§10-301. Escrow of funds
Each 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 HISTORY
PL 1989, c. 70, §3 (NEW). PL 1993, c. 495, §3 (AMD). PL 2005, c. 274, §7 (AMD).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Part 3: REGULATION OF PRACTICES
9-A §10-302. Requirement for written agreement
9-A §10-303. Requirement for written disclosure
9-A §10-303-A. Good faith and fair dealing
9-A §10-306. Privacy of consumer financial information
9-A §10-307. Real estate settlement procedures
9-A §10-307-A. Application of truth in lending limits
9-A §10-308. False information on application for credit
9-A §10-310. Requirements related to refund anticipation loan and refund anticipation check