PLEASE NOTE: Legislative Information cannot perform research, provide legal advice, or interpret Maine law. For legal assistance, please contact a qualified attorney.
Amend the bill in section 1 in §6203-A in subsection 1 in the 16th and 17th lines (page 1, lines 20 and 21 in L.D.) by striking out the following: "a business, commercial or agricultural purpose." and inserting the following: 'aone or more of the following purposes: business, commercial or agricultural purpose.'
Amend the bill in section 1 in §6203-A in subsection 2 in the 2nd line (page 2, line 16 in L.D.) by striking out the following: "subsection 1" and inserting the following: 'subsectionsubsections 1 and'
Amend the bill in section 7 in §501-A in the first paragraph in the 5th line (page 7, line 18 in L.D.) by striking out the following: "section 6203-A" and inserting the following: 'chapter 713, subchapter 3'
 
SUMMARY
This amendment clarifies that a power of sale foreclosure may be used only if a mortgage deed executed on or after October 1, 1993 states that it is given primarily for one or more of the following purposes: business, commercial or agricultural. The deed is not required to name all 3 purposes.
This amendment amends the bill to retain a cross-reference to existing notice requirements.
This amendment clarifies a cross-reference to provisions listing foreclosure procedures.
FISCAL NOTE REQUIRED
(See attached)