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News Now

CU System
Maine CU-backed Manufactured-home Bill Passes Committee
PORTLAND, Maine (5/6/13)--The Maine legislature's Judiciary Committee gave its unanimous support to L.D. 854--a Maine Credit Union League-backed bill that clarifies when a manufactured home is considered residential real estate.

Credit union representatives testified about a week ago on behalf of the league and Maine's credit unions, supporting the legislation (Weekly Update May 3).

The league played an active role in developing the legislation's language and in seeking support from legislators. It amends the laws governing manufactured housing to say that manufactured housing--for which no certificate of title has been issued--is considered real property when it has been permanently affixed to real property owned by the owner of the manufactured housing.

The bill, sponsored by State Rep. Charles Priest (D-Brunswick), was brought forward, in part by the league, as the result of an issue raised by the Federal Home Loan Bank of Boston (FHLBB) in 2011.

"The FHLBB informed Maine lenders about a year and a half ago that they are not able to collateralize FHLBB with mortgage loans collateralized by mobile homes that were not titled and not permanently affixed to property," Ryan Poulin, president/CEO of New Dimensions FCU in Waterville, explained to the committee in his testimony.

The legislation now moves to the full legislature for consideration.
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