The connected bill (Appendix #1) contains three proposals perhaps maybe perhaps not particularly addressed in the ask for Public Comment, but which are relevant into the dilemma of legislation of mortgage financing. The foremost is found in part hands down the bill. This section would allow ( not require) Maine to participate in a significant multi-state home loan business licensing project this is certainly presently underway in many states. What began as an attempt to adopt consistent permit application kinds has progressed into a proposition, sponsored by two separate state regulatory associations (the seminar of State Bank Supervisors, or CSBS, as well as the United states Association of Residential Mortgage Regulators, or AARMR), to operate a centralized certification system which could accommodate the requirements of lenders, especially big home loan organizations with operations in several states. Patterned following the nationwide registration procedure that regulates the securities industry, this method is made to lower the burden on candidates as well as on participating states. Although a lot of concerns stay to be answered, OCCR believes it wise to include position the legislation required to enable Maine to become listed on this work, if as soon as it’s about time for this kind of move.
The 2nd brand brand new problem is situated in Section 4 of this bill, plus it proposes to broaden protection of Article 9 regarding the credit rating Code to encompass a form of loan that few regulators knew existed until recently; particularly, a purchase-money loan that is second-lien. Fortsett å lese «Issue #27: Other associated proposals»