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
Sponsored By: Kristi Mathieson (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
7 provisions identified: 3 benefits, 1 costs, 3 mixed.
Credit unions gain more mortgage options
Credit unions can make mortgages for members on property outside Maine. Loans generally cannot exceed 90% of the property's appraised value. They can reach 100% with insurance covering at least the top 20%, or qualifying government insurance or guarantees. Qualifying coverage includes a licensed mortgage guarantee insurer or HUD, FHA, or another state or federal agency. First mortgages must be fully repaid through monthly principal and interest payments within 30 years, except HUD- or FHA-insured loans. Other mortgages must be repaid within 15 years. Loans also face the legal limit on a member's total debt to the credit union. Credit unions are not required to offer these loans.
Credit unions can share nonmember loans
A credit union can join a loan for someone who is not its member. The borrower must belong to at least one other credit union participating in that loan. These shared loans can be secured by real estate outside Maine. The law does not require a credit union to offer a loan.
Banks drop certain administrative fees
Covered banks and credit unions no longer pay the two repealed administrative fees under Maine's consumer credit law. The law does not state the fee amounts or require institutions to pass savings on to customers.
Supervised lenders leave some credit rules
Supervised financial organizations are exempt from this part of Maine's consumer credit law. The exemption also covers their work taking over covered credit accounts, collecting payments, or enforcing rights. It does not exempt them from the entire consumer credit law.
Fraud disclosures shift to age 65
Financial institutions, credit unions, and affiliates can share records with Maine's attorney general or law enforcement about suspected financial exploitation. They need reasonable cause to believe a requested payment may lead to exploitation. This authority covers people 65 or older and individuals protected under the Adult Protective Services Act. The age threshold rises from 62 to 65, so age alone no longer covers people ages 62 through 64.
Members gain control over director pay
At covered financial institutions, members or corporators—the institution's governing participants—can set director pay at a legal meeting. The board loses its prior authority to set that pay with the superintendent's written approval. The law sets no pay amount.
Mortgage lenders face adjustable oversight fees
Maine's consumer credit administrator can adjust fees for residential mortgage lenders that are not supervised financial organizations. Adjustments use routine technical rules and support compliance costs and staff attorney positions. Fees can rise or fall; the law sets no amount and requires no increase.
Sponsors & Cosponsors
Sponsor
Kristi Mathieson
Democratic • House
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Signed by Governor, ACTPUB Chapter 565
3/19/2026PASSED TO BE ENACTED, in concurrence.
3/10/2026SenatePASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
3/5/2026HouseCOMMITTEE ON BILLS IN THE SECOND READING REPORTS NO FURTHER VERBAL AMENDMENTS NECESSARY. REPORT ACCEPTED.READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (H-807), in concurrence.Ordered sent down forthwith.
3/3/2026SenateReport READ and ACCEPTED, in concurrence. Bill READ ONCE. Committee Amendment "A" (H-807) READ and ADOPTED. ASSIGNED FOR SECOND READING NEXT LEGISLATIVE DAY.
2/26/2026SenateCONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (H-807).Sent for concurrence. ORDERED SENT FORTHWITH.
2/24/2026HouseReceived by the Clerk of the House on December 15, 2025.The Bill was REFERRED to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401.
12/15/2025House
Bill Text
Amendment C-A (H-807), adopted by House & Senate
Enacted
Introduced
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