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CU System
Maine CUs mortgage bill amendment progresses
PORTLAND, Maine (3/20/12)--Maine's mortgage note bill, with credit unions' amendment attached, is making fast progress through the state legislature, and credit unions' grassroots efforts on it were praised by a state senator on the Senate floor, according to the Maine Credit Union League.

The bill requires an entity foreclosing on a home to show proof that it owns the mortgage note.  The league had presented the amendment that provides consumer protection if the original document cannot be produced without harming credit unions' interests.

State Sen. David Hastings (R-Fryeburg) praised credit unions' involvement, thanking them "for all of their work on this issue. They were willing to try and find a solution, and I appreciate it." (Weekly Update March 16).

After he spoke, the Senate voted 32-2 to pass the measure, L.D. 145, The Original Mortgage Note Bill. The measure went back to the House for a second time, where it passed under the hammer. It is headed back to the Senate for final approval.

League President John Murphy noted that credit unions made thousands of e-mails and calls to urge support of the bill. "It made a big difference and once again demonstrated the impact of credit unions' grassroots efforts," he said. He noted that the league's governmental affairs team--Quincy Hentzel, Jon Paradise, Ed and Cate Pineau and Ben Marcus--have been working on the bill for more than a year.


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