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the Maine Revised Statutes
2012 Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 10: LOAN BROKERS
9-A §10-301. Escrow of funds
Universal Citation:
9-A ME Rev Stat § 10-301 (2012 through 125th Legis)
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Part 3: REGULATION OF PRACTICES
§10-301. Escrow of funds
Each loan broker shall place fees from consumers, other than bona fide 3rd-party fees, in an escrow account separate from any operating accounts of the business, pending completion of services offered. With respect to loan brokers offering to arrange for or obtain extensions of credit for consumers, or provide advice or assistance to arrange for or obtain extensions of credit, "completion of services offered" means procurement of credit under the terms agreed to by the parties. [2005, c. 274, §7 (AMD).]
SECTION HISTORY
1989, c. 70, §3 (NEW). 1993, c. 495, §3 (AMD). 2005, c. 274, §7 (AMD).
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