Maine Revised Statutes Title 33 Sec. 526 – Penalty
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1. Consumer remedies. A lender or settlement agent who violates any provision of this subchapter and causes actual damage to a consumer is subject to a civil action by the aggrieved consumer in which the consumer has the right to recover the greater of actual damages in an amount determined by the court or, except as provided in subsection 2, an amount determined by the court not less than $250 nor more than $1,000, plus costs of the action together with reasonable attorney’s fees.
[PL 1999, c. 145, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 526
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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.
- 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
- Settlement: means the time when the settlement agent has received the loan funds, loan documents and other documents and funds to carry out the terms of the contract between the parties and the settlement agent reasonably determines that all conditions for disbursement of the settlement proceeds as required by applicable law or such contracts have been satisfied. See Maine Revised Statutes Title 33 Sec. 522
- 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.
2. Bona fide error. Liability under subsection 1 is limited to actual damages, plus costs of the action together with reasonable attorney’s fees, if the lender or settlement agent shows by a preponderance of the evidence that the violation was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adopted to avoid any such error.
[PL 1999, c. 145, §1 (NEW).]
3. Limitation of actions. An action may not be brought pursuant to this subchapter more than 2 years after the violation occurred.
[PL 1999, c. 145, §1 (NEW).]
SECTION HISTORY
PL 1999, c. 145, §1 (NEW).