|129th MAINE LEGISLATURE|
|LD 1426||LR 1767(02)|
|An Act To Increase Protections for Land Installment Contracts|
|Fiscal Note for Bill as Amended by Committee Amendment " "|
|Fiscal Note Required: Yes|
|Minor cost increase - General Fund
Minor revenue increase - General Fund
Minor revenue increase - Other Special Revenue Funds
|Correctional and Judicial Impact Statements|
|This bill may
increase the number of civil suits filed in the court system.
The additional workload associated with the minimal number of new cases filed in the court system does not require additional funding at this time.
The collection of additional filing fees may increase General Fund and other dedicated revenue by minor amounts.
|Fiscal Detail and Notes|
|Any additional costs to the Bureau of Consumer Credit Protection, within the Department of Professional and Financial Regulation, of requiring vendors who engage in land installment contracts to be treated as creditors under the Maine Consumer Code are expected to be minor and can be absorbed within existing budgeted resources. Additional revenues collected as a result of annual registration fees for these creditors are expected to be minor.|