An Act To
Maine Legislature, Session 125, LD 0290
Committee Amendment CA_A_H427 (House)
Amends: 9-A MRSA §13

COMMITTEE AMENDMENT" A" to H.P. 234, L.D. 290, Bill, "An Act To 
Amend the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009" 
Amend the bill by striking out all of section 1 and inserting the following: 
'Sec. 1. 9-A MRSA §13-102, sub-§l-A is enacted to read: 
I-A. Credit sale. "Credit sale" means the sale of a dwelling or residential real estate 
purchased for a personal, family or household purpose in which credit is extended by the 
seller and either the debt is payable in installments or a finance charge is made. 
Sec. 2. 9-A MRSA §13-102, sub-§13, as enacted by PL 2009, c. 362, Pt. B, §l, 
is amended to read: 
13. 
Residential mortgage loan. 
"Residential mortgage loan" means any loan 
primarily for personal, family or household use that is secured by a mortgage, deed of 
trust or other equivalent consensual security interest on a dwelling or residential real 
estate upon which is constructed or intended to be constructed a dwelling. "Residential 
mortgage loan" does not include a credit sale unless the credit sale is determined to be a 
residential mortgage loan by any rule, advisory ruling or interpretation issued by the 
administrator or by the United States Department of Housing and Urban Development or 
successor federal agency responsible for ensuring state compliance with the provisions of 
the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, 12 United 
States Code, Sections 5101 to 5113. 
Sec.3. 9-A MRSA §13-103, sub-§2"G is enacted to read: 
G. An individual who, during any calendar year or other 12-month period, takes 
applications for or offers or negotiates terms of not more than the maximum number 
of residential mortgage loans to qualify for exemption as determined by rule, 
advisory ruling or interpretation issued by the administrator or by the United States 
Department of Housing and Urban Development or successor federal agency 
responsible for ensuring state compliance with the provisions of the federal Secure 
and Fair Enforcement for Mortgage Licensing Act of 2008, 12 United States Code, 
Sections 5101 to 5113. 
COMMITTEE AMENDMENT 
OfS 
COMMITTEE AMENDMENT "An to H.P. 234, L.D. 290 
~1 
Sec. 4. 9-A MRSA §13-1l2, sub-§5 is enacted to read: 
5. Effect on mortgage loans. This article may not be construed to provide that a 
mortgage loan originator's good faith failure to comply with the requirements of this 
article affects the validity or enforceability of the obligations under any residential 
mortgage loan resulting from a transaction in which the mortgage loan originator 
participated.' 
Amend the bill by relettering or renumbering any nonconsecutive Part letter or 
section number to read consecutively. 
SU~Y 
This amendment strikes the provision in the bill that exempts individuals who do not 
offer or originate more than 5 loans in anyone calendar year from having to be licensed 
under the Maine Secure and Fair Enforcement for Mortage Licensing Act of 2009. The 
amendment amends the Act to add an exemption for a de minimis number of transactions 
per year not to exceed the limit set forth in regulations adopted 'by the United States 
Department of Housing and Urban Development. The amendment defines "credit sale" to 
clarify that credit extended by a property owner to the buyer when the property is sold is 
not subject to licensing. The amendment also clarifies that the enforceability of mortgage 
loans is not affected by a good faith failure to comply with the terms of the Act. The 
amendment retains the bill's retroactive date of January 1, 2011. 
FISCAL :\OTE REQrlRED 
(See att~c~edl 
COMMITTEE AMENDMENT 
Approved: 05/18111 frac 
LD 290 
LR 1146(02) 
An Act To Amend the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009 
Fiscal Note for Bill as Amended by Committee Amendment "~,, 
Committee: Insurance and Financial Services 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Fiscal Detail and Notes 
Additional costs to the Bureau of Consumer Credit Protection in the Department of Professional and Financial 
Regulation are expected to be minor and can be absorbed within existing budgeted resources. 
LRI146(02) - Fiscal Note - Page 1 of 1