Maine Revised Statutes Title 10 Sec. 1123 – Scope
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1. Application. Except as provided in subsection 2, this chapter applies to any agreement signed in connection with a consumer loan or consumer lease entered into in this State between a consumer who is a resident of this State at the time of the loan or lease and a supervised lender or lessor.
[PL 1985, c. 763, Pt. A, §70 (AMD).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1123
- Agreement: means any writing which is substantially prepared in advance of a consumer loan or consumer lease and which a supervised lender or lessor furnishes to a consumer for the consumer to sign in connection with that loan or lease. See Maine Revised Statutes Title 10 Sec. 1122
- Amount financed: means "amount financed" as defined by Title 9?A, section 1?301, subsection 5. See Maine Revised Statutes Title 10 Sec. 1122
- Consumer: means an individual to whom a consumer loan or consumer lease is made. See Maine Revised Statutes Title 10 Sec. 1122
- 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
- Lessor: means a person who, in the ordinary course of business, regularly leases, offers to lease or arranges for the lease of personal property under a consumer lease. See Maine Revised Statutes Title 10 Sec. 1122
- Supervised lender: means "supervised lender" as defined under Title 9?A, section 1?301, subsection 39. See Maine Revised Statutes Title 10 Sec. 1122
2. Exclusions. This chapter does not apply:
A. To consumer loans or consumer leases in which the amount financed or in the case of consumer leases, the capitalized cost of the leased property, exceeds $100,000; and [PL 1985, c. 763, Pt. A, §70 (AMD).]
B. To language or arrangement which is specifically required by federal or state law, regulation or official agency interpretation; or to agreements, the form or any part of which is required by any governmental instrumentality as a condition of the assignability of the agreement. [PL 1979, c. 483 (NEW).]
[PL 1985, c. 763, Pt. A, §70 (AMD).]
SECTION HISTORY
PL 1979, c. 483 (NEW). PL 1985, c. 763, §A70 (AMD).