Maine Foreclosure Bill to be Heard May 5

2011-04-26

Issue Brief

Maine LD 1448 provides for both the foreclosure by possession procedure and the non-judicial procedure (33 MRSA 595) available in the case of foreclosure of assessment liens or mortgage liens on time-share estates and time-share licenses.  The bill will be heard in the Judiciary Committee on May 5.

Impact

This new timeshare foreclosure bill will add back into Maine law the foreclosure by possession procedure that was removed in prior legislation and preserve the non-judicial foreclosure procedures enacted for timeshares in 2005.

Position/Call to Action

ARDA-New England and ARDA-ROC worked with the Maine Revisers Office to agree on language that corrects the reviser's original proposed draft of LD 1448.  The first draft would have inadvertently repealed the 2005 non-judicial foreclosure provisions for timeshares.  Representative Jarod Crockett (the bill's sponsor) and Chad McGrew (representing Maine-based timeshare HOAs) will testify in support of the bill on May 5 along with ARDA-ROC's outside counsel and lobbying team.  A copy of the testimony in support of LD 1448 may be found here.  Further information on the bill may be found on the Maine legislative website.

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