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Ask the director –
Lenders as Transient Sellers
Q: Could a loan be considered “merchandise”, such that out of state lenders without an office in Maine could be required to also register as transient sellers under 32 M.R.S.A. § 4681(7)?
A: I don’t believe the transient seller law was ever intended to require the registration of companies already licensed as supervised lenders. To clarify this issue, the Legislature is in the process of enacting Part O of LD 2042, which amends 32 M.R.S.A. § 4681, sub-§ 7, to specifically exempt lenders as defined in 9-A M.R.S.A. § 1-301(39) from the transient seller registration requirements.