Maine Revised Statutes Title 9-A Sec. 10-303-A – Good faith and fair dealing
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1. A loan broker shall, in addition to duties imposed by other statutes or at common law:
A. Act in good faith and with fair dealing in any transaction, practice or course of business in connection with the brokering or making of any mortgage loan; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
B. Safeguard and account for any money handled for the borrower; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
C. Follow reasonable and lawful instructions from the borrower; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
D. Use reasonable skill, care and diligence; [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
E. Timely and clearly disclose to the borrower material information that might reasonably affect the borrower’s rights, interests or ability to receive the borrower’s intended benefit from the residential mortgage loan, including the total compensation the broker would receive from any of the loan options the broker presents to the borrower; and [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
F. Make reasonable efforts to secure a loan that is reasonably advantageous to the borrower considering all the circumstances, including the rates, charges and repayment terms of the loan. [PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
[PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 10-303-A
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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. 10-102
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
2. The duties and standards of care created in this section may not be waived or modified.[PL 2007, c. 273, Pt. A, §30 (NEW); PL 2007, c. 273, Pt. A, §41 (AFF).]
SECTION HISTORYPL 2007, c. 273, Pt. A, §30 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF).