§15-101. Definitions
As used in this Article, unless the context indicates otherwise, the following terms have the following meanings.
[PL 2021, c. 357, §1 (NEW).]
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.
[PL 2021, c. 357, §1 (NEW).]
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:
A.
Is not made, insured or guaranteed under the federal Higher Education Act of 1965, 20 United States Code, Chapter 28, Subchapter IV; and
[PL 2021, c. 357, §1 (NEW).]
B.
Is extended to or owned or incurred by a student expressly for postsecondary education expenses regardless of whether the extension of credit or a debt or obligation owned or incurred is provided by or owed to the provider of postsecondary education that the student attends.
[PL 2021, c. 357, §1 (NEW).]
"Student financing" does not include a loan secured by real property or a dwelling.
[PL 2021, c. 357, §1 (NEW).]
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:
A.
A federally chartered bank, savings bank, savings and loan association or credit union;
[PL 2021, c. 357, §1 (NEW).]
B.
A wholly owned subsidiary of a federally chartered bank or credit union; or
[PL 2021, c. 357, §1 (NEW).]
C.
An operating subsidiary of a wholly owned subsidiary of a federally chartered bank or credit union in which each owner of the operating subsidiary is wholly owned by the same federally chartered bank or credit union.
[PL 2021, c. 357, §1 (NEW).]
[PL 2021, c. 357, §1 (NEW).]
4.
Superintendent.
"Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation.
[PL 2021, c. 357, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 357, §1 (NEW).