An Act To Require Lienholders To Remove Liens Once Satisfied
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 10 MRSA §4013 is enacted to read:
§ 4013. Removal of lien
1. Removal within 60 days. Unless a specific time period is otherwise provided, a holder of a lien against property issued pursuant to the laws of this State shall remove the lien within 60 days of satisfaction or discharge of the lien by the debtor or owner of the property or agent of the debtor or owner.
2. Liability. A holder of a lien, other than the State, a municipality or other governmental entity, who fails to remove a lien as provided in subsection 1 is liable to the debtor or owner of the property for reasonable attorney's fees and costs incurred to cure the lien as a result of the failure to remove the lien.
3. Application. This section does not apply to a financing statement or other record governed by Title 11.
Effective 90 days following adjournment of the 127th Legislature, First Regular Session, unless otherwise indicated.