- UPDATE ON MBA BILLS
LD 2259, AN ACT to Amend the Maine Banking Code Pertaining to Interlocking Directors
has passed the House and Senate twice each, and awaits final enactment votes later this week. This LD should be on the Governor’s desk late next week and will become law upon his signature.
LD 2285, AN ACT to Amend Maine’s Probate Code was passed unanimously by the Judiciary Committee and will go to the full House next week.
LD 2400, AN ACT to Create Employment Opportunities by Clarifying Maine’s Tax Laws Regarding Mutual Fund Companies is still in the Taxation Committee pending final Committee votes on related legislation. This LD has strong support by the Administration, the State Chamber, and other business groups and by many key Legislators. However, it will probably be held either in Committee or by the Appropriations Committee until similar legislation that extends the proposed tax changes in this bill to other industries is reviewed and funded by the Appropriations Committee.
- OTHER BANKING RELATED LDs
(For more information, or copies of any of these LDs, please call the MBA office, 622-6131)
LD 1166, AN ACT to Establish OSHA standards for Video Display Terminals – voted unanimously Ought-not-to-pass by the Labor Committee, dead for the Session.
LDs relating to Pension Taxation – Several LDs are pending before the full House and Senate that would exempt $10,000 of state, teacher and military retiree pension income from state taxation. The Governor supports exempting $6,000 and some version of these LDs likely will pass.
LD 1824, AN ACT to Encourage Equity Equivalent Loans or Investments in Community Development Financial Institutions was passed by the Tax Committee, though the LD is held in Committee pending final draft language of the proposal, including the fiscal cost to the State.
LD 2072 and LD 2557 AN ACT to Implement the Recommendations of the Blue Ribbon Commission to Establish a Comprehensive Internet Policy will be reviewed by two Committees, Judiciary and Business and Economic Development. These proposals are supported by MBA because Maine businesses, including banks, need a digitalized signature policy, which is proposed in both bills.
LD 2182, AN ACT to Improve Air Quality through Market Incentives for the Purchase of Cleaner Air Vehicles had amendments that proposed to create a FAME administered low-interest rate loan program for low emission vehicles. Some version of this bill will pass, though any loan program likely would be studied over the summer.
LD 2245, AN ACT to Adopt the Model Revised Article 9, Secured Transactions has had two work session with another scheduled for February 28th. This 400 page LD, which is supported by MBA, will pass after additional work on certain sections of the bill.
LD 2550, AN ACT to Ensure Cost Effective and Safe Highways in the State proposes to limit entrances to property on certain highways. In other words, on certain state highways the property owner is allowed only ONE access drive into and out of the property. MBA will monitor this proposal as it may impact property values and salability of commercial property.
LD 2574, AN ACT to Harmonize State Financial Services Law with Federal Law is proposed by the Department of Professional and Financial Regulation, and proposes to amend Maine’s Charitable Sales and Solicitation Act so as to exempt financial institutions from its requirements. MBA strongly supports this proposal.
LD2578, AN ACT to Provide for the Year 2000 Allocations of the State Ceiling on Private Activity Bonds proposes to allocate the $150,000,000 allowed Maine by federal law. This allocation was the subject of the Study Commission on Private Activity Bonds. That Commission Report will also propose legislation (not printed in LD form as of yet) which should be heard by the Business and Economic Development Committee on the same date as this LD. LD 2578 does not propose to give any bond money to MELA or MELMAC for student lending, and does allocate $25,000,000 to the State Treasurer. This $25,000,000 may be held to support student loans through FAME, private lenders or possibly MELA/MELMAC.
- MARCH 2 MBA/MACB LEGISLATIVE COMMITTEE
There will be a Joint Maine Bankers Association, Maine Association of Community Banks Legislative Committee at the Augusta Civic Center on March 2, beginning at 9:00.
- BANKERS DAY AT THE LEGISLATURE ON MARCH 21
As we have previously reported, Maine Bankers Association and Maine Association of Community Banks will hold a Bankers Day at the Legislature on March 21. Bankers need to attend and "shadow" local legislators. You will receive information about this later this week.
- E-MAIL RECEIPT OF THIS LEGISLATIVE UPDATE – PLEASE RESPOND!
