Section 15-101 - DefinitionsAs used in this Article, unless the context indicates otherwise, the following terms have the following meanings. [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. [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 [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. [2021, c. 357, §1(NEW).] "Student financing" does not include a loan secured by real property or a dwelling.
[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; [2021, c. 357, §1(NEW).]B. A wholly owned subsidiary of a federally chartered bank or credit union; or [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. [2021, c. 357, §1(NEW).] [2021, c. 357, §1(NEW).]
4.Superintendent. "Superintendent" means the Superintendent of Consumer Credit Protection within the Department of Professional and Financial Regulation. [2021, c. 357, §1(NEW).]
Added by 2021SP1, c. 357,§ 1, eff. 10/18/2021.