An Act To Make Changes To The Laws Governing Financial Institutions And To Eliminate Certain Administrative Fees Paid By Banks And Credit Unions Under The Maine Consumer Credit Code

LD 2072 allows Maine state-chartered credit unions to make mortgage loans secured by real estate located in other states, removing the current requirement that such property must be in Maine. The bill also specifies that loans under this provision cannot exceed 90% of a property's appraised value (or 100% with certain insurance), and requires repayment terms of up to 30 years for first mortgages or 15 years for other loans. This directly affects Maine credit unions and their members seeking mortgages on out-of-state properties. The bill modifies existing mortgage lending rules under the Maine Consumer Credit Code without changing administrative fee structures.