Maine Revised Statutes Title 9-A Sec. 10-301 – Escrow of funds
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Maine Revised Statutes Title 9-A Sec. 10-301
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Loan broker: means any person who, with respect to the extension of consumer credit by others, provides or offers to provide, in return for the separate payment of money or other valuable consideration, any of the following services: (1) Improving a consumer's credit record, history or rating;(2) Arranging for or obtaining an extension of credit for a consumer; or(3) Providing advice or assistance to a consumer with respect to subparagraph (1) or (2). See Maine Revised Statutes Title 9-A Sec. 10-102Each loan broker shall place fees from consumers, other than bona fide 3rd-party fees, in an escrow account separate from any operating accounts of the business, pending completion of services offered. With respect to loan brokers offering to arrange for or obtain extensions of credit for consumers, or provide advice or assistance to arrange for or obtain extensions of credit, “completion of services offered” means procurement of credit under the terms agreed to by the parties. [PL 2005, c. 274, §7 (AMD).]SECTION HISTORYPL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §3 (AMD). PL 2005, c. 274, §7 (AMD).