An Act To Conform State Mortgage Laws with Federal Laws
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, certain changes to federal mortgage laws and regulations will become effective sooner than 90 days after adjournment; and
Whereas, failure to begin implementation of corresponding changes to state laws would result in disruption of mortgage lending in this State; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,
Emergency clause. In view of the emergency cited in the preamble, this legislation takes effect when approved, except as otherwise indicated.