Terms Used In Maine Revised Statutes Title 9-A Sec. 10-308

  • 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
A loan broker or any mortgage loan originator of a loan broker may not knowingly permit, encourage or assist a consumer to submit false information on any application for credit, nor may a loan broker or mortgage loan originator of a loan broker knowingly falsify such information on a consumer’s application. [PL 2011, c. 427, Pt. B, §17 (AMD).]
SECTION HISTORY

PL 2007, c. 273, Pt. A, §32 (NEW). PL 2007, c. 273, Pt. A, §41 (AFF). PL 2011, c. 427, Pt. B, §17 (AMD).