Terms Used In Maine Revised Statutes > Title 10 > Part 1 > Chapter 3 - Peaceful Uses of Atomic Energy

• Administrator: means a person, other than an insurer or creditor, that performs administrative or operational functions pursuant to a waiver program. See Maine Revised Statutes Title 10 Sec. 1500-H
• Borrower: means a debtor or retail buyer under a finance agreement. See Maine Revised Statutes Title 10 Sec. 1500-H
• Commissioner: means the Commissioner of Health and Human Services. See Maine Revised Statutes Title 22 Sec. 1-A
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Creditor: means :
  (1) The lender in a loan or credit transaction;
  (2) A person engaged as a retail seller of motor vehicles that provides credit to consumers, as defined in Title 9?A, section 1?301, subsection 10, of the motor vehicles, as long as that person complies with the provisions of this section;
  (3) The seller in a commercial retail installment transaction; or
  (4) The assignee of any of the persons in subparagraphs (1) to (4) to which the credit obligation is payable. See Maine Revised Statutes Title 10 Sec. 1500-H
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• 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.
• Fiduciary: A trustee, executor, or administrator.
• Finance agreement: means a loan or retail installment sales contract for the purchase of a motor vehicle. See Maine Revised Statutes Title 10 Sec. 1500-H
• 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}
• Free-look period: means the period of time, not less than 30 days, from the effective date of the waiver until the date the borrower may cancel the waiver contract without penalty, fees or costs to the borrower. See Maine Revised Statutes Title 10 Sec. 1500-H
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Motor vehicle: includes vehicles whether self-propelled or towed. See Maine Revised Statutes Title 10 Sec. 1500-H
• Person: includes an individual, company, association, organization, partnership, business trust, corporation and every form of legal entity. See Maine Revised Statutes Title 10 Sec. 1500-H
• 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.
• School administrative unit: means the state-approved unit of school administration and includes a municipal school unit, school administrative district, community school district, regional school unit or any other municipal or quasi-municipal corporation responsible for operating or constructing public schools, except that it does not include a career and technical education region. See Maine Revised Statutes Title 20-A Sec. 1
• State property: includes property purchased with funds, such as fees for conferences and seminars conducted by a state agency, received by or on behalf of the State or any department or agency outside of the normal system of accounts and controls. See Maine Revised Statutes Title 5 Sec. 20
• Superintendent: means , except in cases in which a credit union or financial institution authorized to do business in this State, as defined in Title 9?B, section 131, subsections 12?A and 17?A, is the creditor, the Superintendent of Consumer Credit Protection. See Maine Revised Statutes Title 10 Sec. 1500-H
• Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on ^{Source: OCC}
• waiver: means a contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of the amount due on a borrower's finance agreement for a motor vehicle in the event of a total physical damage loss or unrecovered theft of the motor vehicle. See Maine Revised Statutes Title 10 Sec. 1500-H