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Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 15-102. Private student lender registry

Current as of January 01, 2025 | Updated by Findlaw Staff

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

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.

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;

B. A summary of the information required under subsection 1, paragraph B, subparagraphs (1) to (4); and

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).

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Cite this article: FindLaw.com - Maine Revised Statutes Title 9-A. Maine Consumer Credit Code § 15-102. Private student lender registry - last updated January 01, 2025 | https://codes.findlaw.com/me/title-9-a-maine-consumer-credit-code/me-rev-st-tit-9-a-sect-15-102/

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