Maine Revised Statutes Title 9-A Sec. 16-102 – License required
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Terms Used In Maine Revised Statutes Title 9-A Sec. 16-102
- lender: means any person engaged in the business of securing, making or extending private education loans or any holder of a private education loan. See Maine Revised Statutes Title 9-A Sec. 16-101
- Private education loan: means an extension of credit that is extended to a consumer expressly, in whole or in part, for postsecondary education expenses, regardless of whether the loan is provided by the education institution that the student attends, and that is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV. See Maine Revised Statutes Title 9-A Sec. 16-101
A person may not engage in the business of securing, making or extending a private education loan or holding a private education loan without having first obtained a license as a supervised lender from the administrator pursuant to section 2?301. [PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).