2021 Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 15: PRIVATE STUDENT LENDER REGISTRY
9-A §15-102. Private student lender registry

§15-102. Private student lender registry

1.  Private student lender registry.  A person may not engage in the business of student financing as a student financing company in the State unless the person:  

A. Registers with the superintendent under rules or procedures adopted by the superintendent, including the payment of a fee of not less than $500 annually; and   [PL 2021, c. 357, §1 (NEW).]

B. Provides the superintendent, at the time of registration under paragraph A and annually after registration, with the following information for the previous year:  

(1) A list of all providers of postsecondary education for which the person has provided student financing to a student residing in the State;  

(2) The number of student financing transactions made to students residing in the State;  

(3) The number of student financing transactions made for each provider of postsecondary education listed in subparagraph (1);  

(4) The default rate for a student obtaining student financing from the person; and  

(5) A sample copy of the promissory note, agreement, contract or other instrument used by the person to extend student financing.   [PL 2021, c. 357, §1 (NEW).]

[PL 2021, c. 357, §1 (NEW).]

2.  Publicly accessible website.  By November 15, 2022, the superintendent shall list on a publicly accessible website the following information, which must be updated on at least an annual basis:  

A. The name, address, telephone number and website address for each student financing company registered under this section;   [PL 2021, c. 357, §1 (NEW).]

B. A summary of the information required under subsection 1, paragraph B, subparagraphs (1) to (4); and   [PL 2021, c. 357, §1 (NEW).]

C. A sample copy of each promissory note, agreement, contract or other instrument provided to the superintendent pursuant to subsection 1, paragraph B, subparagraph (5).   [PL 2021, c. 357, §1 (NEW).]

[PL 2021, c. 357, §1 (NEW).]

SECTION HISTORY

PL 2021, c. 357, §1 (NEW).