Bill > LD97

This bill aims to help residents of correctional facilities improve their credit scores by establishing a new loan program. Specifically, the bill allows the Department of Corrections commissioner to permit inmates to receive a loan from a financial institution (including credit unions) designed to improve their credit score. The loan must be deposited into the inmate's savings account and can only be secured by money the inmate has already been disbursed from their general client account, after required statutory collections. Importantly, this type of loan is exempt from the standard rules that require 25% of an inmate's received money to be used for restitution, fines, or facility costs. The bill also modifies existing statutes related to parole and discharge to exclude these credit improvement loans when calculating an inmate's personal assets or transferred funds. The goal is to provide inmates with a structured mechanism to build or repair their credit while incarcerated, which can help support their successful reintegration into society after release by improving their financial standing.

Justice

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=97&snum=132