Terms Used In Maine Revised Statutes > Title 9-A > Article 13 - Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009

• Adult education: means education programs primarily operated for individuals beyond the compulsory school ages and administered by school administrative units. See Maine Revised Statutes Title 20-A Sec. 1
• Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
• Consumer: means an individual who uses, purchases, acquires, attempts to purchase or acquire or is offered or furnished goods or services, other than insurance, for personal, family or household purposes. See Maine Revised Statutes Title 10 Sec. 1391
• Consumer arbitration: means binding arbitration under a consumer arbitration agreement in which a party to the arbitration is a consumer. See Maine Revised Statutes Title 10 Sec. 1391
• Consumer arbitration agreement: means a standard contract with a consumer concerning the use of, purchase of, acquisition of, attempt to purchase or acquire, offer of or furnishing of goods or services, other than insurance, for personal, family or household purposes. See Maine Revised Statutes Title 10 Sec. 1391
• Conviction: A judgement of guilt against a criminal defendant.
• Courses of study: means the courses of study for the elementary and secondary schools that are in alignment with the system of learning results as established in section 6209 and consistent with the requirements of this Title. See Maine Revised Statutes Title 20-A Sec. 1
• 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}
• Credit sale: means the sale of a dwelling or residential real estate purchased for a personal, family or household purpose in which credit is extended by the seller and either the debt is payable in installments or a finance charge is made. See Maine Revised Statutes Title 9-A Sec. 13-102
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Default: means the failure to perform on time any obligation or duty set forth in the rental agreement. See Maine Revised Statutes Title 10 Sec. 1372
• Default: means the failure to pay obligations incurred by the storage of a boat, boat motor or boat trailer. See Maine Revised Statutes Title 10 Sec. 1382
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• Electronic mail: means electronic mail sent or delivered by transmission over the Internet. See Maine Revised Statutes Title 10 Sec. 1372
• Facility: means a marina, boatyard or marine repair facility that provides, as part of its commercial operation, the storage of boats, boat motors or boat trailers. See Maine Revised Statutes Title 10 Sec. 1382
• 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}
• Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. ^{Source: OCC}
• Financial interest: means holding a position in a business as an officer, director, trustee, member or partner or any position in management or ownership of more than 5% interest in the business. See Maine Revised Statutes Title 10 Sec. 1391
• Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
  • You are late making a payment or commit some other default, triggering an increase to a penalty rate
  • The bank changes the terms of your account and you do not reject the change.
  • The rate expires (if the rate was fixed for only a certain period of time).
• Fraud: Intentional deception resulting in injury to another.
• Immediate family member: includes stepparents, stepchildren, stepsiblings and adoptive relationships. See Maine Revised Statutes Title 9-A Sec. 13-102
• Individual: means a natural person. See Maine Revised Statutes Title 9-A Sec. 13-102
• 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
• Last known address: means that address provided by the occupant in the rental agreement or the address provided by the occupant in a subsequent written notice of a change of address. See Maine Revised Statutes Title 10 Sec. 1372
• Late fee: means any fee or charge assessed for an occupant's failure to pay rent when due. See Maine Revised Statutes Title 10 Sec. 1372
• Leased space: means the individual storage space at the self-service facility which is rented to an occupant under a rental agreement. See Maine Revised Statutes Title 10 Sec. 1372
• Lien: A claim against real or personal property in satisfaction of a debt.
• lienholder of record: means a person who claims an interest in or lien on the property pursuant to a financing statement filed with the Secretary of State or other public filing. See Maine Revised Statutes Title 10 Sec. 1382
• Loan processor or underwriter: means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed or exempt from licensing under the provisions of this Title. See Maine Revised Statutes Title 9-A Sec. 13-102
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. See Maine Revised Statutes Title 9-A Sec. 13-102
• Nationwide mortgage licensing system and registry: means a mortgage licensing system developed and maintained by a national organization dedicated to advancing the state banking system and a national association of residential mortgage regulators for the licensing and registration of licensed mortgage loan originators. See Maine Revised Statutes Title 9-A Sec. 13-102
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Nontraditional mortgage product: means any mortgage product other than a 30-year fixed rate mortgage. See Maine Revised Statutes Title 9-A Sec. 13-102
• Occupant: means a person, a sublessee, successor or assignee, entitled to the use of a leased space at a self-service storage facility under a rental agreement. See Maine Revised Statutes Title 10 Sec. 1372
• Operator: means the owner, operator, lessor or sublessor of a self-service storage facility, an agent or any other person authorized to manage the facility. See Maine Revised Statutes Title 10 Sec. 1372
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means a natural person, corporation, company, limited liability company, partnership or association. See Maine Revised Statutes Title 9-A Sec. 13-102
• Person: means a natural person, corporation, partnership, trust or other entity and, in the case of an entity, includes any other entity in which it has a majority interest or effective control as well as the individual officers, directors and other persons in active control of the activities of each entity. See Maine Revised Statutes Title 10 Sec. 1361
• Personal information: includes , but is not limited to, social security numbers, credit or debit card information, bank account numbers, medical information or passport information. See Maine Revised Statutes Title 10 Sec. 1372
• Personal property: All property that is not real property.
• Personal property: means movable property, not affixed to land. See Maine Revised Statutes Title 10 Sec. 1372
• Property: means a boat, boat motor or boat trailer in storage at a facility. See Maine Revised Statutes Title 10 Sec. 1382
• Provider: means a person that provides consumer arbitration or services related to consumer arbitration. See Maine Revised Statutes Title 10 Sec. 1391
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Real estate brokerage activity: means any activity that involves offering or providing real estate brokerage services to the public, including: