Maine Revised Statutes Title 33 Sec. 506 – Undocumented mortgage agreements
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Terms Used In Maine Revised Statutes Title 33 Sec. 506
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
In a residential mortgage loan closing, a buyer, seller or settlement agent may not knowingly be a party to a financial or other arrangement not reflected in the loan settlement statement if the effect of that arrangement is to substantially overstate the contract sales price. Any violation of this section constitutes a violation of the Maine Unfair Trade Practices Act. [PL 2005, c. 161, §1 (NEW).]
Revisor’s Note: §506. Disclosure regarding private mortgage insurance (As enacted by PL 2005, c. 211, §1 is REALLOCATED TO TITLE 33, SECTION 507)
SECTION HISTORY
RR 2005, c. 1, §16 (RAL). PL 2005, c. 161, §1 (NEW). PL 2005, c. 211, §1 (NEW).