Governor Signs Bill to Curb Predatory Lending
June 11, 2007
AUGUSTA – Governor John Baldacci today signed into law LD 1869, “An Act to Protect Maine Homeowners from Predatory Lending,” sponsored by Speaker Glenn Cummings. This far-reaching comprehensive legislation protects consumers from abusive mortgage lending practices.
Governor Baldacci said the law provides a model for national legislation. “There has been much national attention shedding light on the unfortunate trend of people losing their homes due to predatory lending,” said the Governor. “I applaud Speaker Cummings and the entire Legislature for recognizing this problem in Maine and for coming up with this important package of protections for homeowners.”
The legislation received wide support from consumer and professional organizations, and passed in the House and Senate with unanimous support. The Governor thanked the partners who advanced the bill.
“Your efforts to develop these protections will enable Maine families to stay in their homes,” Baldacci said. “I particularly want to thank Speaker Cummings as well as the chairs of the Committee on Insurance and Financial Services, Senator Nancy Sullivan and Representative John Brautigam, for their tireless efforts in moving this important legislation forward.”
