§ 6191 Short title
§ 6192 Definitions
§ 6193 License required; license requirements; fees
§ 6194 Contract requirements
§ 6195 Cancellation
§ 6196 Waiver
§ 6197 Liability
§ 6198 Prohibited practices
§ 6199 Enforcement
§ 6200 Rulemaking

Terms Used In Maine Revised Statutes > Title 32 > Chapter 80-B - Foreclosure Purchasers

  • Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation, except that "administrator" means the Superintendent of Financial Institutions with regard to a supervised financial organization as defined in Title 9?A, section 1?301, subsection 38?A. See Maine Revised Statutes Title 32 Sec. 6192
  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • 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
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • Arrest: Taking physical custody of a person by lawful authority.
  • Board: means the Workers' Compensation Board created by section 151 and includes a designee of the board. See Maine Revised Statutes Title 39-A Sec. 102
  • Bona fide purchaser: means any person acting in good faith who:  
A. See Maine Revised Statutes Title 32 Sec. 6192
  • Community: means the area within a 75-mile radius of an employee's residence or the actual distance from an employee's normal work location to the employee's residence at the time of an employee's injury, whichever is greater. See Maine Revised Statutes Title 39-A Sec. 102
  • Consideration: means any payment or thing of value provided to the foreclosed homeowner, including payment of or forgiveness of unpaid rent or contract for deed, land installment contract or bond for deed payments owed by the foreclosed homeowner prior to the date of eviction or voluntary relinquishment of the property, reasonable costs paid to 3rd parties necessary to complete the foreclosure reconveyance transaction, payment of money to satisfy a debt or legal obligation of the foreclosed homeowner or the reasonable cost of repairs for damage to the dwelling caused by the foreclosed homeowner. See Maine Revised Statutes Title 32 Sec. 6192
  • Court reporter: A person who makes a word-for-word record of what is said in court and produces a transcript of the proceedings upon request.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Employee: includes officials of the State and officials of counties, cities, towns, water districts and all other quasi-public corporations of a similar character, every duly elected or appointed executive officer of a private corporation other than a charitable, religious, educational or other nonprofit corporation, and every person in the service of another under any contract of hire, express or implied, oral or written, except:  
    (1) Persons engaged in maritime employment or in interstate or foreign commerce who are within the exclusive jurisdiction of admiralty law or the laws of the United States, except that this section may not be construed to exempt from the definition of "employee" a person who is employed by the State and is thereby barred by the State's sovereign immunity from bringing a claim against that person's employer under admiralty law or other laws of the United States for claims that are otherwise cognizable under this Act;  
    (2) Firefighters, including volunteer firefighters who are active members of a volunteer fire association as defined in Title 30?A, section 3151; volunteer emergency medical services persons as defined in Title 32, section 83, subsection 12; and police officers are employees within the meaning of this Act. See Maine Revised Statutes Title 39-A Sec. 102
  • employer: includes :  
  • A. See Maine Revised Statutes Title 39-A Sec. 102
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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 market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • 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
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Foreclosure purchaser: means a person acting as the acquirer in a foreclosure reconveyance. See Maine Revised Statutes Title 32 Sec. 6192
  • Foreclosure reconveyance: means a transaction involving:  
  • A. See Maine Revised Statutes Title 32 Sec. 6192
  • Insurance company: means any casualty insurance company or association authorized to do business in this State that may issue policies conforming to subsection 19 and includes the Maine Employers' Mutual Insurance Company. See Maine Revised Statutes Title 39-A Sec. 102
  • interest: includes , but is not limited to, an interest in a contract for deed, a land installment contract, a bond for deed, a purchase agreement, an option to purchase or a lease. See Maine Revised Statutes Title 32 Sec. 6192
  • professional corporation: means a domestic or foreign professional corporation as defined in Title 13, section 723. See Maine Revised Statutes Title 39-A Sec. 102
  • Rate: means the cost of insurance per exposure unit, whether expressed as a single number or as a prospective loss cost with an adjustment to account for the treatment of expenses, profit, and individual insurer variation in loss experience, prior to any application of individual risk variation based on loss or expense considerations, and not including minimum premium. See Maine Revised Statutes Title 24-A Sec. 2302-A
  • 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
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Remand: When an appellate court sends a case back to a lower court for further proceedings.
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Representatives: includes executors and administrators. See Maine Revised Statutes Title 39-A Sec. 102
  • Resale: means a bona fide market sale of a property subject to a foreclosure reconveyance by a foreclosure purchaser to an unaffiliated 3rd party. See Maine Revised Statutes Title 32 Sec. 6192
  • Resale price: means the gross sale price of a property upon resale. See Maine Revised Statutes Title 32 Sec. 6192
  • Residence in foreclosure: means residential real property consisting of one- to 4-family dwelling units, one of which the owner occupies as the owner's principal place of residence, when there is a delinquency or default on any loan payment or debt secured by or attached to the residential real property, including, but not limited to, a contract for deed, land installment contract or bond for deed, land installment contract or bond for deed payments. See Maine Revised Statutes Title 32 Sec. 6192
  • 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
  • Subpoena: A command to a witness to appear and give testimony.
  • Supplementary rating information: means any manual or plan of rates, classification rating schedule, minimum premium, policy fee, rating rule, underwriting rule, statistical plan and any other similar information needed to determine the applicable rate in effect or to be in effect. See Maine Revised Statutes Title 24-A Sec. 2302-A
  • Supporting information: means :  
  • A. See Maine Revised Statutes Title 24-A Sec. 2302-A
  • Testify: Answer questions in court.
  • 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