Maine Revised Statutes Title 9-A Sec. 15-102 – Private student lender registry
Current as of: 2023 | Check for updates
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1. Private student lender registry. A person may not engage in the business of student financing as a student financing company in the State unless the person:
A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and [PL 2021, c. 357, §1 (NEW).]
B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year:
(1) A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State;
(2) The number of student financing transactions made to students residing in the State;
(3) The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1);
(4) The default rate for a student obtaining student financing from the person; and
(5) A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing. [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 15-102
- Contract: A legal written agreement that becomes binding when signed.
- Provider of postsecondary education: means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a person located in the State. See Maine Revised Statutes Title 9-A Sec. 15-101
- Student financing: means an extension of credit or a debt or obligation owned or incurred by a student, contractual or otherwise, that:
A. See Maine Revised Statutes Title 9-A Sec. 15-101Student financing company: means a person engaged in the business of making or extending credit to a student for postsecondary education expenses or a holder of debt or obligation owned or incurred by a student to finance postsecondary education expenses. See Maine Revised Statutes Title 9-A Sec. 15-101 Superintendent: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 9-A Sec. 15-101 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Publicly accessible website. By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis:
A. The name, address, telephone number and website address for each student financing company registered under this section; [PL 2021, c. 357, §1 (NEW).]
B. A summary of the information required under subsection 1, paragraph B, subparagraphs (1) to (4); and [PL 2021, c. 357, §1 (NEW).]
C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B, subparagraph (5). [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).