Issue #27: Other proposals that are related

The connected bill (Appendix number 1) contains three proposals maybe perhaps perhaps not especially addressed in the ask for Public Comment, but which can be relevant towards the problem of regulation of home loan financing. The foremost is found in part hands down the bill. This area would allow (although not need) Maine to participate in an important multi-state home loan business certification project this is certainly presently underway in many states. Just What started as an attempt to consider license that is uniform types has resulted in a proposal, sponsored by two split state regulatory associations (the seminar of State Bank Supervisors, or CSBS, and also the United states Association of Residential Mortgage Regulators, or AARMR), to operate a centralized certification system that may accommodate the requirements of loan providers, particularly large home loan organizations with operations in lots of states. Patterned after the nationwide registration procedure that regulates the securities industry, this method is made to lessen the burden on candidates as well as on participating states. Although a lot of concerns stay to be answered, OCCR believes it wise to include destination the legislation required to allow Maine to become listed on this work, if as soon as it’s about time for this type of move.

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