ME LD1901

Defines "shared appreciation agreements" as contracts where consumers receive money in exchange for a future legal interest in their home or an obligation to repay based on property appreciation upon sale, death, refinance, or other triggering events

Prohibits shared appreciation agreements from creating liens on property, running with title, restricting the consumer's ability to rent or refinance, requiring arbitration, charging closing costs, or including prepayment penalties or confidentiality clauses

Caps the maximum repayment ("shared appreciation amount") at the lesser of: the amount advanced plus allowable interest, or 200% of the initial amount paid to the consumer

Requires lenders to notify consumers at least 30 days before signing that they should seek independent legal counsel, and the lender must pay the consumer's reasonable legal costs

Violations render agreements unenforceable, constitute per se violations of the Maine Unfair Trade Practices Act, and serve as grounds for license revocation by the Bureau of Consumer Credit Protection