Bill > LD184

This bill establishes the Commission to Study the Foreclosure Process, a 7-member commission designed to comprehensively examine the state's foreclosure procedures and challenges. The commission will include two senators, two representatives (with bipartisan representation), one credit union representative, one Maine Bankers Association representative, and the Maine State Housing Authority director. The commission is tasked with investigating three key areas: (1) analyzing current foreclosure laws, procedural timelines, and their impact on affordable housing availability, (2) examining how mortgages sold in the secondary market affect foreclosure processes, particularly focusing on how small financial institutions manage foreclosures and property sales, and (3) identifying ways to improve the foreclosure process while maintaining existing consumer protections. The commission is required to submit a detailed report by December 3, 2025, to the Joint Standing Committee on Housing and Economic Development, which will have the authority to propose related legislation during the Second Regular Session of the 132nd Legislature. The Legislative Council will provide necessary staffing support, though not during legislative sessions, ensuring a thorough and independent review of the state's foreclosure mechanisms.

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https://legislature.maine.gov/legis/bills/display_ps.asp?LD=184&snum=132