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News Now

CU System
Maine leagues mortgage note amendment passes committee
PORTLAND, Maine (2/6/12)--The Maine Legislature Joint Standing Committee on Judiciary voted 9-3 'ought to pass" on an amendment proposed by the Maine Credit Union League to a mortgage bill.

The Judiciary Committee voted last week 10-3 "ought to pass" on a bill to protect homeowners subject to foreclosure by requiring the foreclosing financial institution to provide the court with original documents, a measure opposed by the league (Weekly Update Feb. 3).

The league then worked with the committee to introduce an amendment that addressed credit unions' concerns.

The amendment ensures that credit unions have ample time to obtain the note if they are not in possession of it at the time of foreclosure, and to limit the plaintiff to one request for inspection of the original note, said the league.

Last week, the league submitted the amendment to State Sen. David Hastings (R) and State Rep. Joan Nass (R), co-chairs of the committee, for their review. Nass and Hastings agreed to hold another work session to consider the amendment.

"This has taken a lot of time and resources, but we are pleased at the progress, said league President John Murphy. "Maine credit unions received praise from many members of the committee for coming up with language acceptable to most parties involved. We anticipate participating in additional discussions as the bill proceeds."

The bill will now go before the full legislature for a vote.


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