Terms Used In Maine Revised Statutes > Title 20-A > Part 3 > Chapter 206 > Subchapter 2 - Accreditation

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• 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
• 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
• Deed: The legal instrument used to transfer title in real property from one person to another.
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{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}
• 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
• 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
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• 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}
• 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: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• 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
• Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
• 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: The written agreement pledging property to a creditor as collateral for a loan.
• 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
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Real estate brokerage activity: means any activity that involves offering or providing real estate brokerage services to the public, including: