Terms Used In Maine Revised Statutes > Title 9-A > Article 9 - Consumer Credit Transactions Made to Acquire Real Estate or Secured by First-Lien Mortgages
- Amortization: Paying off a loan by regular installments.
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Board of directors: means the governing body with statutory powers and duties for a school administrative district. 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
- 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
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- 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 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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.
- Dealer: means a person located within this State who sells goods or solicits or advertises the sale of goods to the public. See Maine Revised Statutes Title 10 Sec. 1361
- 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
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Distributor: means a person who sells or distributes goods to dealers of those goods. See Maine Revised Statutes Title 10 Sec. 1361
- Electronic mail: means electronic mail sent or delivered by transmission over the Internet. See Maine Revised Statutes Title 10 Sec. 1372
- Encryption: means the disguising of data using generally accepted practices. See Maine Revised Statutes Title 10 Sec. 1347
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Franchise: means an oral or written arrangement for a definite or indefinite period pursuant to which a manufacturer grants to a dealer or distributor of goods a license to use a trade name, trademark, service mark or related characteristic and in which there is a community of interest in the marketing of goods and related services at wholesale, retail, by leasing or otherwise. See Maine Revised Statutes Title 10 Sec. 1361
- Franchisee: means a person, dealer or distributor of goods located within this State to whom a franchise is offered or granted. See Maine Revised Statutes Title 10 Sec. 1361
- Franchisor: means a manufacturer who grants a franchise to a distributor or dealer of goods. See Maine Revised Statutes Title 10 Sec. 1361
- Fraud: Intentional deception resulting in injury to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade as defined and interpreted in the Uniform Commercial Code, Title 11, section 1-1201, subsection (20). See Maine Revised Statutes Title 10 Sec. 1361
- Goods: means residential, recreational, agricultural, farm, commercial or business equipment, machinery or appliances that use electricity, gas, wood, a petroleum product or a derivative of a petroleum product for operation. See Maine Revised Statutes Title 10 Sec. 1361
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- 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
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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
- Majority: when used in reference to age shall mean the age of 18 and over. See Maine Revised Statutes Title 1 Sec. 72
- Manufacturer: means a person, partnership, firm, association, corporation or trust, resident or nonresident, who manufactures, assembles or imports goods for distribution through distributors or a partnership, firm, association, joint venture, corporation or trust, resident or nonresident, that is controlled by such an entity. See Maine Revised Statutes Title 10 Sec. 1361
- Membership: means active participation in the program of a school from the date of enrollment to the time the student withdraws or is absent from the school for 10 consecutive days for reasons other than illness. See Maine Revised Statutes Title 20-A Sec. 15001
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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 :
A. See Maine Revised Statutes Title 10 Sec. 1347
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. 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: as used in this chapter may not be construed to require duplicative notice by more than one individual, corporation, trust, estate, cooperative, association or other entity involved in the same transaction. See Maine Revised Statutes Title 10 Sec. 1347 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: means an individual's first name, or first initial, and last name in combination with any one or more of the following data elements, when either the name or the data elements are not encrypted or redacted:
A. See Maine Revised Statutes Title 10 Sec. 1347
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: means movable property, not affixed to land. See Maine Revised Statutes Title 10 Sec. 1372 Principal: means the person who supervises the operation and management of a school and school property as determined necessary by the superintendent under policies established by the school board. See Maine Revised Statutes Title 20-A Sec. 1 Principal: means a person, partnership, corporation or other business entity that does not have a permanent or fixed place of business in this State and that:
A. See Maine Revised Statutes Title 10 Sec. 1341
Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Rental agreement: means any written agreement that establishes or modifies the terms, conditions or rules concerning the use and occupancy of a self-service storage facility. See Maine Revised Statutes Title 10 Sec. 1372 Sale: means the issuance, transfer, agreement for transfer, exchange, pledge, hypothecation or mortgage in any form, whether by transfer in trust or otherwise, of goods or interest in goods or of any franchise related to those goods and any option, subscription or other contract, solicitation looking to a sale or offer or attempt to sell in any form, whether spoken or written. See Maine Revised Statutes Title 10 Sec. 1361 Sales representative: means a person who:
A. See Maine Revised Statutes Title 10 Sec. 1341
School board: means the governing body with statutory powers and duties for a school administrative unit. See Maine Revised Statutes Title 20-A Sec. 1 security breach: means unauthorized acquisition, release or use of an individual's computerized data that includes personal information that compromises the security, confidentiality or integrity of personal information of the individual maintained by a person. See Maine Revised Statutes Title 10 Sec. 1347 Self-service storage facility: means any real property used for renting or leasing individual storage spaces under a written rental agreement in which the occupants themselves customarily store and remove their own personal property on a self-service basis. See Maine Revised Statutes Title 10 Sec. 1372 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. Statute: A law passed by a legislature. Superintendent: means the person in a school administrative unit or school union appointed and having the authority and responsibility under this Title and other applicable statutes. See Maine Revised Statutes Title 20-A Sec. 1 System: means a computerized data storage system containing personal information. See Maine Revised Statutes Title 10 Sec. 1347 Unauthorized person: means a person who does not have authority or permission of a person maintaining personal information to access personal information maintained by the person or who obtains access to such information by fraud, misrepresentation, subterfuge or similar deceptive practices. See Maine Revised Statutes Title 10 Sec. 1347 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Verified mail: means any method of mailing that is offered by the United States Postal Service and provides evidence of mailing. See Maine Revised Statutes Title 10 Sec. 1372 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72