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Maine league testifies on state TIL elder-abuse bills
PORTLAND, Maine (5/2/11)--The Maine Credit Union League was in Augusta, Maine, Tuesday providing testimony at two state legislative public hearings. Of most interest to the league and Maine credit unions was LD 1338--which would incorporate federal Truth in Lending laws into Maine’s Consumer Credit Code. The league also is interested in a bill aimed at preventing elder abuse. LD 1338 would incorporate the TIL changes into Maine law in one step, rather than the piecemeal approach of the past, the league said (Weekly Update April 29). “We support the concept behind LD 1338, which would amend the Maine Truth in Lending Act (TILA) by adopting by reference federal TILA regulations,” said Quincy Hentzel, Maine league director of governmental affairs, testifying in support of LD 1338. “We support and prefer the approach of a wholesale adoption of federal Truth in Lending and implementing regulations which would then become Maine law. This approach would minimize, if not eliminate, our state-chartered institutions’ biggest challenge, which is the delay between federal law being enacted and the adoption of comparable state law and regulations.” Hentzel said the hearing went as anticipated, and the Insurance and Financial Services Committee directed that a stakeholders group, which includes Maine credit union representatives, be formed to try to come to an agreement. The stakeholders group is meeting today. The league also testified in support of LD 1374, which would expand protections--including financial activity--for victims of elder abuse. The league’s testimony highlighted the proactive approach the league and its credit unions have taken through the years to help identify and prevent finance abuse of elder and dependent members.


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