Maine Statutes
§ 33 §506 — Undocumented mortgage agreements
In a residential mortgage loan closing, a buyer, seller or settlement agent may not knowingly be a party to a financial or other arrangement not reflected in the loan settlement statement if the effect of that arrangement is to substantially overstate the contract sales price. Any violation of this section constitutes a violation of the Maine Unfair Trade Practices Act.
Revisor's Note:
§506. Disclosure regarding private mortgage insurance (As enacted by PL 2005, c. 211, §1 is REALLOCATED TO TITLE 33, SECTION 507)
Free access — add to your briefcase to read the full text and ask questions with AI
Maine § 33 §506 (Undocumented mortgage agreements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
RR 2005, c. 1, §16 (RAL). PL 2005, c. 161, §1 (NEW). PL 2005, c. 211, §1 (NEW).
Nearby Sections
15
§ 33 §501
Forms§ 33 §501-A
"Power of sale"§ 33 §502
Entry by mortgagee§ 33 §503
Property insurance§ 33 §505
Open-end mortgages§ 33 §506
Undocumented mortgage agreements§ 33 §508
Nominee mortgagees§ 33 §521
Short title§ 33 §522
Definitions§ 33 §523
Applicability