Maine Revised Statutes > Title 10 > Part 3 > Chapter 208-B – Farm Machinery, Forestry Equipment, Construction Equipment and Industrial Equipment Dealerships


§ 1285	Definitions
§ 1286	Usage of trade
§ 1287	Notice of termination of dealer agreements
§ 1288	Supplier’s duty to repurchase
§ 1289	Repurchase terms
§ 1290	Exceptions to repurchase requirement
§ 1291	Transfer of business
§ 1292	Uniform commercial practice
§ 1293	Warranty obligations
§ 1293-A	Prohibited acts
§ 1294	Remedies
§ 1295	Management
§ 1296	Waiver of chapter void
§ 1297	Applicability
§ 1298	Reasonableness and good faith

Terms Used In Maine Revised Statutes > Title 10 > Part 3 > Chapter 208-B - Farm Machinery, Forestry Equipment, Construction Equipment and Industrial Equipment Dealerships

Adjusted gross sports wagering receipts: means an operator's gross receipts from sports wagering less the total of all winnings paid to patrons, which includes the cash equivalent of any merchandise or thing of value awarded as a prize, and less excise tax payments remitted to the Federal Government. See Maine Revised Statutes Title 8 Sec. 1202
Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. ^{Source: FDIC}
Appraisal: A determination of property value.
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
Board of directors: means the governing body with statutory powers and duties for a school administrative district. See Maine Revised Statutes Title 20-A Sec. 1
Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
Current net price: means the price listed in the supplier's price list or catalog in effect at the time the dealer agreement is terminated, less any applicable discounts allowed. See Maine Revised Statutes Title 10 Sec. 1285
Dealer: means a person, corporation or partnership primarily engaged in the business of retail sales of farm and utility tractors, forestry equipment, industrial equipment, construction equipment, farm implements, farm machinery, yard and garden equipment, attachments, accessories and repair parts. See Maine Revised Statutes Title 10 Sec. 1285
Dealer agreement: means a written or oral contract or agreement between a dealer and a wholesaler, manufacturer or distributor by which the dealer is granted the right to sell or distribute goods or services or to use a trade name, trademark, service mark, logotype or advertising or other commercial symbol. See Maine Revised Statutes Title 10 Sec. 1285
Department: means the Department of Public Safety. See Maine Revised Statutes Title 8 Sec. 1202
Director: means the director of the Gambling Control Unit within the department. See Maine Revised Statutes Title 8 Sec. 1202
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
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}
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
Inventory: means farm, forestry, utility or industrial equipment, construction equipment, implements, machinery, yard and garden equipment, attachments or repair parts. See Maine Revised Statutes Title 10 Sec. 1285
License: means any license applied for or issued by the director under this chapter, including, but not limited to:

A. See Maine Revised Statutes Title 8 Sec. 1202

Lien: A claim against real or personal property in satisfaction of a debt.

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Membership: means active participation in the program of a school from the date of enrollment to the time the student withdraws or is absent from the school for 10 consecutive days for reasons other than illness. See Maine Revised Statutes Title 20-A Sec. 15001

Mobile operator: means a mobile sports wagering licensee under subsection 7, paragraph B. See Maine Revised Statutes Title 8 Sec. 1202

Month: means a calendar month. See Maine Revised Statutes Title 1 Sec. 72

Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}

Net cost: means the price the dealer paid the supplier for the inventory, less all applicable discounts allowed, plus the amount the dealer paid for freight costs from the supplier's location to the dealer's location, plus reasonable cost of assembly or disassembly performed by the dealer. See Maine Revised Statutes Title 10 Sec. 1285

Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) ^{Source: OCC}

Operator: includes a facility operator and a mobile operator. See Maine Revised Statutes Title 8 Sec. 1202

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.

Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1

Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.

Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). ^{Source: OCC}

School board: means the governing body with statutory powers and duties for a school administrative unit. See Maine Revised Statutes Title 20-A Sec. 1

Single-line dealer: means a person, corporation or partnership engaged in retail sales that:

A. See Maine Revised Statutes Title 10 Sec. 1285

Sports event: means any professional sports or athletic event, collegiate sports or athletic event or amateur sports or athletic event, including but not limited to an Olympic or international sports or athletic event, a motor vehicle race or an electronic sports event, commonly referred to as "e-sports. See Maine Revised Statutes Title 8 Sec. 1202

Sports governing body: means an organization that is headquartered in the United States and prescribes final rules and enforces codes of conduct with respect to a sports event and participants in the sports event. See Maine Revised Statutes Title 8 Sec. 1202

Sports wagering: means the business of accepting wagers on sports events or portions of sports events, the individual performance statistics of athletes in a sports event or a combination of any of the same by any system or method of wagering approved by the director, including, but not limited to, in person on the property of a facility operator or via a mobile operator's mobile applications and digital platforms that use communications technology to accept wagers. See Maine Revised Statutes Title 8 Sec. 1202

Supplier: means a wholesaler, manufacturer or distributor of inventory as defined in this chapter who enters into a dealer agreement with a dealer. See Maine Revised Statutes Title 10 Sec. 1285

Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}

Wager: means a sum of money or thing of value risked on an uncertain occurrence. See Maine Revised Statutes Title 8 Sec. 1202