LD 1835
pg. 1
LD 1835 Title Page An Act to Amend the Loan Broker Law LD 1835 Title Page
Download Bill Text
LR 3022
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 9-A MRSA §10-102, sub-§1, ķA, as enacted by PL 1989, c. 70, §3,
is amended to read:

 
A. "Credit services organization" means any person who,
with respect to the extension of consumer credit by others,
provides or offers to provide, in return for the separate
payment by the consumer of money or other valuable
consideration, any of the following services:

 
(1) Improving a consumer's credit record, history or
rating;

 
(2) Arranging for or obtaining an extension of credit
for a consumer; or

 
(3) Providing advice or assistance to a consumer with
respect to subparagraph (1) or (2).

 
SUMMARY

 
This bill amends the laws governing loan brokers, or credit
services organizations, to apply consumer protections to
transactions involving brokers who are paid by lenders or other
creditors to arrange credit transactions.


LD 1835 Title Page Top of Page LD 1835 Title Page