Sec. 1. 38 MRSA §1362, sub-§1-B, as amended by PL 1993, c. 355, §58, is further amended to read:

1-B. Lender. "Lender" means any person, as defined by Title 9-B, section 131, subsection 30, including a successor or assignee of that person, that makes a bona fide extension of credit to or takes or acquires a security interest from a nonaffiliated person; a financial institution or credit union authorized to do business in this State, as defined in Title 9-B, section 131, subsections 12-A and 17-A,; a financial institution that is acting through a service corporation pursuant to Title 9- B, section 445, subsection 5; or any federal or state banking or lending agency that provides loans, guarantees or other financial assistance. For the purpose of this subsection, the phrase "acting through" includes the assignment or transfer of an interest in real property acquired in satisfaction of a debt.

SUMMARY

This bill expands the definition of lender contained in the Maine Revised Statutes, Title 38 by incorporating a federal definition that would extend the potential applicability of the exemption from liability for lenders contained in Title 38, section 342-B, subsection 2 to entities purchasing mortgage notes on the secondary market.