CHAPTER 161
S.P. 65 - L.D. 159
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 33 MRSA §506 is enacted to read:
§506. Undocumented mortgage agreements
In a residential mortgage loan closing, a buyer, seller or settlement agent may not knowingly be a party to a financial or other arrangement not reflected in the loan settlement statement if the effect of that arrangement is to substantially overstate the contract sales price. Any violation of this section constitutes a violation of the Maine Unfair Trade Practices Act.
Effective September 17, 2005.
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