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As the calendar turns to May, the Legislature continues to work at a feverish pace to conclude their committee work. Following last week’s progress on the League’s Appraisers bill, two other bills held their work sessions.
LD 1445, An Act to Prevent Financial Exploitation of Maine Residents 62 Years of Age or Older, was sponsored by Sen. Anne Carney. The League joined with the Maine Bankers Association, Maine AARP, and Legal Services for the Elderly to help craft this legislation. The Health Coverage, Insurance and Financial Services (HCIFS) Committee voted unanimously to adopt a sponsor’s amendment to the bill that provides clarifying changes around trusted contacts and their role in trying to prevent financial exploitation. The committee adopted language to align the definition of eligible adult with existing law. The bill will now head to the full legislature for consideration.
The HCIFS Committee also voted to pass LD 1205, An Act to Set Limits on Virtual Currency Kiosks. The League testified in favor of this bill as it is widely known that these kiosks are major sources of fraud and financial exploitation. The League had concerns that the bill as originally drafted may have been too broad and could impact ATMs. However, those concerns have been addressed. The amended bill will now head to the floor of the House and Senate.
On Tuesday, the League testified in support of LD 1846, An Act to Amend the Law Governing Notification to Vehicle Owners and Lienholders When a Vehicle Is Towed or Left Without Permission on Residential or Business Property. The League asked Rep. Sally Cluchey to sponsor this bill on our industry’s behalf. The public hearing in the Transportation Committee reinforced the problems and challenges credit unions and lienholders face in securing their collateral from towing companies. A work session will be scheduled at a later date; however, based on questioning from the committee, it seems they are likely to adopt LD 1377, Resolve, to Convene a Working Group to Evaluate Potential Regulation of the Vehicle Towing Industry and the Impact on State Agencies and Industries, which the League previously has testified in support of its passage. LD 1377 specifically has a seat for credit unions on the working group. Should it be adopted, the working group would likely convene and work over the course of the late summer and fall of this year, reporting back their findings to the Transportation Committee in January.