Maine Revised Statutes Title 9-A Sec. 10-401 – Effects of violations on rights of parties
Current as of: 2023 | Check for updates
|
Other versions
Any loan broker or mortgage loan originators of any loan broker that violate any provision of this Title or any rule issued by the administrator, or that through any unfair, unconscionable or deceptive practice cause actual damage to a consumer, are subject to the following: [PL 2011, c. 427, Pt. B, §18 (AMD).]
1. After notice and hearing, a cease and desist order from the administrator;
[PL 1989, c. 70, §3 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 10-401
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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. After notice and hearing, forfeiture of such portion of the required bond as proportionately may make aggrieved parties whole;[PL 1989, c. 70, §3 (NEW).]
3. A civil action, by the administrator through the Attorney General, after which a court may assess a civil penalty of not more than $5,000;[PL 1993, c. 495, §5 (AMD).]
4. A civil action by an aggrieved consumer in which that consumer has the right to recover actual damages from the loan broker or its mortgage loan originators in an amount determined by the court, plus costs of the action together with reasonable attorney’s fees; and[PL 2011, c. 427, Pt. B, §19 (AMD).]
5. Revocation, suspension or nonrenewal of its license.[PL 2005, c. 274, §14 (AMD).]
SECTION HISTORYPL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §5 (AMD). PL 2005, c. 164, §§10,11 (AMD). PL 2005, c. 274, §14 (AMD). PL 2005, c. 683, §§B5,6 (AMD). PL 2011, c. 427, Pt. B, §§18, 19 (AMD).