2017 Maine Revised Statutes
TITLE 33: PROPERTY
Chapter 9: MORTGAGES OF REAL PROPERTY
Subchapter 1-A: FUNDED SETTLEMENT ACT
33 §523. Applicability
§523. Applicability
This subchapter applies to transactions: [1999, c. 145, §1 (NEW).]
1. Purposes. That are incurred primarily for personal, family or household purposes;
[ 1999, c. 145, §1 (NEW) .]
2. Not open-end credit. That are not open-end credit as that term is defined in Title 9-A, section 1-301, subsection 26;
[ 1999, c. 145, §1 (NEW) .]
3. Not involving multiple advances. That do not contemplate multiple advances of funds as set forth in or required by the terms of the loan documents;
[ 1999, c. 145, §1 (NEW) .]
4. Location of lender or closing. When the lending office or branch from which the loan is made is located in this State or the loan closing occurs within this State; and
[ 1999, c. 145, §1 (NEW) .]
5. Secured by mortgages. That are secured by mortgages on real estate containing not more than 4 residential dwelling units.
[ 1999, c. 145, §1 (NEW) .]
SECTION HISTORY
1999, c. 145, §1 (NEW).
