Maine Revised Statutes Title 9-A Sec. 16-106 – Availability of alternative repayment options
Current as of: 2023 | Check for updates
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1. Flexible repayment option. If a private education lender offers a borrower a flexible repayment option in connection with a private education loan, the private education lender shall make the flexible repayment option available to all borrowers by the lender.
[PL 2021, c. 357, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 16-106
- borrower: means any resident of this State who has received or agreed to pay a private education loan for the borrower's own education expenses. See Maine Revised Statutes Title 9-A Sec. 16-101
- 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
2. Other alternative repayment options. If a private education lender offers alternative repayment options other than flexible repayment options, the lender shall consistently present and offer the alternative repayment options to borrowers with similar financial circumstances.
[PL 2021, c. 357, §2 (NEW).]
3. Policies and procedures. A private education lender shall:
A. Provide on its publicly accessible website a description of any alternative repayment options under this section offered by the lender for private education loans; and [PL 2021, c. 357, §2 (NEW).]
B. Establish consistently implemented policies and procedures to evaluate private education loan alternative repayment options requests, including providing accurate information regarding any private education loan alternative repayment options that may be available to a borrower of a private education loan through the promissory note or that may have been marketed to the borrower. [PL 2021, c. 357, §2 (NEW).]
[PL 2021, c. 357, §2 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §2 (NEW).