Maine will soon require a creditor, assignee or servicer that holds or controls consumer funds in
an escrow account for the payment of insurance premiums to notify the insurer providing
homeowner’s insurance coverage if the mortgage is sold or transferred. A creditor, assignee or
servicer may satisfy this requirement by providing the insurer with a copy of the notice of the
sale or transfer of the mortgage that was sent to the consumer. This requirement goes into
effect on June 29, 2023.
To read the bill in its entirety, please visit ME H.P. 358/L.D. 553.
Learn more about the Goals Module and its key monitoring and reporting features.
Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.
Regulatory and technology experts discuss innovation, CRA reforms, and how single-close construction loans are reenergizing rural America.
