Maine § 523. - Applicability
Full text of Maine Maine Revised Statutes § 523. — Applicability, with citation guidance and answers to common questions.
§ 523.. Applicability
This subchapter applies to transactions: [PL 1999, c. 145, §1 (NEW).]
1. Purposes. That are incurred primarily for personal, family or household purposes;
2. Not open-end credit. That are not open-end credit as that term is defined in Title 9‑A, section 1‑301, subsection 26;
3. Not involving multiple advances. That do not contemplate multiple advances of funds as set forth in or required by the terms of the loan documents;
4. Location of lender or closing. When the lending office or branch from which the loan is made is located in this State or the loan closing occurs within this State; and
5. Secured by mortgages. That are secured by mortgages on real estate containing not more than 4 residential dwelling units.
Frequently Asked Questions About Maine § 523.
What does Maine Revised Statutes § 523. cover?
Section 523. ("Applicability") is part of the Maine Revised Statutes, the codified statutory law of Maine. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maine § 523.?
A common citation format is "Maine Revised Statutes § 523." (Maine). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 523. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maine.