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Maine Credit-Related Laws Changed by the 123rd Legislature

LD Title PL Comments
135
An Act To Amend theDebt Management Services Laws 36

Includes non tax exempt Debt Management companies in the licensing process

216 Resolve, To Establish the Council on Financial Literacy and Create a Financial Literacy Matching Grant Program 126 Estsablishes the Council on Financial Literacy
231

 

An Act To Modify the Laws Regarding Garnishment of Wages

 

 

7

 

This bill revises the Maine Consumer Credit Code so that a garnishment judgment for a consumer credit debt must allow a worker to retain at least the equivalent of the federal or state minimum wage, whichever is higher.

1244 An Act to Reduce Forclosures 506

This bill gives the Maine State Housing Authority the power to make a loan or enter into a contract with a financial institution to assist a homeowner who is in danger of losing their residence through foreclosure.

1476 An Act Relating to Bad Check Enforcement Programs Operated by Private Entities 214 Applies Maine Fair Debt Collection Practices Act to private companies that operate check diversion programs for district attorneys
1489 An Act to Enhance Fairness in Consumer Arbitration Agreements 250 Requires the Director of the Office of Consumer Credit Regulation to report statistics on Arbitration Agreements to committee
1564 Resolve, To Encourage Financial Education of Children from Kindergarten to Grade 12 614 Requires the Treasurer of State of Maine to organize a seminar in November 2007 for training in teaching financial literacy
1617

 

An Act to Repeal Strict Foreclosure

 

 

391

 

This bill repeals the laws that permit foreclosure of a mortgage on real property by possession and by sale of the property.

1703

 

An Act to Regulate Presettlement Lawsuit Funding

 

394

This bill clarifies that presettlement lawsuit funding constitutes supervised lending subject to the Maine Consumer Credit Code.

 

1869 An Act to Protect Maine Homeowners From Predatory Lending 273
The bill updates and amends current law to address predatory and abusive lending practices and to provide additional protections for Maine consumers.
       
     
       
       

 

 

Last Updated: July 9, 2008