The connected bill (Appendix # 1) contains three proposals perhaps maybe perhaps not particularly addressed in the obtain Public Comment, but which can be relevant to your problem of regulation of mortgage financing. The very first is found in area one of the bill. This area would allow (although not need) Maine to participate in a significant mortgage that is multi-state certification project this is certainly presently underway in lot of states. Exactly exactly What started as an attempt to consider license that is uniform types has resulted in a proposition, sponsored by two separate state regulatory associations (the seminar of State Bank Supervisors, or CSBS, as well as the United states Association of Residential Mortgage Regulators, or AARMR), to operate a centralized certification system which could accommodate the requirements of loan providers, particularly big home loan organizations with operations in lots of states. Patterned following the nationwide registration procedure that regulates the securities industry, this technique was created to decrease the burden on candidates as well as on participating states. The legislation necessary to enable Maine to join this effort, if and when the time is right for such a move although many questions remain to be answered, OCCR thinks it prudent to put in place.
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