ME LD184

Establishes a 7-member Commission to Study the Foreclosure Process, including 2 Senators, 2 House members (bipartisan), a credit union representative, a Maine Bankers Association representative, and the Director of Maine State Housing Authority

Commission will examine foreclosure laws, state agency rules, and procedural timelines, with focus on how these affect availability of foreclosed properties for affordable housing

Study will assess how mortgages sold in the secondary mortgage market by large financial institutions impact small Maine financial institutions' ability to help property owners avoid foreclosure and expedite property sales

Commission must submit findings, recommendations, and suggested legislation to the Joint Standing Committee on Housing and Economic Development by December 3, 2025

Joint Standing Committee on Housing and Economic Development is authorized to introduce related legislation in the Second Regular Session of the 132nd Legislature