Maine § 32 §6198 Prohibited practices

Maine Statutes

§ 32 §6198 — Prohibited practices

Maine·Title 32 PROFESSIONS AND OCCUPATIONS·Ch. 80-B FORECLOSURE PURCHASERS

1.Permitted foreclosure reconveyance. A foreclosure purchaser may not enter into or attempt to enter into a foreclosure reconveyance with a foreclosed homeowner unless:

2.Failure to ensure reconveyance or to pay consideration. A foreclosure purchaser may not fail to either:

3.Unfair or commercially unreasonable terms. A foreclosure purchaser may not enter into repurchase or lease terms as part of the subsequent foreclosure reconveyance that are unfair or commercially unreasonable or engage in any other unfair conduct.

4.Misrepresentation. A foreclosure purchaser may not represent, directly or indirectly, that:

5.False, deceptive or misleading statements. A foreclosure purchaser may not make any statements, directly or by implication, or engage in any other conduct that is false, decep

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1.
Permitted foreclosure reconveyance.
A foreclosure purchaser may not enter into or attempt to enter into a foreclosure reconveyance with a foreclosed homeowner unless:
2.
Failure to ensure reconveyance or to pay consideration.
A foreclosure purchaser may not fail to either:
3.
Unfair or commercially unreasonable terms.
A foreclosure purchaser may not enter into repurchase or lease terms as part of the subsequent foreclosure reconveyance that are unfair or commercially unreasonable or engage in any other unfair conduct.
4.
Misrepresentation.
A foreclosure purchaser may not represent, directly or indirectly, that:
5.
False, deceptive or misleading statements.
A foreclosure purchaser may not make any statements, directly or by implication, or engage in any other conduct that is false, deceptive or misleading or that has the likelihood to cause confusion or misunderstanding, including, but not limited to, statements regarding the value of the residence in foreclosure, the amount of proceeds the foreclosed homeowner may receive after a foreclosure sale, any contract term or the foreclosed homeowner's rights or obligations incident to or arising out of the foreclosure reconveyance.
6.
Door-to-door solicitation prohibited.
A foreclosure purchaser may not solicit a foreclosure reconveyance door-to-door prior to receiving an invitation from a foreclosed homeowner.
7.
Other actions.
Until the time during which the foreclosed homeowner may cancel the transaction has fully elapsed, a foreclosure purchaser may not: