Terms Used In Maine Revised Statutes > Title 10 > Part 3 > Chapter 229 - Guaranteed Asset Protection Waivers

• 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
• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Borrower: means a debtor or retail buyer under a finance agreement. See Maine Revised Statutes Title 10 Sec. 1500-H
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• 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
• 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
• in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Motor vehicle: includes vehicles whether self-propelled or towed. See Maine Revised Statutes Title 10 Sec. 1500-H
• 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.
• 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: 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
• 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}
• United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
• 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