Terms Used In Maine Revised Statutes > Title 10 > Part 3 > Chapter 212-B - Consumer Arbitration Agreements

• 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
• Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
• Dismissal: The dropping of a case by the judge without further consideration or hearing. ^Source:
• 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
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Person: means a natural person, corporation, company, limited liability company, partnership or association. See Maine Revised Statutes Title 9-A Sec. 13-102
• Provider: means a person that provides consumer arbitration or services related to consumer arbitration. See Maine Revised Statutes Title 10 Sec. 1391
• 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.
• Unique identifier: means a number or other identifier assigned by protocols established by the nationwide mortgage licensing system and registry. See Maine Revised Statutes Title 9-A Sec. 13-102