Condo Media - July 2013 - 18

C A I

R e g i o n a l

N e w s

MAINe

Maine Legislative Action
Committee Testifies
Priority Lien Bill Gets an “Ought Not to Pass”

O

nce again, Maine legislators failed to pass a priority
lien bill for condominiums
in the state. For a fourth
legislative session over the past
eight years, Maine Legislative Action Committee (MELAC) representatives testified before Judiciary
Committee members in support of
LD807, “An Act to Provide Protection to a Condominium Association
When a Condominium is Foreclosed on.” On May 8, MELAC

Chair Joseph Carleton explained to
legislators that the bill would provide partial reimbursement to condominium associations for expenses
they incur in insuring, maintaining,
and protecting a condominium
unit during the one to two years
that foreclosures take in Maine. He
emphasized that while associations
typically never get reimbursed for
these expenditures, the foreclosing bank receives the benefit of the
association’s efforts in the form of

Jim Stento, SVP,
Controller

True Service –––“It’s providing thoughtful
answers to every financial question, including,
‘Should we tip the mail carrier?’”
Jim Stento gets financial questions on budgets, investment strategy, insurance and
more. Whether asked the reason for a $39 accrual, the assumptions of a five-year
capital plan, or whether to tip the mail carrier, Jim and his accounting staff are ready
with the answers.

781-533-7200
Info@TheDartmouthGroup.com
Learn more at TheDartmouthGroup.com

18

Condo Media • July 2013

THE
DARTMOUTH
GROUP
True Service: You define it. We deliver it.

better maintained properties that
can secure higher sale prices at the
foreclosure auction.
Carleton also noted that the
other five New England states currently have laws similar to LD807
along with 15 other states across
the country, and that the secondary
mortgage market standards specifically allow what the bill provided
for. The testimony recognized that
Maine banks and credit unions have
declared their opposition to the
bill because they are afraid that if
one exception to the lender’s first
mortgage priority is allowed, the
door will be open for others to attempt to secure a similar priority.
Despite these numerous compelling
facts and other real-life examples
presented, legislators failed to pass
the bill.
A work group was convened to
address foreclosure issues over the
next six months and report back to
the Judiciary Committee in January
2014 with findings and proposals
for legislation. It was proposed that
the Consumer Protection Division
of the Office of the Attorney General work with the Consumer Credit Protection Bureau, Pine Tree
Legal Assistance, the CAP agencies,
the Maine Bar Association, Maine
Housing, community banks, credit
unions, the major servicing banks,
interested legislators, and members
of the District Court assigned by
the Chief Justice. The MELAC has
submitted to the Attorney General
a request to be included in this
work group. CM


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Condo Media - July 2013

Table of Contents for the Digital Edition of Condo Media - July 2013

Condo Media - July 2013
Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Reserves
Volunteer Spotlight
Vendor Spotlight
Finance
Banking
Operations
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index
Condo Media - July 2013 - Condo Media - July 2013
Condo Media - July 2013 - Cover2
Condo Media - July 2013 - Contents
Condo Media - July 2013 - From the CED’s Desk
Condo Media - July 2013 - 3
Condo Media - July 2013 - President’s Message
Condo Media - July 2013 - 5
Condo Media - July 2013 - CAI News
Condo Media - July 2013 - 7
Condo Media - July 2013 - 8
Condo Media - July 2013 - 9
Condo Media - July 2013 - 10
Condo Media - July 2013 - 11
Condo Media - July 2013 - 12
Condo Media - July 2013 - 13
Condo Media - July 2013 - 14
Condo Media - July 2013 - 15
Condo Media - July 2013 - 16
Condo Media - July 2013 - 17
Condo Media - July 2013 - CAI Regional News
Condo Media - July 2013 - 19
Condo Media - July 2013 - 20
Condo Media - July 2013 - 21
Condo Media - July 2013 - Asked & Answered
Condo Media - July 2013 - 23
Condo Media - July 2013 - Homeowner’s Corner
Condo Media - July 2013 - 25
Condo Media - July 2013 - Reserves
Condo Media - July 2013 - 27
Condo Media - July 2013 - 28
Condo Media - July 2013 - 29
Condo Media - July 2013 - Volunteer Spotlight
Condo Media - July 2013 - 31
Condo Media - July 2013 - 32
Condo Media - July 2013 - 33
Condo Media - July 2013 - 34
Condo Media - July 2013 - 35
Condo Media - July 2013 - 36
Condo Media - July 2013 - 37
Condo Media - July 2013 - 38
Condo Media - July 2013 - 39
Condo Media - July 2013 - Vendor Spotlight
Condo Media - July 2013 - 41
Condo Media - July 2013 - Finance
Condo Media - July 2013 - 43
Condo Media - July 2013 - 44
Condo Media - July 2013 - 45
Condo Media - July 2013 - Banking
Condo Media - July 2013 - 47
Condo Media - July 2013 - Operations
Condo Media - July 2013 - 49
Condo Media - July 2013 - 2013 CAI-NE Financial-Reserves Directory
Condo Media - July 2013 - 51
Condo Media - July 2013 - 52
Condo Media - July 2013 - 53
Condo Media - July 2013 - 54
Condo Media - July 2013 - 55
Condo Media - July 2013 - 56
Condo Media - July 2013 - 57
Condo Media - July 2013 - Classified Service Directory
Condo Media - July 2013 - Advertisers Index
Condo Media - July 2013 - 60
Condo Media - July 2013 - 61
Condo Media - July 2013 - 62
Condo Media - July 2013 - 63
Condo Media - July 2013 - 64
Condo Media - July 2013 - Cover3
Condo Media - July 2013 - Cover4
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