Condo Media - July 2013 - (Page 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 Learn more at 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

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

Condo Media - July 2013
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Volunteer Spotlight
Vendor Spotlight
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2013