9-A §8-209. Liability of assignees - Maine Statutes

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 8: TRUTH-IN-LENDING

Part 2: DISCLOSURE REQUIREMENTS

§8-209. Liability of assignees

1. Except as otherwise specifically provided in this Article, any civil action for a violation of this Article or proceeding under section 8-108 which may be brought against a creditor may be maintained against any assignee of such creditor only if the violation for which such action or proceeding is brought is apparent on the face of the disclosure statement, except where the assignment was involuntary. For the purpose of this section, a violation apparent on the face of the disclosure statement includes, but is not limited to:

A. A disclosure which can be determined to be incomplete or inaccurate from the face of the disclosure statement or other documents assigned; or [1981, c. 243, §25 (NEW).]

B. A disclosure which does not use the terms required to be used by this Article. [1981, c. 243, §25 (NEW).]

[ 1987, c. 129, §75 (AMD) .]

2. Except as provided in section 8-204, subsection 3, in any action or proceeding by or against any subsequent assignee of the original creditor without knowledge to the contrary by the assignee when he acquires the obligation, written acknowledgement of receipt by a person to whom a statement is required to be given pursuant to this Article is conclusive proof of the delivery thereof and, except as provided in subsection 1, of compliance with this Article. This section does not affect the rights of the obligor in any action against the original creditor.

[ 1981, c. 243, §25 (NEW) .]

3. Any consumer who has the right to rescind a transaction under section 8-204 may rescind the transaction as against any assignee of the obligation.

[ 1981, c. 243, §25 (NEW) .]

4.

[ 2007, c. 471, §14 (RP); 2007, c. 471, §18 (AFF) .]

4-A. Any person who purchases or is otherwise assigned a high-rate, high-fee mortgage is subject to all claims and defenses with respect to that mortgage that the consumer may assert against the creditor of the mortgage to the extent set forth in section 8-206-H, subsection 2.

[ 2009, c. 362, Pt. C, §3 (AMD) .]

5. The liability of assignees for consumer credit transactions secured by real property is determined in accordance with the following.

A. Except as otherwise provided in this Title, any civil action against a creditor for a violation of this Title and any proceeding under section 8-108 against a creditor, with respect to a consumer credit transaction secured by real property, may be maintained against any assignee of that creditor only if:

(i) The violation for which the action or proceeding is brought is apparent on the face of the disclosure statement provided in connection with the transaction pursuant to section 8-206, subsection 1; and

(ii) The assignment to the assignee was voluntary. [2007, c. 471, §16 (AMD); 2007, c. 471, §18 (AFF).]

B. For the purposes of this subsection, a violation is apparent on the face of the disclosure statement if:

(i) The disclosure can be determined to be incomplete or inaccurate by a comparison among the disclosure statement provided pursuant to section 8-206, subsection 1, any itemization of the amount financed, the note or any other disclosure of disbursement; or

(ii) The disclosure statement provided pursuant to section 8-206, subsection 1 does not use the terms or format required under this Title. [2007, c. 471, §17 (AMD); 2007, c. 471, §18 (AFF).]

[ 2007, c. 471, §§16, 17 (AMD); 2007, c. 471, §18 (AFF) .]

6. The treatment of a servicer of a consumer obligation from a consumer credit transaction is determined in accordance with the following.

A. A servicer of a consumer obligation arising from a consumer credit transaction may not be treated as an assignee of such an obligation for purposes of this section unless the servicer is or was the owner of the obligation. [1995, c. 614, Pt. A, §14 (NEW).]

B. A servicer of a consumer obligation arising from a consumer credit transaction may not be treated as the owner of the obligation for purposes of this section on the basis of an assignment of the obligation from the creditor or another assignee to the servicer solely for the administrative convenience of the servicer in servicing the obligation. Upon written request by the obligor, the servicer shall provide the obligor, to the best knowledge of the servicer, with the name, address and telephone number of the owner of the obligation or the master servicer of the obligation. [1995, c. 614, Pt. A, §14 (NEW).]

C. For purposes of this subsection, the term "servicer" has the same meaning as in the federal Real Estate Settlement Procedures Act of 1974, Section 6(i)(2). [1995, c. 614, Pt. A, §14 (NEW).]

D. This subsection applies to all consumer credit transactions in existence or consummated on or after September 30, 1995. [1995, c. 614, Pt. A, §14 (NEW).]

[ 1995, c. 614, Pt. A, §14 (NEW) .]

SECTION HISTORY

1981, c. 243, §§25,26 (NEW). 1981, c. 551, §3 (AMD). 1987, c. 129, §75 (AMD). 1995, c. 614, §A14 (AMD). 2007, c. 273, Pt. C, §§8, 9 (AMD). 2007, c. 471, §§14-17 (AMD). 2007, c. 471, §18 (AFF). 2009, c. 362, Pt. C, §3 (AMD).