§15-101. Definitions
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/me/title-9-a-maine-consumer-credit-code/15-101·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this Article, unless the context indicates otherwise, the following terms have the following meanings. [PL 2021, c. 357, §1 (NEW).]
1. Provider of postsecondary education. "Provider of postsecondary education" means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a person located in the State. "Provider of postsecondary education" also includes a person not authorized to operate as and not accredited as a postsecondary educational institution in the State.
[PL 2021, c. 357, §1 (NEW).]
2. Student financing. "Student financing" means an extension of credit or a debt or obligation owned or incurred by a student, contractual or otherwise, that:
A. Is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV; and [PL 2021, c. 357, §1 (NEW).]
B. Is extended to or owned or incurred by a student expressly for postsecondary education expenses regardless of whether the extension of credit or a debt or obligation owned or incurred is provided by or owed to the provider of postsecondary education that the student attends. [PL 2021, c. 357, §1 (NEW).]
"Student financing" does not include a loan secured by real property or a dwelling.
[PL 2021, c. 357, §1 (NEW).]
3. Student financing company. "Student financing company" means a person engaged in the business of making or extending credit to a student for postsecondary education expenses or a holder of debt or obligation owned or incurred by a student to finance postsecondary education expenses. "Student financing company" does not include a supervised financial organization; a financial institution holding company as defined in Title 9‑B, section 1011, subsection 1 ; a mutual holding company as defined in Title 9‑B, section 1052, subsection 2 ; a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; or the Finance Authority of Maine.
Only to the extent that state regulation is preempted by federal law, "student financing company" does not include:
A. A federally chartered bank, savings bank, savings and loan association or credit union; [PL 2021, c. 357, §1 (NEW).]
B. A wholly owned subsidiary of a federally chartered bank or credit union; or [PL 2021, c. 357, §1 (NEW).]
C. An operating subsidiary of a wholly owned subsidiary of a federally chartered bank or credit union in which each owner of the operating subsidiary is wholly owned by the same federally chartered bank or credit union. [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
4. Superintendent. "Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.
[PL 2021, c. 357, §1 (NEW).]