LD381 is a bill in the Maine Legislature (132nd Legislature): An Act to Enable Mortgage Portability and Promote Housing Affordability in the State.

What is the status of LD381?

Failed as of March 20, 2025. Latest action: Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD) (March 20, 2025).

Joseph Martin (R, 19), with 8 co-sponsors.

Where is the official record for LD381?

On the Maine Legislature website: https://legislature.maine.gov/legis/bills/display_ps.asp?LD=381&snum=132

Maine legislation · 132nd Legislature

Maine LD381: An Act to Enable Mortgage Portability and Promote Housing Affordability in the State

Q: What does LD381 do?

In its own words: An Act to Enable Mortgage Portability and Promote Housing Affordability in the State Reference to the Committee on Housing and Economic Development suggested and ordered printed. DAREK M. GRANT Secretary of the Senate Presented by Senator MARTIN of Oxford. Cosponsored by Representative SMITH of Palermo and Senators: BENNETT of Oxford, CYRWAY of Kennebec, HARRINGTON of York, Representatives: LANCE of Paris, SOBOLESKI of Phillips, WADSWORTH of Hiram, WOOD of Norway. Printed on recycled paper.

Status: Failed, March 20, 2025

What the bill says

An Act to Enable Mortgage Portability and Promote Housing Affordability in the State Reference to the Committee on Housing and Economic Development suggested and ordered printed. DAREK M. GRANT Secretary of the Senate Presented by Senator MARTIN of Oxford. Cosponsored by Representative SMITH of Palermo and Senators: BENNETT of Oxford, CYRWAY of Kennebec, HARRINGTON of York, Representatives: LANCE of Paris, SOBOLESKI of Phillips, WADSWORTH of Hiram, WOOD of Norway. Printed on recycled paper.

From the introduced text:

An Act to Enable Mortgage Portability and Promote Housing Affordability in the State Reference to the Committee on Housing and Economic Development suggested and ordered printed. DAREK M. GRANT Secretary of the Senate Presented by Senator MARTIN of Oxford. Cosponsored by Representative SMITH of Palermo and Senators: BENNETT of Oxford, CYRWAY of Kennebec, HARRINGTON of York, Representatives: LANCE of Paris, SOBOLESKI of Phillips, WADSWORTH of Hiram, WOOD of Norway. Printed on recycled paper Be it enacted by the People of the State of Maine as follows: Sec. 1. 9-A MRSA §9-316 is enacted to read: §9-316. Portability of supervised loans secured by a mortgage 1. Mortgage porting; defined. For the purposes of this section, "mortgage porting" means the process by which a mortgagor transfers the terms, outstanding balance and interest rate of an existing supervised loan secured against a single-family dwelling or a dwelling that consists of no more than 4 units that is the principal residence of the mortgagor to another principal residence. 2. Eligibility for mortgage porting. A mortgagor is eligible for mortgage porting from a supervised lender if: A. The mortgagor has maintained the mortgagor's existing supervised loan in good standing; B. The mortgagor meets the supervised lender's appraisal and underwriting criteria; and C. The transfer is executed within 6 months from the sale of the previous …

Read the full official text

Maine LD381: An Act to Enable Mortgage Portability and Promote Housing Affordability in the State

What the bill says

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