Maine Revised Statutes Title 9-A Sec. 10-303 – Requirement for written disclosure
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Before any agreement is entered into, or before any money is paid by a consumer, whichever occurs first, the loan broker shall provide the consumer with written disclosure of material consumer protections, including the following: [PL 2005, c. 274, §10 (AMD).]
1. The existence and purpose of the surety bond on file with the State, and the procedure for instituting an action against that bond;
[PL 1989, c. 70, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 10-303
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Loan broker: means any person who, with respect to the extension of consumer credit by others, provides or offers to provide, in return for the separate payment of money or other valuable consideration, any of the following services: (1) Improving a consumer's credit record, history or rating;(2) Arranging for or obtaining an extension of credit for a consumer; or(3) Providing advice or assistance to a consumer with respect to subparagraph (1) or (2). See Maine Revised Statutes Title 9-A Sec. 10-1022. The requirement that all fees from the consumer, other than bona fide 3rd-party fees, be placed in an escrow account; and
[PL 1989, c. 70, §3 (NEW).]
3. The requirement for a written, signed agreement between the parties.[PL 1989, c. 70, §3 (NEW).]
SECTION HISTORYPL 1989, c. 70, §3 (NEW). PL 2005, c. 274, §10 (AMD).