Sec. 1. 32 MRSA c. 80-B is enacted to read:

CHAPTER 80-B

DEFERRED DEPOSIT LOAN ACT

§6185.__Short title

This chapter may be known and cited as "the Deferred Deposit Loan Act."

§6186.__Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.

1.__Administrator.__"Administrator" means the Director of the Office of Consumer Credit Regulation within the Department of Professional and Financial Regulation.

2.__Consumer.__"Consumer" means a person other than an organization who is the buyer, lessee or debtor to whom credit is granted in a deferred deposit loan transaction.

3.__Deferred deposit loan.__"Deferred deposit loan" means a transaction when a lender, for a fee, does the following:

A.__Accepts a dated instrument from a consumer;

B.__Agrees to hold the dated instrument for a period of time prior to negotiation or deposit of the dated instrument; and

C.__Pays to the consumer, credits to the consumer's account or pays to another person on the consumer's behalf the amount of the dated instrument, less charges authorized under section 6193.

4.__Instrument.__"Instrument" means a personal check or authorization to transfer or withdraw funds from an account signed by the consumer and made payable to a person subject to this chapter.

5.__Lender.__"Lender" means any person who offers or makes a deferred deposit loan, who arranges a deferred deposit loan for a 3rd party or who acts as an agent for a 3rd party, regardless of whether the 3rd party is exempt from licensing under this chapter or whether approval, acceptance or ratification by the 3rd party is necessary to create a legal obligation for a 3rd party.