Section 030-250-3 - DEFINITIONS1.DefinitionsAs used in this rule, the following terms have the following meanings, unless the context clearly requires otherwise:
A. "Alternative mortgage transaction" means a loan, credit sale, or account: (1) That is secured by an interest in a residential structure that contains one to four units, whether or not that structure is attached to real property, including an individual condominium unit, cooperative unit, mobile home, or trailer, if it is used as a residence;(2) That is made primarily for personal, family, or household purposes; (3) In which the interest rate or finance charge may be adjusted or renegotiated; and(4) That is secured by a first lien interest in the property, other than a first lien open-end credit plan.B. "Creditor" means a supervised lender, other than a supervised financial organization, as those terms are defined by 9-A M.R.S. §§1 - 301(39) and 1 - 301(38), respectively.C. "Financial Institution" means a financial institution or credit union as defined by 9-B M.R.S. §§131(17) and 131(12).02-030 C.M.R. ch. 250, § 3