Amend the bill in section 1 in §5-118 in subsection 1 in paragraph B in the first and 2nd lines (page 1, lines 8 and 9 in L.D.) by striking out the following: " , credit, goods or things in action"

Amend the bill in section 1 in §5-118 in subsection 3 in the 3rd line (page 1, line 25 in L.D.) by striking out the following: " federally insured depository institution" and inserting the following: ' supervised financial organization'

Amend the bill in section 1 in §5-118 in subsection 4 in the 3rd line (page 1, line 32 in L.D.) by inserting after the following: " provide" the following: ' substantial'

SUMMARY

This amendment makes the following technical changes to the bill.

1. It clarifies that the definition of "lender" applies only to the lending of money to be consistent with how the term is used in other areas of the Maine Consumer Credit Code.

2. It replaces the term "federally insured depository institution" with the term "supervised financial organization" to be consistent with other language used in the bill and in the Maine Consumer Credit Code.

3. It clarifies the violation of a person's or lender's providing assistance to a lender or processor when the person or lender has knowledge that the lender or processor is unlicensed by providing that the assistance must have been substantial.