Maine Revised Statutes Title 33 Sec. 523 – Applicability
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This subchapter applies to transactions: [PL 1999, c. 145, §1 (NEW).]
1. Purposes. That are incurred primarily for personal, family or household purposes;
[PL 1999, c. 145, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 523
- Lender: means a person regularly engaged in making loans secured by mortgages on real estate and to whom the debt is initially payable on the face of the loan documents. See Maine Revised Statutes Title 33 Sec. 522
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
- 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
2. Not open-end credit. That are not open-end credit as that term is defined in Title 9?A, section 1?301, subsection 26;
[PL 1999, c. 145, §1 (NEW).]
3. Not involving multiple advances. That do not contemplate multiple advances of funds as set forth in or required by the terms of the loan documents;
[PL 1999, c. 145, §1 (NEW).]
4. Location of lender or closing. When the lending office or branch from which the loan is made is located in this State or the loan closing occurs within this State; and
[PL 1999, c. 145, §1 (NEW).]
5. Secured by mortgages. That are secured by mortgages on real estate containing not more than 4 residential dwelling units.
[PL 1999, c. 145, §1 (NEW).]
SECTION HISTORY
PL 1999, c. 145, §1 (NEW).