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Can you summarize 9-A MERS Article 2, Part 7?
FINANCE CHARGES AND RELATED PROVISIONS > FRAUDULENT PRACTICES
Short Summary
This legal document pertains to the Maine Consumer Credit Code and specifically addresses fraudulent practices related to finance charges and related provisions. It states that a person can be considered a lender subject to the requirements of this Article, even if they act as an agent or service provider for an entity exempt from the Article, under certain conditions. These conditions include holding the predominant economic interest in the loan, marketing or facilitating the loan while having the right to purchase it, or structuring the transaction to evade the requirements of the Article. The document also mentions circumstances that indicate a person is a lender, such as indemnifying an exempt entity for loan-related costs, predominantly designing or controlling the loan program, or acting as a lender in other states while purporting to be an agent or service provider for an exempt entity. The document does not specify any exemptions or penalties for non-compliance or violation.
Whom does it apply to?
Lenders subject to the requirements of the Maine Consumer Credit Code
What does it govern?
Fraudulent practices related to finance charges and related provisions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maine