Maine Revised Statutes

§8-508. Authority of administrator

The administrator, by rule or order, shall prohibit acts or practices in connection with: [2011, c. 427, Pt. A, §15 (NEW).]

1. Unfair or deceptive mortgage loans.   The making of a residential mortgage loan that the administrator finds unfair, deceptive or designed to evade the provisions of section 8-506; and
[ 2011, c. 427, Pt. A, §15 (NEW) .]
2. Refinancing; abusive lending practices.   The refinancing of a residential mortgage loan that the administrator finds is associated with abusive lending practices or that is otherwise not in the interest of the borrowing public.
[ 2011, c. 427, Pt. A, §15 (NEW) .]

Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A. [2011, c. 427, Pt. A, §15 (NEW).]

SECTION HISTORY
2011, c. 427, Pt. A, §15 (NEW).