Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 9-A MRSA §9-403-A is enacted to read:
Sec. 2. 9-A MRSA §9-405, sub-§1, as amended by PL 2005, c. 206, §4, is further amended to read:
This amendment replaces the bill. It imposes the duty to act in good faith and with fair dealing and consistently with specified standards of care on any person who services a consumer credit transaction that is made to finance or refinance the acquisition of real estate or the initial construction of a dwelling or that is secured by a first-lien mortgage on real estate. This amendment specifies that the duties and standards of care may not be waived or modified.
This amendment allows an aggrieved consumer to recover all damages or an amount determined by the court not less than $250 nor more than $2,000. Under current law, an aggrieved consumer may recover no more than $1,000. The amendment provides that the court may, in addition to awarding actual damages, award a homeowner or borrower under the Maine Consumer Credit Code statutory damages not to exceed $15,000 if the creditor, assignee or servicer engaged in a pattern or practice of violating the duties and standards of care.