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"The hard work by a number of Maine's credit unions and the League's Legislative Team has paid off as meaningful changes to the foreclosure process will take effect later this year. Passage of this legislation is a significant accomplishment," stated your League's President John Murphy, after the Maine House and Senate both voted to override Governor LePage's veto of L.D. 846 - An Act to Refine and Streamline the Foreclosure Mediation Program. In the Governor's veto letter, he stated it was being vetoed because it was sponsored by a Democrat, Rep. Barry Hobbins. On Monday evening, the Maine House voted overwhelmingly (140-4) to override, while the Senate voted unanimously 34-0 to override the veto this afternoon.
The bill now becomes law and takes effect 90 days of the Legislature adjourns.
Your League committed significant resources over the past six months working with legislators, the Judiciary branch and other interested parties to come up with legislation that would provide relief for Maine's credit unions while protecting consumers.
While the bill was unanimously enacted by the Maine House and Senate earlier this month, Governor LePage vetoed this bill along with a number of others yesterday. Because of the events of the past few weeks with a significant increase in vetoes by the Governor, your League fully anticipated that this bill would be vetoed, as well. As a result, your League has been regularly meeting and speaking with a number of legislators and leaders from both parties to build support for an override in the event of a veto.
Murphy said that your League is pleased at the result as this has been a top issue identified by our credit unions. "For years, the feedback we have heard from credit unions has been that an expedited option for the foreclosure process is needed. Many believed that passing this type of legislation could not be done this session but our dedicated Legislative Team worked tirelessly to make it happen."
Your League worked closely with the bill's sponsor, Rep. Barry Hobbins (D-Saco), throughout the entire process. The final language in the bill was drafted by your League's Legislative Counsel, Attorney Ben Marcus of Drummond Woodsum, and it replaced the bill's original text.
The end result is legislation that provides a process for a plaintiff in a foreclosure by civil action to seek an expedited final hearing.
"We appreciate the support and involvement of many individuals in getting this done. An expedited foreclosure option is long-overdue and we are grateful that this legislation has finally passed," added Murphy.
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