The bill that is attachedAppendix number 1) contains three proposals perhaps perhaps not particularly addressed in the ask for Public Comment, but being relevant towards the problem of legislation of home loan financing. The very first is found in part hands down the bill. This area would allow (although not need) Maine to participate in an important multi-state home loan business certification project that is presently underway in a number of states. Exactly just just What started as an endeavor to look at consistent license application kinds has progressed into a proposition, sponsored by two split state regulatory associations (the seminar of State Bank Supervisors, or CSBS, as well as the American Association of Residential Mortgage Regulators, or AARMR), to operate a centralized certification system which could accommodate the requirements of loan providers, particularly big home loan organizations with operations in a lot of states. Patterned following the nationwide registration process that regulates the securities industry, this technique is made to lessen the burden on candidates as well as on participating states. Although some concerns stay to be answered, OCCR believes it wise to set up position the legislation required to allow Maine to become listed on this work, if as soon as it’s about time for this type of move.
The 2nd brand brand new problem can be found in Section 4 associated with the bill, also it proposes to broaden protection of Article 9 associated with the credit rating Code to encompass a kind of loan that few regulators knew existed until recently; particularly, a purchase-money loan that is second-lien. Continue reading “Issue #27: Other proposals that are related”