Representatives in the Pine Tree State are pushing for legislation that will crack down on predatory lending by making lenders more accountable for the loans they issue. The new legislation, which is called the Maine Homeowner Protection Act, was introduced this week during a state house press conference by Maine’s Speaker of the House Glenn Cummings (D-Portland) and a coalition of other representatives.

A press release from Cumming’s office says, “The act will restrict the amount of fees consumers could be charged and prevent lenders from offering loans that a consumer cannot afford to repay.” The act also is designed to develop new compliance and enforcement regulations to help consumers who have complaints about predatory lenders.
“Predatory mortgage lending practices continue to occur in Maine,” said Attorney General G. Stephen Rowe. “The Homeowner Protection Act will make predatory lending practices illegal and will crack down on lenders that use unfair and deceptive loan tactics.”
To date, the act has 100 co-sponsors in the Maine Legislature and 37 nonprofit and civil groups cheering its efforts.

Cummings said the new measure is needed to curtail the losses families face when they become victims of predatory lending. “It is a crime that it steals not only from one individual—but from the next generation and from the whole community,” Cummings added.