Maine LD 643: An Act To Protect Veterans Returning from Active Duty from Losing Their Homes

LD 643 (subjects: FINANCIAL PRACTICES , MORTGAGES )

Official bill page at mainelegislature.org: http://www.mainelegislature.org/legis/bills/display_ps.asp?ld=643&PID=1456&snum=127


Sponsors | Actions | Bill Text | Patterns of Support


Sponsors

Principal Sponsor:

6 Cosponsors:

Actions

Chamber

Action
3/3/2015 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.
3/3/2015 House Bill REFERRED to the Committee on INSURANCE AND FINANCIAL SERVICES.
In concurrence. ORDERED SENT FORTHWITH.
3/24/2015 Senate Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

Bill Text

.

An Act To Protect Veterans Returning from Active Duty from Losing Their Homes

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

Sec. 1. 14 MRSA 6111, sub- 3-A, as enacted by PL 2009, c. 402, 12, is amended to read:

3-A. Information; Bureau of Consumer Credit Protection. Within 3 days of providing written notice to the mortgagor as required by subsections 1 and , 1-A and 6, the mortgagee shall file with the Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection, in electronic format as designated by the Bureau of Consumer Credit Protection, information including:

A. The name and address of the mortgagor and the date the written notice required by subsections 1 and , 1-A and 6 was mailed to the mortgagor and the address to which the notice was sent;
B. The address, telephone number and other contact information for persons having authority to modify a mortgage loan with the mortgagor to avoid foreclosure, including, but not limited to, the mortgagee, the mortgage servicer and an agent of the mortgagee; and
C. Other information, as permitted by state and federal law, requested of the mortgagor by the Bureau of Consumer Credit Protection.

Sec. 2. 14 MRSA 6111, sub- 6 is enacted to read:

6. Extended notice for veterans; payment. Notwithstanding subsection 1, with respect to mortgages upon residential property located in this State when the mortgagor is a veteran of the United States Armed Forces or the Reserves of the United States Armed Forces who was on active duty during the previous 12 months and is occupying all or a portion of the property as the mortgagor’s primary residence and the mortgage secures a loan for personal, family or household use, the mortgagee may not accelerate maturity of the unpaid balance of the obligation or otherwise enforce the mortgage because of a default consisting of the mortgagor’s failure to make any required payment, tax payment or insurance premium payment, by any method authorized by this chapter, until at least 6 months after the date that written notice pursuant to subsection 1-A is given by the mortgagee to the mortgagor and any cosigner against whom the mortgagee is enforcing the obligation secured by the mortgage at the last known addresses of the mortgagor and any cosigner that the mortgagor has the right to cure the default by full payment of all amounts that are due without acceleration, including reasonable interest and late charges specified in the mortgage or note as well as reasonable attorney’s fees. If the mortgagor tenders payment of the amounts before the date specified in the notice, the mortgagor is restored to all rights under the mortgage deed as though the default had not occurred.

summary

This bill extends the time period for a right to cure a mortgage default from 35 days to 6 months for a veteran who served on active duty during the previous 12 months.

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 643 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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