Maine Revised Statutes Title 9-A Sec. 8-508 – Authority of administrator
Current as of: 2023 | Check for updates
|
Other versions
The administrator, by rule or order, shall prohibit acts or practices in connection with: [PL 2011, c. 427, Pt. A, §15 (NEW).]
1. Unfair or deceptive mortgage loans. The making of a residential mortgage loan that the administrator finds unfair, deceptive or designed to evade the provisions of section 8?506; and
[PL 2011, c. 427, Pt. A, §15 (NEW).]
Terms Used In Maine Revised Statutes Title 9-A Sec. 8-508
- 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. Refinancing; abusive lending practices. The refinancing of a residential mortgage loan that the administrator finds is associated with abusive lending practices or that is otherwise not in the interest of the borrowing public.
[PL 2011, c. 427, Pt. A, §15 (NEW).]
Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2?A. [PL 2011, c. 427, Pt. A, §15 (NEW).]
SECTION HISTORY
PL 2011, c. 427, Pt. A, §15 (NEW).