| | | A creditor, assignee or servicer shall respond to a request | | for a payoff figure within 3 business days following receipt of | | such a request from a consumer or an agent of the consumer for a | | consumer credit transaction secured by a mortgage on real estate.__ | | The response must include a precise payoff figure as of a date | | certain and must contain information permitting the consumer or | | the consumer's agent to update that figure, such as providing a | | per diem rate from a date certain.__A charge may not be assessed | | for the first 2 requests in any calendar year, and a charge for | | each subsequent request may not exceed $5. |
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| | | This bill makes several changes to the Maine Consumer Credit | | Code. It requires that mortgage lenders, assignees and mortgage | | servicers: |
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| | | 1. Use due care to ensure payment of taxes and insurance from | | consumer escrow accounts; and |
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| | | 2. Respond promptly to requests for payoff amounts on | | existing loans. |
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| | | The bill also increases the ability of the State to regulate | | fraudulent advertising that contains misinformation reflecting | | negatively on this State and its legitimate lenders. Finally, it | | extends Maine Consumer Credit Code registration requirements to | | purchasers, including assignees, or servicers of all types of | | consumer credit transactions, including sales, loans and leases, | | so that consumer complaints resulting from that servicing can be | | promptly addressed. |
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