term exceeding 4 months and which is not made pursuant to a lender credit card.
[PL 1985, c. 763, Pt. A, §68 (NEW).]
4. Consumer loan. “Consumer loan” means a loan made to a consumer by a supervised lender for personal, family or household purposes, if the debt is payable in installments or a finance charge is made, including a loan made pursuant to a lender credit card.
[PL 1979, c. 483 (NEW).]
4-A. Lessor. “Lessor” means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the lease of personal property under a consumer lease.
[PL 1985, c. 763, Pt. A, §69 (NEW).]
5. Supervised lender. “Supervised lender” means “supervised lender” as defined under Title 9?A, section 1?301, subsection 39.
[PL 1979, c. 483 (NEW).]
SECTION HISTORY
PL 1979, c. 483 (NEW). PL 1985, c. 763, §§A67-69 (AMD).