Maine Revised Statutes Title 30-A. Municipalities and Counties § 4902. Lenders certification

1. Loan a prudent investment. In its judgment the mortgage loan would in all respects be a prudent investment for its own account; and

2. Reinvestment of sale proceeds. When the mortgage loan so sold is secured by land and improvements constituting a one-family to 4-family housing unit or has been held by the originator for more than one year since the completion of the construction of the securing structure, the proceeds of sale or its equivalent will be reinvested in residential mortgages or notes within the State, or invested in short term obligations pending the purchase of such residential mortgages or notes. For purposes of this section and section 4903, the term “residential mortgages or notes” includes, but is not limited to, mortgage loans.