LD 1416
pg. 2
Page 1 of 2 An Act To Amend the Maine Consumer Credit Code LD 1416 Title Page
Download Bill Text
LR 2136
Item 1

 
A creditor, assignee or servicer shall respond to a request
for a payoff figure within 3 business days following receipt of
such a request from a consumer or an agent of the consumer for a
consumer credit transaction secured by a mortgage on real estate.__
The response must include a precise payoff figure as of a date
certain and must contain information permitting the consumer or
the consumer's agent to update that figure, such as providing a
per diem rate from a date certain.__A charge may not be assessed
for the first 2 requests in any calendar year, and a charge for
each subsequent request may not exceed $5.

 
SUMMARY

 
This bill makes several changes to the Maine Consumer Credit
Code. It requires that mortgage lenders, assignees and mortgage
servicers:

 
1. Use due care to ensure payment of taxes and insurance from
consumer escrow accounts; and

 
2. Respond promptly to requests for payoff amounts on
existing loans.

 
The bill also increases the ability of the State to regulate
fraudulent advertising that contains misinformation reflecting
negatively on this State and its legitimate lenders. Finally, it
extends Maine Consumer Credit Code registration requirements to
purchasers, including assignees, or servicers of all types of
consumer credit transactions, including sales, loans and leases,
so that consumer complaints resulting from that servicing can be
promptly addressed.


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