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The Committee on Health Coverage, Insurance and Financial Services is holding a work session and public hearing to consider L.D. 242, An Act to Amend the Laws Governing Multiple-Party Accounts with Financial Institutions, on February 5 at 1 PM. League President/CEO Todd Mason will be in Augusta to testify in support of this legislation. The bill would suspend the requirements created in L.D. 968, legislation that was enacted by the Legislature last year, until the state’s new probate codes goes into effect on July 1, 2019. At that time, all financial institutions will be required to comply with the changes outlined in the updated probate code including a new framework for establishing multiparty accounts.
In addition, the Committee will also consider Senate President Troy Jackson’s bill, L.D. 477, An Act to Provide Relief to Federal Employees Affected by the Federal Shutdown at 2 PM. The bill would provide a state guarantee on private loans from credit unions and other financial institutions to federal government employees living in Maine. If the Governor signs the bill, the legislation would go into effect immediately as long as it receives two-thirds support in both the House and Senate. Governor Mills has expressed her strong support for Senator Jackson’s legislation.
To listen to live audio of these hearings next Tuesday, visit the Committee’s website.