Maine Revised Statutes > Title 9-A > Article 14 – Student Loan Bill of Rights
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Terms Used In Maine Revised Statutes > Title 9-A > Article 14 - Student Loan Bill of Rights
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 10 Sec. 1400-A
- Administrator: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 10 Sec. 1395
- Affiliated: means a person, directly or indirectly through one or more intermediaries, who controls, is controlled by or is under common control of, another person. See Maine Revised Statutes Title 10 Sec. 1395
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Client: means the taxpayer with whom the exchange facilitator enters into an agreement described in subsection 4, paragraph A. See Maine Revised Statutes Title 10 Sec. 1395
- Commissioner: means the Commissioner of Education or the commissioner's designee. See Maine Revised Statutes Title 20-A Sec. 1
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Courses of study: means the courses of study for the elementary and secondary schools that are in alignment with the system of learning results as established in section 6209 and consistent with the requirements of this Title. See Maine Revised Statutes Title 20-A Sec. 1
- Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
- Dealer: includes a person who customarily sells manufactured housing to consumers and is subject to the jurisdiction of this State under Title 14, section 704?A. See Maine Revised Statutes Title 10 Sec. 1402
- Department: means the Department of Education. See Maine Revised Statutes Title 20-A Sec. 1
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Exchange facilitator: means a person that does any of the following:
A. See Maine Revised Statutes Title 10 Sec. 1395Executor: A male person named in a will to carry out the decedent Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Fee: means compensation of any nature, direct or indirect, monetary or in-kind, that is received by a person or related person as defined in the United States Internal Revenue Code, Section 267(b) or 707(b) for any services relating to or incidental to the exchange of like-kind property. See Maine Revised Statutes Title 10 Sec. 1395 Financial institution: means a bank, credit union, savings and loan association, savings bank, trust company or other similar depository or nondepository financial institution, including an institution whose accounts are insured by the full faith and credit of the United States, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or other similar or successor programs as well as an affiliate or subsidiary of such financial institution. See Maine Revised Statutes Title 10 Sec. 1400-A Financial institution: means a bank, credit union, savings and loan association, savings bank or trust company or other similar depository or nondepository financial institution including an institution whose accounts are insured by the full faith and credit of the United States, the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or other similar or successor programs as well as an affiliate or subsidiary of such institution. See Maine Revised Statutes Title 10 Sec. 1395 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Forbearance: A means of handling a delinquent loan. A Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Installer: means any person, including but not limited to a dealer or mechanic, who installs or sets up manufactured housing for a buyer. See Maine Revised Statutes Title 10 Sec. 1402 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 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. 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: means an individual, corporation, partnership, limited liability company, joint venture, association, joint stock company, trust or any other form of legal entity, including agents and employees of a person. See Maine Revised Statutes Title 10 Sec. 1395 Personal property: All property that is not real property. Prudent investor standard: means the prudent investor standard referenced in Title 18?B, Part 1, section 901, subsection 1. See Maine Revised Statutes Title 10 Sec. 1395 Real Estate Settlement Procedures Act: Federal law that, among other things, requires lenders to provide "good faith" estimates of settlement costs and make other disclosures regarding the mortgage loan. RESPA also limits the amount of funds held in escrow for real estate taxes and insurance. Source: OCC Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. 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 School board: means the governing body with statutory powers and duties for a school administrative unit. See Maine Revised Statutes Title 20-A Sec. 1 Secondary school: means that portion of a school that provides instruction in any combination of grades 9 through 12. See Maine Revised Statutes Title 20-A Sec. 1 Servicing: means :
A. See Maine Revised Statutes Title 9-A Sec. 14-103Settlement: means the receipt of loan funds, loan documents or other documents or funds to carry out the contractual terms of a residential real estate transaction. See Maine Revised Statutes Title 10 Sec. 1400-A Settlement agency: includes an individual, corporation, limited liability company, partnership or other entity conducting the settlement and disbursement of settlement proceeds. See Maine Revised Statutes Title 10 Sec. 1400-A Settlement agent: means a person engaged in the business of settlements on behalf of a settlement agency. See Maine Revised Statutes Title 10 Sec. 1400-A Student education loan: means a loan that is extended to a student loan borrower expressly for postsecondary education expenses or other school-related expenses and does not include open-ended credit or any loan that is secured by real property. See Maine Revised Statutes Title 9-A Sec. 14-103 Student loan borrower: means :
A. See Maine Revised Statutes Title 9-A Sec. 14-103Student loan servicer: means a person, wherever located, responsible for the servicing of a student education loan to a student loan borrower. See Maine Revised Statutes Title 9-A Sec. 14-103 Subpoena: A command to a witness to appear and give testimony. Superintendent: means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. See Maine Revised Statutes Title 9-A Sec. 14-103 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trustee: A person or institution holding and administering property in trust. 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