Margo Reagan v. Racal Mortgage, Inc.

In 1995, the plaintiffs filed their complaints against Racal Mortgage, Inc. in which they sought sanctions against Racal under Me. Rev.Stat. Ann. tit. 9-A, § 9-405(4) for making unauthorized supervised loans. In our previous opinion in this case, we reviewed the procedural background of the case, and the legal issues involved. See Reagan v. Racal Mortgage, Inc., 135 F.3d 37 (1st Cir.1998). To summarize, Racal had issued table-funded mortgage loans to the plaintiffs in its own name. 1 The Maine Consumer Credit Code requires that a lender be licensed in order to make supervised loans, such as…