PORTLAND, Maine (4/29/13)--The Maine Credit Union League testified recently in favor of two bills before state legislature--one to promote the financial literacy of high school students and one to clarify when a manufactured home becomes residential real property.
L.D. 843 would amend the system of learning to require each student in the state to study and become proficient in personal finance. On April 19, league Director of Governmental Affairs Quincy Hentzel testified before the Education Committee, explaining the long history of leadership and support that Maine's credit unions have provided for financial literacy (Weekly Update April 26).
"For nearly two decades, the Maine Credit Union League and a number of Maine's credit unions have had an active role in helping to build awareness and understanding about money management and personal finance with thousands of Maine children," Hentzel said. "We believe that by educating children about money management and personal finance, they are much more likely to become savvy consumers as adults."
She highlighted the success of Financial Fitness Fairs coordinated by the state's credit unions. During the 2012-2013 school year, credit unions are coordinating nearly 25 fairs that will reach nearly 5,000 high school students.
The bill's sponsor, Rep. Matt Pouliot attended and volunteered at one fair in Augusta and was "very impressed and enthusiastic about the fairs," the league said.
Last Tuesday, the league testified in support of the manufactured housing bill, L.D. 854, which the league worked on and helped draft.
Ryan Poulin, president/CEO of New Dimensions FCU, Waterville, testifyied on behalf of Maine's credit unions. The Federal Home Loan Bank informed the state's lenders last year that they could not collateralize FHLB loans with mortgage loans collateralized by mobile homes that were titled but not permanently fixed to property.
"This legislation specifically states that if manufactured housing has not been issued a certificate of title, it is considered real property when it is permanently affixed to real property that is owned by the owner of the manufactured housing," he said. "Manufactured housing is an affordable housing option that we want to be sure we can continue to provide financing for to our members."
A work session on the bill is set for Tuesday. No date has been set for a work session on the financial literacy bill.