Maine LD 455: An Act To Prohibit Deceptive Practices Regarding Unsolicited Loans

LD 455 (subjects: FINANCIAL PRACTICES , CONSUMER CREDIT )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=455&PID=1456&snum=127


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


Sponsors

Principal Sponsor: Sen. Linda Valentino of York: (D – District 31) — e-mail | Twitter | Facebook

4 Cosponsors:

Actions

Chamber

Action
2/24/2015 Senate Committee on INSURANCE AND FINANCIAL SERVICES
suggested and ordered printed
On motion by Senator Whittemore of Somerset REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES
Ordered sent down forthwith for concurrence.
2/24/2015 House Bill REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES.
In concurrence. ORDERED SENT FORTHWITH.
4/7/2015 Senate Report READ and ACCEPTED.

READ ONCE.

Committee Amendment “A” (S-17) READ and ADOPTED.
ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
4/9/2015 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” (S-17).
Ordered sent down forthwith for concurrence.
4/14/2015 House CONSENT CALENDAR – FIRST DAY
4/16/2015 House Committee on Bills in the Second Reading Reports no further verbal amendments necessary Representative McLEAN of Gorham, Chair, House of Representatives Report Accepted.
CONSENT CALENDAR – SECOND DAY.
The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment “A” (S-17).
In concurrence. ORDERED SENT FORTHWITH.
4/23/2015 House PASSED TO BE ENACTED.
Sent for concurrence. ORDERED SENT FORTHWITH.
4/28/2015 Senate PASSED TO BE ENACTED, in concurrence.
5/12/2015 Senate On motion by Senator CUSHING of Penobscot Tabled until Later in Today’s Session, pending CONSIDERATION
5/12/2015 Senate Taken from the table by the President
LD 455 In Senate, May 12, 2015, this Bill, having been returned by the Governor, together with objections to the same pursuant to the provisions of the Constitution of the State of Maine, after reconsideration, the Senate proceeded to vote on the question: “Shall this Bill become a law notwithstanding the objections of the Governor?” 20 In Favor and 15 Against, accordingly it was the vote of the Senate that the Bill not become law and the VETO was SUSTAINED.

Bill Text & Amendments

Important Note: The bill text below presents L.D. 455 as originally introduced. L.D. 455 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 (S-17) .

An Act To Prohibit Deceptive Practices Regarding Unsolicited Loans

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

Sec. 1. 9-A MRSA 3-201, sub- 1, as amended by PL 1987, c. 129, 54, is further amended to read:

1. No creditor may engage in this State in false or misleading advertising concerning the terms or conditions of credit with respect to a consumer credit transaction or an open-end credit plan. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

Sec. 2. 9-A MRSA 9-301, sub- 1, as enacted by PL 1987, c. 396, 12, is amended to read:

1. No creditor may engage in this State in false or misleading advertising concerning the terms and conditions of a consumer credit transaction subject to this article. A creditor may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

Sec. 3. 9-B MRSA 242, sub- 5 is enacted to read:

5. Unsolicited loan offers. A financial institution authorized to do business in this State, a credit union authorized to do business in this State, an association of such institutions or a financial institution holding company may not make an unsolicited loan offer through the mail in the form of a check that when cashed by the recipient constitutes acceptance of a loan.

summary

This bill prohibits financial institutions and creditors from mailing unsolicited loan offers in the form of checks that when cashed by the recipient constitute acceptance of a loan.

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 455 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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