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Maine Credit-Related Laws Changed by the 124th Legislature

Effective Date: September 12, 2009 unless otherwise stated

LD Title PL Comments
165 An Act to Supervise and Regulate Real Estate Settlement Agents and Exchange Facilitators in Order to Protect Consumers Chapter 61

License-Exchange Facilitators Due April 30th each year $350 main office & $200 branch office; and $150 renewal fee - $250,000 fidelity bond or letter of credit: Registered Settlement Agent Due April 30th each year - $25 primary office & $25 branch office.

297 An Act to Ensure that Medical Equipment found in a Repossessed Vehicle is Returned to the Owner Chapter 45

If the consumer makes a reasonable request for the return of the medical device or equipment, the debt collector shall arrange to have the medical equipment or device promptly returned to the consumer. If the debt collector incurs expenses in actually returning the medical device or equipment to the consumer, those reasonable expenses are considered a reasonable charge incurred in realizing on a security interest in personal property, pursuant to Title 9-A, section 3-402, subsection 1, paragraph B, which may be added to the consumer's indebtedness.

503 An Act to Regulate Foreclosure Negotators Chapter 327  



An Act to Support District Attorney Check Diversion Programs




Chapter 99

Pretrial Diversion Program companies to register & submit application & $600 fee similar to debt collection companies, no bond required/submit contracts for review to Superintendent

715 An Act to Enable the Use of Credit Cards for Governmental Transactions Chapter 113

  A governmental entity may impose a surcharge for payments made with a credit card or debit card for taxes, fines, charges, utility fees, regulatory fees, license or permit fees or the provision of a specific service provided by that governmental entity.


An Act to Amend the Laws Governing Licensed Financial Service Providers Emergency bill
Effective: June 3, 2009

Chapter 243 Changes fee structure for Loan Officer Registration, Course Certification and Dunning letter submission; updates fees for Debt Collector, Loan Broker, Debt Management and Debt Collector fees and allows for an additional license fee for late Debt Collector Renewals.
1343 An Act to Promote Consumer Fairness in Tax Refund Anticipation Loans Chapter 248 Includes Tax Refund Anticipation Companies within the Loan Broker classification of Licenses.

An Act to Preserve Home Ownership and Stablilize the Economy by Preventing Unnecessary Foreclosures
Emergency bill Effective: June 15, 2009




An Act to Conform State Mortgage Laws with Federal Laws
Chapter 362