§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).