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When the Legislature passed the state budget in June, it included a change to Maine’s real estate transfer tax. While the base rate remains $2.20 for each $500 of a property’s value, transactions exceeding $1,000,000 will be subject to an additional $3.80 per $500 on the portion above that threshold—bringing the total to $6.00 per $500 over $1 million. This change takes effect on November 1, 2025.
Separately, the Legislature has enacted new requirements aimed at protecting vulnerable and older adults from financial exploitation. Credit unions must review and, where applicable, update internal procedures to ensure compliance with the following provisions, which take effect on Wednesday, September 24, 2025:
1. New Disclosure Authority
Credit unions may now disclose financial records to the Attorney General or law enforcement if they have reasonable cause to believe that a disbursement request by an individual 65 or older may result in financial exploitation.
2. Optional Trusted Contact Policies
Credit unions may adopt a written policy allowing members to designate a trusted contact person for each account. This person can be contacted to:
- Confirm health status or contact information;
- Identify legal agents; and
- Discuss possible financial exploitation concerns.
Trusted contacts cannot be co-owners, beneficiaries, or fiduciaries on the account.
3. Authority to Delay Disbursements
Credit unions may delay a disbursement from an account of an “eligible adult” (age 65+ or covered under the Adult Protective Services Act) if exploitation is suspected, provided that:
- Notification is given to the member and authorized parties within 2 business days, unless those parties are suspected of exploitation;
- The Office of the Attorney General is notified within 2 business days;
- An internal investigation is completed and results are reported to the AG’s Office within 7 business days;
- The disbursement delay may not exceed 15 business days unless extended by a court.
4. Legal Immunity
Credit unions that act in good faith under these provisions are immune from civil and administrative liability.
5. Optional Law Enforcement Referrals
In addition to notifying the Attorney General, credit unions may also contact law enforcement and share account records relevant to the suspected exploitation.
If you have any questions or concerns regarding these policy changes, please email Jared Gay, Director of Governmental Affairs & Compliance, with questions.