33 §523. Applicability - Maine Statutes

Title 33: PROPERTY

Chapter 9: MORTGAGES OF REAL PROPERTY

Subchapter 1-A: FUNDED SETTLEMENT ACT HEADING: PL 1999, C. 145, §1 (NEW)

§523. Applicability

This subchapter applies to transactions: [1999, c. 145, §1 (NEW).]

1. Purposes. That are incurred primarily for personal, family or household purposes;

[ 1999, c. 145, §1 (NEW) .]

2. Not open-end credit. That are not open-end credit as that term is defined in Title 9-A, section 1-301, subsection 26;

[ 1999, c. 145, §1 (NEW) .]

3. Not involving multiple advances. That do not contemplate multiple advances of funds as set forth in or required by the terms of the loan documents;

[ 1999, c. 145, §1 (NEW) .]

4. Location of lender or closing. When the lending office or branch from which the loan is made is located in this State or the loan closing occurs within this State; and

[ 1999, c. 145, §1 (NEW) .]

5. Secured by mortgages. That are secured by mortgages on real estate containing not more than 4 residential dwelling units.

[ 1999, c. 145, §1 (NEW) .]

SECTION HISTORY

1999, c. 145, §1 (NEW).