Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 15-101. Definitions

1. Provider of postsecondary education. “Provider of postsecondary education” means a person engaged in the business of providing postsecondary education directly, by correspondence or by the Internet to a person located in the State. “Provider of postsecondary education” also includes a person not authorized to operate as and not accredited as a postsecondary educational institution in the State.

2. Student financing. “Student financing” means an extension of credit or a debt or obligation owned or incurred by a student, contractual or otherwise, that:

“Student financing” does not include a loan secured by real property or a dwelling.

3. Student financing company. “Student financing company” means a person engaged in the business of making or extending credit to a student for postsecondary education expenses or a holder of debt or obligation owned or incurred by a student to finance postsecondary education expenses. “Student financing company” does not include a supervised financial organization; a financial institution holding company as defined in Title 9-B, section 1011, subsection 1; a mutual holding company as defined in Title 9-B, section 1052, subsection 2; a wholly owned subsidiary of a supervised financial organization, financial institution holding company or mutual holding company; or the Finance Authority of Maine. Only to the extent that state regulation is preempted by federal law, “student financing company” does not include:

4. Superintendent. “Superintendent” means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.