Predatory lending bill passes House

AUGUSTA – The House enacted a bill to battle predatory lending without discussion Monday. The Senate will vote on it today.

The bill, sponsored by House Speaker Glenn Cummings, had gained unanimous support in both chambers. It targets lending practices that push consumers into foreclosure or loans they cannot afford, something that has come under national scrutiny.

Lenders would be required to establish standards to determine if a person is able to pay back a loan, and would prohibit lenders from knowingly engaging in a practice called “flipping” – repeatedly refinancing loans for the purpose of charging higher fees without providing tangible benefits. The bill also provides a recourse for consumers who have been victimized.

Big box retailer controls advanced

AUGUSTA – Any big box store eyeing a spot in Maine could have another hoop to jump through. The House approved a bill Monday establishing the Informed Growth Act. It requires retail development larger than 75,000 square feet to first pay for an impact study to determine how its presence will affect its host town. The bill requires the study to be presented at a public hearing before a permit can be granted.

Before accepting the bill, the House rejected an amendment by Rep. Henry Joy, R-Crystal, which would have taken the bill one step further by requiring the development to be approved by voters.

Rep. Jonathan McKane, R-Newcastle, spoke in support of the bill. “Nothing impacts a community more than one of these developments,” McKane said. “I want to have an informed say about when and if and where.”

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