Terms Used In Maine Revised Statutes > Title 10 > Part 3 > Chapter 211-A - Franchise Laws for Power Equipment, Machinery and Appliances

• Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
• Consumer: means a person or entity residing or domiciled in this State with a pending civil claim or action and represented by an attorney. See Maine Revised Statutes Title 9-A Sec. 12-102
• Credit sale: means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made. See Maine Revised Statutes Title 9-A Sec. 13-102
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Dealer: means a person located within this State who sells goods or solicits or advertises the sale of goods to the public. See Maine Revised Statutes Title 10 Sec. 1361
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Distributor: means a person who sells or distributes goods to dealers of those goods. See Maine Revised Statutes Title 10 Sec. 1361
• Elementary school: means that portion of a school that provides instruction in any combination of kindergarten through grade 8. See Maine Revised Statutes Title 20-A Sec. 1
• 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}
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Franchise: means an oral or written arrangement for a definite or indefinite period pursuant to which a manufacturer grants to a dealer or distributor of goods a license to use a trade name, trademark, service mark or related characteristic and in which there is a community of interest in the marketing of goods and related services at wholesale, retail, by leasing or otherwise. See Maine Revised Statutes Title 10 Sec. 1361
• Franchisee: means a person, dealer or distributor of goods located within this State to whom a franchise is offered or granted. See Maine Revised Statutes Title 10 Sec. 1361
• Franchisor: means a manufacturer who grants a franchise to a distributor or dealer of goods. See Maine Revised Statutes Title 10 Sec. 1361
• Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade as defined and interpreted in the Uniform Commercial Code, Title 11, section 1?1201, subsection (20). See Maine Revised Statutes Title 10 Sec. 1361
• Goods: means residential, recreational, agricultural, farm, commercial or business equipment, machinery or appliances that use electricity, gas, wood, a petroleum product or a derivative of a petroleum product for operation. See Maine Revised Statutes Title 10 Sec. 1361
• Immediate family member: includes stepparents, stepchildren, stepsiblings and adoptive relationships. See Maine Revised Statutes Title 9-A Sec. 13-102
• Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
• Kindergarten: means a one-year or 2-year childhood education program, for children at least 5 years of age, immediately prior to grade one. See Maine Revised Statutes Title 20-A Sec. 1
• Legal funding: means a transaction in which a company makes a cash payment to a consumer in exchange for the right to receive an amount out of the potential proceeds of any realized settlement, judgment, award or verdict the consumer may receive in a civil claim or action. See Maine Revised Statutes Title 9-A Sec. 12-102
• Litigation funding provider: means a person or entity, wherever located, that provides legal funding to a consumer. See Maine Revised Statutes Title 9-A Sec. 12-102
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under the provisions of this Title. See Maine Revised Statutes Title 9-A Sec. 13-102
• Manufacturer: means a person, partnership, firm, association, corporation or trust, resident or nonresident, who manufactures, assembles or imports goods for distribution through distributors or a partnership, firm, association, joint venture, corporation or trust, resident or nonresident, that is controlled by such an entity. See Maine Revised Statutes Title 10 Sec. 1361
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
• Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
• Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Maine Revised Statutes Title 9-A Sec. 13-102
• 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 a natural person, corporation, company, limited liability company, partnership or association. See Maine Revised Statutes Title 9-A Sec. 13-102
• Person: means a natural person, corporation, partnership, trust or other entity and, in the case of an entity, includes any other entity in which it has a majority interest or effective control as well as the individual officers, directors and other persons in active control of the activities of each entity. See Maine Revised Statutes Title 10 Sec. 1361
• Public preschool program: means a program offered by a public elementary school pursuant to chapter 203 that provides instruction to children who are 4 years of age, including but not limited to a Head Start program that is approved as a component of the public preschool program. See Maine Revised Statutes Title 20-A Sec. 1
• Public school: means a school that is governed by a school board of a school administrative unit and funded primarily with public funds. See Maine Revised Statutes Title 20-A Sec. 1
• Real estate brokerage activity: means any activity that involves offering or providing real estate brokerage services to the public, including: