Maine Amends Consumer Credit Code to Regulate Mortgage Loan Servicers
On May 30, Maine Governor Paul LePage signed into law S.P. 444, which amends the state’s Consumer Credit Code to improve the mortgage foreclosure process by regulating mortgage loan servicers. Under the Consumer Credit Code, “creditors” must be licensed and must comply with the provisions of the Consumer Credit Code. The amendment revises the definition of “creditor” to now include a “mortgage loan servicer,” which means a person or organization that undertakes direct collection of payments from or enforcement of rights against debtors arising from a supervised loan secured by a dwelling. The law, according to state rules, takes effect 90 days after adjournment of the legislature.