An Act To Improve the Foreclosure Process by Regulating Mottgage Loan Servicers
Maine Legislature, Session 128, LD 1292
Committee Amendment CA_A_S95 (Senate)
Amends: 9-A MRSA §2, 9-A MRSA §9

COMMITTEE AMENDMENT " A " to S.P. 444, L.D. 1292, Bill, "An Act To 
Improve the Foreclosure Process by Regulating Mottgage Loan Servicers" 
Amend the bill by striking out all of section 3. 
Amend the bill by striking out all of section 5 and insetting the following: 
'Sec. 5. 9-A MRSA §2-301, as amended by PL 1987, c. 129, §33, is further 
amended to read: 
§2-301. Authority to make or service supervised loans 
Unless a person is a supervised financial organization, a financial institution holding 
company as defined in Title 9-B, section 1011, subsection 1 or a mutual holding company 
as defined in Title 9-B, section 1052, subsection 2 or has first obtained a license pursuant 
to this Act from the administrator authorizing hlm the person to make or service 
supervised loans, he shall the person may not engage in the business of: 
1. Making supervised loans; eF 
2. Taking assignments of and unde1taking direct collection of payments from or 
enforcement of rights from an office in this State against debtors arising from supervised 
loans7.;_m: 
3. Servicing mottgage loans.' 
Amend the bill by adding after section 10 the following: 
'Sec. 11. 9-A MRSA §9-101, as amended by PL 2007, c. 273, Pt. A, §24 and 
affected by §41, is further amended to read: 
§9-101. Scope 
This aftiele A1ticle applies to all consumer credit transactions made by creditors that 
are not supervised financial organizations, that are made to finance or refinance the 
acquisition of real estate or the initial construction of a dwelling or that are secured by a 
first-lien m01tgage on real estate and applies to the servicing of those transactions. 
COMMITTEE AMENDMENT 
COMMITTEE AMENDMENT "A "to S.P. 444, L.D. 1292 
Sec. 12. 9-A MRSA §9-201, as enacted by PL 1987, c. 396, §12, is amended to 
read: 
§9-201. Authority to make or service supervised loans; licensing 
The provisions of article II, part 3, sections 2-301 to 2-304 shall control the authority 
of supervised lenders and mortgage loan servicers that are not supervised financial 
organizations, to make or service loans governed by this ffi=tiele Article.' 
Amend the bill by relettering or renumbering any nonconsecutive Pait letter or 
section number to read consecutively. 
SUMMARY 
This amendment makes the following changes to the bill. 
1. 
It establishes that the requirements of the bill apply to servicers of first-lien 
m01tgages. 
2. It clarifies that servicers must comply with the real estate settlement procedures 
requirements and the truth in lending requirements of Maine law by adding specific 
reference to servicers to the Maine Revised Statutes, Title 9-A, Article 9. 
3. 
It removes a section of the bill that unnecessarily modifies a reference to 
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supervised financial institutions. 
4. It clarifies that the bill is not intended to assert jurisdiction by the Bureau of 
Consumer Credit Protection within the Department of Professional and Financial 
Regulation over financial institution holding companies or mutual holding companies. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05/08/17 ;;'b,:,ac 
LD 1292 
LR 767(02) 
An Act To Improve the Foreclosure Process by Regulating Mortgage Loan Servicers 
Fiscal Note for Bill as Amended by Committee Amendment ''A l S ~ °I Si-\ 
Committee: Insurance and Financial Services 
J 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
Minor cost increase - Other Special Revenue Funds 
Minor revenue increase - Other Special Revenue Funds 
Any additional costs and revenue to the Depaiiment of Professional and Financial Regulation from the 
implementation of the provisions of this bill are expected to be minor. 
LR0767(02) - Fiscal Note - Page 1 of 1