Terms Used In Maine Revised Statutes Title 32 Sec. 6197

  • Contract: A legal written agreement that becomes binding when signed.
  • Foreclosed homeowner: means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure. See Maine Revised Statutes Title 32 Sec. 6192
Any provision in a contract entered into on or after the effective date of this chapter that attempts or purports to require arbitration of any dispute arising under this chapter is void at the option of the foreclosed homeowner.   [PL 2007, c. 596, §1 (NEW).]

PL 2007, c. 596, §1 (NEW).