§2-301. Authority to make or service supervised loans
123 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/2-301·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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).]