2021 Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 15: PRIVATE STUDENT LENDER REGISTRY
9-A §15-103. Violations

§15-103. Violations

1.  Fine.  The superintendent may impose a fine of up to $25,000 on a person for any violation of this Article. Each violation of this Article or of any rule adopted pursuant to section 15‑104 is a separate offense for the purposes of this section.  

[PL 2021, c. 357, §1 (NEW).]

2.  Suspended from operating in State.  If the superintendent finds that a person has knowingly violated any provision of this Article and the violation caused financial harm to a student, the superintendent may suspend the person from operating as or bar the person from being a stockholder, officer, director, partner, owner or employee of a student financing company for a period of up to 10 years.  

[PL 2021, c. 357, §1 (NEW).]

3.  Crime.  A violation of this Article is a Class E crime.  

[PL 2021, c. 357, §1 (NEW).]

4.  Private right of action.  A student financing company that fails to comply with this Article is liable to any person or class of persons obligated on such student financing contract for any of the following:  

A. Actual damages or $500, whichever is greater;   [PL 2021, c. 357, §1 (NEW).]

B. An order enjoining the methods, acts or practices;   [PL 2021, c. 357, §1 (NEW).]

C. Restitution of property;   [PL 2021, c. 357, §1 (NEW).]

D. Punitive damages;   [PL 2021, c. 357, §1 (NEW).]

E. Attorney's fees; and   [PL 2021, c. 357, §1 (NEW).]

F. Any other relief that the court determines proper, including a declaration that the contract between the person or class of persons and the student financing company is void and unenforceable.   [PL 2021, c. 357, §1 (NEW).]

[PL 2021, c. 357, §1 (NEW).]

5.  Remedies.  Any violation of this Article is subject to the remedies provided in this section in addition to remedies otherwise provided by law.  

[PL 2021, c. 357, §1 (NEW).]

SECTION HISTORY

PL 2021, c. 357, §1 (NEW).