§15-102. Private student lender registry
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/me/title-9-a-maine-consumer-credit-code/15-102·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Private student lender registry. A person may not engage in the business of student financing as a student financing company in the State unless the person:
A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and [PL 2021, c. 357, §1 (NEW).]
B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year:
(1)A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State;
(2)The number of student financing transactions made to students residing in the State;
(3)The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1);
(4)The default rate for a student obtaining student financing from the person; and
(5)A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing. [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
2. Publicly accessible website. By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis:
A. The name, address, telephone number and website address for each student financing company registered under this section; [PL 2021, c. 357, §1 (NEW).]
B. A summary of the information required under subsection 1, paragraph B , subparagraphs
(1)to (4); and [PL 2021, c. 357, §1 (NEW).]
C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B , subparagraph (5). [PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]