124th MAINE LEGISLATURE
		LD 1418		LR 1678(02)
	An Act To Preserve Home Ownership and Stabilize the Economy by Preventing Unnecessary Foreclosures
	Fiscal Note for Bill as Amended by Committee Amendment "   "
	Committee: Insurance and Financial Services
	Fiscal Note Required: Yes
Fiscal Note
			2009-10	2010-11	Projections 2011-12	Projections 2012-13
Net Cost (Savings)
	General Fund		$0	$0	$0	$0
Appropriations/Allocations
	Other Special Revenue Funds		$974,108	$950,688	$964,482	$978,816
Revenue
	General Fund		$0	$0	$0	$0
	Other Special Revenue Funds		$1,100,000	$1,030,000	$974,000	$929,200
Fiscal Detail and Notes
	This bill includes Other Special Revenue Funds allocations of $749,101 in fiscal year 2009-10 and $744,652 in fiscal year 2010-11 for the Judicial Branch to establish the Foreclosure Medication Program.  The Judicial Branch will also experience an annual increase of $750,000 in Other Special Revenue Funds revenue as a result of the increase in the foreclosure filing fee.
	The bill's provision to remove the exemption under the Real Estate Transfer tax for foreclosure sales and deeds in lieu of foreclosure is estimated to increase General Fund revenue by $350,000 in 2009-10 and by $280,000 in 2010-11.  This revenue will be transferred to an Other Special Revenue Funds account in the Bureau of Consumer Credit Protection in the Department of Professional and Financial Regulation to fund additional duties under the bill.  Because the change to the Real Estate Transfer tax only repeals certain transactions currently exempted from that tax there is no net loss of revenue to the General Fund or the Housing Opportunities for Maine (HOME) Fund administered by the Maine State Housing Authority.
	The bill provides an allocation of $225,007 in 2009-10 and  $206,036 in 2010-11 to the Bureau of Consumer Credit Protection in the Department of Professional and Financial Regulation for the creation of one Office Specialist II position and related costs of the bureau to establish a statewide hotline to facilitate a mortgagor's communication with housing counselors, an outreach program in coordination with the Maine State Housing Authority including contracting with nonprofit organizations that provide housing counseling services and mortgage assistance, and to collect and disseminate foreclosure information.
	Additional costs to the Maine State Housing Authority associated with consulting with the Bureau of Consumer Credit Protection on the outreach program can be absorbed within existing budgeted resources.