Maine Revised Statutes Title 9-A Sec. 15-103 – Violations
Current as of: 2023 | Check for updates
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1. Fine. The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15?104 is a separate offense for the purposes of this section.
[PL 2021, c. 357, §1 (NEW).]
Attorney's Note
Under the Maine Revised Statutes, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class E crime | up to 6 months | up to $1,000 |
Terms Used In Maine Revised Statutes Title 9-A Sec. 15-103
- Contract: A legal written agreement that becomes binding when signed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
2. Suspended from operating in State. If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years.
[PL 2021, c. 357, §1 (NEW).]
3. Crime. A violation of this Article is a Class E crime.
[PL 2021, c. 357, §1 (NEW).]
4. Private right of action. A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following:
A. Actual damages or $500, whichever is greater; [PL 2021, c. 357, §1 (NEW).]
B. An order enjoining the methods, acts or practices; [PL 2021, c. 357, §1 (NEW).]
C. Restitution of property; [PL 2021, c. 357, §1 (NEW).]
D. Punitive damages; [PL 2021, c. 357, §1 (NEW).]
E. Attorney’s fees; and [PL 2021, c. 357, §1 (NEW).]
F. Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable. [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
5. Remedies. Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law.
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).