§2-301. Authority to make or service supervised loans
Unless a person is a supervised financial organization, a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 or a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 or has first obtained a license pursuant to this Act from the administrator authorizing the person to make or service supervised loans, the person may not engage in the business of: [PL 2017, c. 106, §4 (AMD).]
1. Making supervised loans;
[PL 2017, c. 106, §4 (AMD).]
2. Taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from supervised loans; or
[PL 2021, c. 245, Pt. A, §3 (AMD).]
3. Servicing mortgage loans.
[PL 2017, c. 106, §4 (NEW).]
SECTION HISTORY
PL 1973, c. 762, §1 (NEW). PL 1975, c. 179, §1 (AMD). PL 1983, c. 212, §§3,4 (AMD). PL 1985, c. 763, §A24 (AMD). PL 1987, c. 129, §33 (AMD). PL 2017, c. 106, §4 (AMD). PL 2021, c. 245, Pt. A, §3 (AMD).
Structure Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 2: FINANCE CHARGES AND RELATED PROVISIONS
Part 3: CONSUMER LOANS: SUPERVISED LENDERS
9-A §2-301. Authority to make or service supervised loans
9-A §2-302. License to make or service supervised loans
9-A §2-303. Revocation or suspension of license
9-A §2-303-A. Temporary suspension of license
9-A §2-304. Records; annual and quarterly reports
9-A §2-305. Examinations and investigations (REPEALED)
9-A §2-306. Application of administrative procedure (REPEALED)
9-A §2-307. Restrictions on interest in land as security
9-A §2-308. Regular schedule of payments; maximum loan term
9-A §2-309. No other business for purpose of evasion
9-A §2-310. Servicing requirements of assigned supervised loans