Maine Revised Statutes Title 10 Sec. 1121 – Purpose
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Terms Used In Maine Revised Statutes Title 10 Sec. 1121
- Consumer: means an individual to whom a consumer loan or consumer lease is made. See Maine Revised Statutes Title 10 Sec. 1122
- 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
The purpose of this chapter is to enable the average consumer, who makes a reasonable effort under ordinary circumstances, to read and understand the terms of loan and lease documents without having to obtain the assistance of a professional. [PL 1985, c. 763, Pt. A, §66 (AMD).]
SECTION HISTORY
PL 1979, c. 483 (NEW). PL 1985, c. 763, §A66 (AMD).