- Maine can be interpreted to regulate loan modification business through the “Debt Management Services” Heading. 32 Chapter 80 §6174-B(2)(D). (See http://www.mainelegislature.org/legis/statutes/32/title32sec6172.html)
- The State:
- Limits excess fees; allows 5 days to rescind contract; provides for civil remedy with large fines
- Requires registration and payment of fees; requires posting of bond; requires contract in writing, notices and disclaimers, attached cancellation notice
- Prohibits false advertising; purchase of consumer’s debt; lending consumer money; taking security for payment
- ME Lawyers, practicing debt management exclusively, are exempt from the definition of debt management service provider
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