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17 chapters · 281 sections in this title.
9-A M.R.S. § 16-101 Definitions
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As used in this Article, unless the context otherwise indicates, the following terms have the following meanings. [PL 2021, c. 357, §2 (NEW).] 1. Cosigner. "Cosigner" means an individual who is liable for the loan obligation of another, regardless of how the individual is designa…
9-A M.R.S. § 16-102 License required
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A person may not engage in the business of securing, making or extending a private education loan or holding a private education loan without having first obtained a license as a supervised lender from the administrator pursuant to section 2‑301.
9-A M.R.S. § 16-103 Cosigned private education loan
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1. Information prior to extension of loan. Prior to the extension of a private education loan that requires a cosigner, a private education lender shall deliver the following information to the cosigner: A. How the private education loan will appear on the cosigner's credit repor…
9-A M.R.S. § 16-104 Cosigner release
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1. Annual written notice. A private education lender shall inform the borrower and cosigner of all administrative, nonjudgmental criteria required for cosigner release. A private education lender shall provide the borrower and the cosigner of a cosigned private education loan an …