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

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.

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

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:

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