§8-508. Authority of administrator
130 words·~1 min read·
/me/title-9-a-maine-consumer-credit-code/8-508·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The administrator, by rule or order, shall prohibit acts or practices in connection with: [PL 2011, c. 427, Pt. A, §15 (NEW).]
1. Unfair or deceptive mortgage loans. The making of a residential mortgage loan that the administrator finds unfair, deceptive or designed to evade the provisions of section 8‑506 ; and
[PL 2011, c. 427, Pt. A, §15 (NEW).]
2. Refinancing; abusive lending practices. The refinancing of a residential mortgage loan that the administrator finds is associated with abusive lending practices or that is otherwise not in the interest of the borrowing public.
[PL 2011, c. 427, Pt. A, §15 (NEW).]
Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2‑A . [PL 2011, c. 427, Pt. A, §15 (NEW).]