Terms Used In Maine Revised Statutes > Title 9-A > Article 11 - Rental-Purchase Practices

• Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 10 Sec. 1308
• Administrator: means the administrator designated in Article VI, section 6?103. See Maine Revised Statutes Title 9-A Sec. 11-105
• Advertisement: means a commercial message in any medium that directly or indirectly aids, promotes or assists a rental-purchase agreement, but does not include in-store merchandising aids such as window signs and ceiling banners. See Maine Revised Statutes Title 9-A Sec. 11-105
• Arrest: Taking physical custody of a person by lawful authority.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Cash price: means the price for which the merchant would sell the property to the consumer for cash on the date of the rental-purchase agreement. See Maine Revised Statutes Title 9-A Sec. 11-105
• Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
• Commissions: means compensation accruing to a sales representative for payment by a principal, the rate of which is expressed as a percentage of the amount of orders or sales. See Maine Revised Statutes Title 10 Sec. 1341
• Consumer: means an individual about whom a consumer report or an investigative consumer report has been prepared by a consumer reporting agency or an office of a consumer reporting agency. See Maine Revised Statutes Title 10 Sec. 1308
• Consumer: means an individual who rents personal property under a rental-purchase agreement used primarily for personal, family or household purposes. See Maine Revised Statutes Title 9-A Sec. 11-105
• Consumer reporting agency: means a person that, for monetary fees, dues or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing consumer reports or investigative consumer reports to 3rd parties. See Maine Revised Statutes Title 10 Sec. 1308
• Consummation: means the time at which a consumer becomes contractually obligated under a rental-purchase agreement for personal property used primarily for personal, family or household purposes. See Maine Revised Statutes Title 9-A Sec. 11-105
• Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. ^{Source: OCC}
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debt: means an obligation or alleged obligation of a consumer to surrender or return rental property or pay money arising out of a rental-purchase agreement. See Maine Revised Statutes Title 9-A Sec. 11-105
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• Encryption: means the disguising of data using generally accepted practices. See Maine Revised Statutes Title 10 Sec. 1347
• Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. ^{Source: OCC}
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Information broker: means a person who, for monetary fees or dues, engages in whole or in part in the business of collecting, assembling, evaluating, compiling, reporting, transmitting, transferring or communicating information concerning individuals for the primary purpose of furnishing personal information to nonaffiliated 3rd parties. See Maine Revised Statutes Title 10 Sec. 1347
• Kindergarten: means a one-year or 2-year childhood education program, for children at least 5 years of age, immediately prior to grade one. See Maine Revised Statutes Title 20-A Sec. 1
• Location information: means a consumer's place of residence and the consumer's telephone numbers at that location and at the consumer's place of employment. See Maine Revised Statutes Title 9-A Sec. 11-105
• Merchant: means a person who regularly provides the use of property through rental-purchase agreements and to whom rental payments are initially payable on the face of the rental-purchase agreement. See Maine Revised Statutes Title 9-A Sec. 11-105
• merchant cost: means the bona fide actual cost, including freight charges, of the rental property paid by the merchant to a wholesaler, distributor, manufacturer or other provider, net of volume rebates, discounts or other incentives received by the merchant at the time the merchant purchased the item. See Maine Revised Statutes Title 9-A Sec. 11-105
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Notice: means :