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"The importance of relationships, being engaged, involved and building support from the beginning were reinforced this past week with the final passage of L.D. 846, your League's Expedited Foreclosure bill. The strong override votes by both the House and Senate of Governor Lepage's veto of the bill, not based on its merits but because it had a Democratic sponsor, demonstrates the high level of support Maine's credit unions have built up in the Legislature. From our Legislative Breakfasts and Lunches we held last fall to numerous conversations our Legislative Team and credit union representatives have continued to have with legislators and other officials throughout the session, all played a valuable role in the outcome we can all be proud of," stated your League's President John Murphy.
The end result is a bill that, when it becomes law 90 days after the Legislature adjourns, provides an expedited process that protects consumers. Your League drafted the amendment that replaced the bill's original language and was, ultimately, adopted by the Legislature.
"The Maine Credit Union League on behalf of our member credit unions drafted an amendment that adopted all existing foreclosure law, including mediation and the redemption period, while speeding up the process in appropriate cases. For credit unions, foreclosure is the step of last resort. Maine credit unions have a proud history of working with their members to keep them in their home. In the rare instances when a credit union initiates a foreclosure, all other avenues have been exhausted. When the foreclosure process is initiated, this amendment had safeguards in place that reasonably and responsibly ensure that the consumer’s interests remain paramount and a top priority throughout the process," noted Murphy.
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