An Act to Amend the Statutory Balance Limit on the Finance Authority of Maine's Loan Insurance Reserves for General Fund Transfers
Sponsored By: Glenn Curry
Signed by Governor
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Higher cap for state mortgage reserves
Beginning July 1, 2025, the law raises the combined mortgage reserve cap to $65,000,000 (up from $50,000,000). At each fiscal year end, after transfers under section 1507, the State Controller may move up to $1,000,000 from General Fund unappropriated surplus into the Loan Insurance Reserve. Any balance in that reserve is appropriated for this use. The Finance Authority of Maine can receive payments only if the combined total of its reserve fund and uncommitted Mortgage Insurance Fund stays at or below $65,000,000. These changes increase the amount the state can hold and transfer for mortgage insurance.
Sponsors & Cosponsors
Sponsor
Glenn Curry
Affiliation unavailable
Cosponsors
Amanda Collamore
Republican • House
Richard A. Bennett
Independent • Senate
Traci Gere
Democratic • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Signed by Governor, ACTPUB Chapter 475
7/1/2025On motion by Senator ROTUNDO of Androscoggin taken from the Special Appropriations Table PASSED TO BE ENACTED in concurrence.
6/25/2025SenateOn motion by Senator ROTUNDO of Androscoggin PLACED ON THE SPECIAL APPROPRIATIONS TABLE pending ENACTMENT in concurrence.
6/9/2025SenatePASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
6/9/2025HouseCONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-244).In concurrence. ORDERED SENT FORTHWITH.
6/4/2025HouseReport READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-244) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-244).Ordered sent down forthwith for concurrence.
6/3/2025SenateCARRIED OVER, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.
3/21/2025SenateThe Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT.In concurrence. ORDERED SENT FORTHWITH.
3/20/2025HouseCommittee on HOUSING AND ECONOMIC DEVELOPMENT suggested and ordered printed REFERENCE to the Committee on HOUSING AND ECONOMIC DEVELOPMENT Ordered sent down forthwith for concurrence
3/20/2025Senate
Bill Text
Amendment C-A (S-244), adopted by House & Senate
Enacted
Introduced
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