State Legislation/Regulation
LD 1869, “An Act to Protect Maine Homeowners from Predatory Lending”
(The Maine Homeowners Protection Act) M4A worked with Speaker Cummings and a coalition of organizations led by Coastal Enterprises, Inc. to pass this legislation.
Summary: This bill will prohibit equity-stripping practices in mortgage lending and ensure that mortgages made to Mainers are fairly underwritten, so that they will be able to repay back their debt
Sponsor: Speaker Glenn Cummings
Cosponsors: Over 100 bipartisan House and Senate Cosponsors
Committee: Insurance and Financial Services
Action: A press conference was held on April 30th, supporting LD 1869, “An Act to Protect Maine Homeowners from Predatory Lending”. A hearing was held on May 10th and a work session was held on May 15th. The Insurance and Financial Services reported the bill as “ought to pass as amended”. It passed the House on June 4th and passed the Senate (35-0) on June 5th. The Governor signed the bill into law on June 11th.