Appraisers Bill Heard and First Teaser of Towing

Late last week, the hearing for the League’s Appraisal Bill, LD 1514, was scheduled for Tuesday. The bill is in response to the appraisal shortage that is impacting Maine homebuyers’ ability to obtain timely and affordable appraisals. It would raise the limit of what licensed appraisers may appraise from $250,000 to $400,000 to align with federal standards. It would also change the makeup of the Board, removing the vacant public member seats and adding seats for members of the financial industry. The League testified in support and was joined by Lori Michaud of CUSO Home Lending. Mark Samson, President & CEO of Dirigo FCU, came to show his support for the bill, and Acadia FCU submitted testimony in support online. Also present were two appraisers: Bob Strong of Class Valuation and Bill Harper of Nexus Valuation. The bill appeared to have good support from legislators at the hearing, and we are hopeful some version of it will move forward pending the work session. 

On Wednesday, there was a hearing for LD 1377, which would convene a working group to study regulating the towing industry in Maine. While this is a bill being proposed by Secretary of State Bellows and is not the League towing bill, the League bill was discussed despite not yet having been printed. There were many supporters for the bill across industries, including commercial truckers, the insurance industry, and the towing industry itself. There was no one to testify in opposition; however, work groups require funding which may be a challenge under the current budget. We are hopeful that the outpouring of support for the bill will be indicative of positive support for the League’s bill on this topic. When that bill is scheduled, we will be asking credit unions to submit their stories regarding the towing industry so we can show a strong coalition. If you would like to begin drafting testimony now in anticipation (we may have very little notice once it is scheduled), please reach out to Krista Simonis, League Director of Governmental Affairs, for assistance and a draft template.