Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 140 - STUDENT LOAN DISCLOSURES
Section 029-140-IV - DEFINITIONS

Universal Citation: 02 ME Code Rules ยง 029-140-IV

Current through 2024-38, September 18, 2024

For purposes of this rule, the following terms have the following meanings:

A. "Administrator" means the Bureau of Banking, if the issuer or lender is a financial institution or credit union established pursuant to state or federal law; for all other lenders and issuers, "Administrator" means the Office of Consumer Credit Regulation.

B. "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, any student loan subject to this rule. The Administrator shall be guided by the definition of "advertisement" set forth in Regulation Z, 12 C.F.R. § 226.2(a)(2) and the Official Staff Commentary thereto.

C. "Issuer" means any entity designated to receive a portion of the State ceiling allocated for educational bonds pursuant to 10 M.R.S.A. §363(8).

D. "Lender" means the entity to which the debt is initially payable on the face of the promissory note.

E. "State ceiling" has the same meaning as set forth in 10 M.R.S.A. §361(5).

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