Amend the bill by striking out all of section 2 and inserting the following:
‘Sec. 2. 33 MRSA §481, sub-§2, as enacted by PL 1983, c. 368, is repealed and the following enacted in its place:
Amend the bill by striking out all of sections 5 and 6 and inserting the following:
‘Sec. 5. 33 MRSA §482, sub-§2, as enacted by PL 1983, c. 368, is amended to read:
Sec. 6. 33 MRSA §482, sub-§§4, 5 and 6 are enacted to read:
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
This amendment is the majority report of the Joint Standing Committee on Judiciary. It amends the bill to make clear that the parties to a rent-to-own or option-to-buy contract may agree to treat the agreement as a residential lease subject to the rental statutes in the Maine Revised Statutes, Title 14, chapters 709, 710 and 710-A; otherwise the residential properties foreclosure procedures apply. If the contract is treated as a residential lease agreement, the down payment is treated as a security deposit and must be returned when the rental ends.
The bill requires vendors who engage in land installment contracts to be treated as creditors under the Maine Consumer Credit Code. The amendment exempts vendors who engage in no more than one land installment contract per year.
FISCAL NOTE REQUIRED