Maine LD 336: An Act To Combine Outstanding Student Loan Debt with a Home Mortgage

LD 336 (subjects: FINANCIAL PRACTICES , MORTGAGES )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=336&PID=1456&snum=127


Sponsors | Actions | Bill Text & Amendments | Patterns of Support


Sponsors

Principal Sponsor: Rep. Ryan Fecteau of Biddeford: (D – District 11) — e-mail | Twitter | Facebook

8 Cosponsors:

Actions

Chamber

Action
2/10/2015 House Committee on Insurance and Financial Services suggested and ordered printed.
The Bill was REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES.
Sent for concurrence. ORDERED SENT FORTHWITH.
2/12/2015 Senate On motion by Senator Whittemore of Somerset, REFERRED to the Committee on Insurance and Financial Services, in concurrence.
4/7/2015 House CONSENT CALENDAR – FIRST DAY
On OBJECTION of Representative FREDETTE of Newport REMOVED.
The Committee Report was READ and ACCEPTED.
The Bill was READ ONCE.
Committee Amendment “A” (H-30) was READ and ADOPTED.
ROLL CALL NO. 17
(Yeas 83 – Nays 59 – Absent 9 – Excused 0)
TOMORROW ASSIGNED FOR SECOND READING.
4/9/2015 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.

READ the Second Time.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (H-30).
Sent for concurrence. ORDERED SENT FORTHWITH.
4/14/2015 Senate Report READ and ACCEPTED, in concurrence.
READ ONCE
Committee Amendment “A” (H-30) READ and ADOPTED , in concurrence.
ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
4/16/2015 Senate COMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY, Senator Saviello, Senate Chair. REPORT ACCEPTED.
READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment “A” (H-30), in concurrence.
Ordered sent down forthwith.
4/23/2015 House FINALLY PASSED.
Sent for concurrence. ORDERED SENT FORTHWITH.
4/28/2015 Senate FAILED FINAL PASSAGE , in NON-CONCURRENCE.
Roll Call Ordered Roll Call # 36 16 Yeas – 19 Nays- 0 Excused – 0 Absent
Ordered sent down forthwith for concurrence.
4/29/2015 House The House INSISTED on FINAL PASSAGE.
ORDERED SENT FORTHWITH.
4/30/2015 Senate On motion by Senator CUSHING of Penobscot The Senate INSISTED To FAILING FINAL PASSAGE , in NON-CONCURRENCE.
Placed in Legislative Files (DEAD).

Bill Text & Amendments

Important Note: The bill text below presents L.D. 336 as originally introduced. L.D. 336 was changed by the legislature through amendment. To understand the impact of this legislation in proper context, be sure to read adopted amendment text, available here: C-A (H-30) .

An Act To Combine Outstanding Student Loan Debt with a Home Mortgage

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 10 MRSA 1026-U is enacted to read:

1026-U. Homes for Student Loans Program

1. Program established. The Homes for Student Loans Program, referred to in this section as “the program,” is established to develop a financial services loan product that combines outstanding federal and state student loans for higher education with a mortgage loan. The authority shall administer the program.
2. Eligibility requirements. Eligibility requirements must be established by rule of the authority and, at a minimum, must include:

A. That the applicant have received a bachelor’s degree or graduate degree within 2 years of the date of application;
B. That the applicant have outstanding federal or state student loans; and
C. That the applicant be seeking to purchase a home as the applicant’s primary residence.

3. Agreements with financial institutions. The authority shall enter into agreements with financial institutions to offer loan products in accordance with this section and on terms and conditions acceptable to the authority.
4. Rules. The authority shall establish rules necessary to implement this section. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

summary

This bill establishes the Homes for Student Loans Program within the Finance Authority of Maine. The bill directs the authority to develop a loan product that combines outstanding federal and state student loan debt with a home mortgage.

Patterns of Support

Pattern of Cosponsorship by Region:

Pattern of Cosponsorship by Gender:

Pattern of Cosponsorship by Party:

Pattern of Cosponsorship by Campaign Finance Classification:

Note: Maine Clean Elections Act (MCEA) Qualified candidates only accept a small dollar value of initial contributions early in their campaigns, pledge not to accept further campaign contributions from private sources, and receive public funding for their campaigns. MCEA Non-Qualified candidates choose not to obtain public funding and instead are free to accept campaign contributions from individuals, party committees, political action committees and business sources.


This information about LD 336 was last updated on 2016-05-12.
The Open Maine Politics website is in a beta release and results should not be taken as definitive. Please visit the official website of the Maine State Legislature for entirely verifiable information.

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