KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

Back to Maine

LD399 • 2025

An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures

An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Representative Mathew McIntyre
Last action
2025-04-01
Official status
Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures

An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures Sponsor: Representative Mathew McIntyre Reference committee: Taxation Latest committee action: Reported Out; ONTP

What This Bill Does

  • An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures Sponsor: Representative Mathew McIntyre Reference committee: Taxation Latest committee action: Reported Out; ONTP

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2025-04-01 Senate

    Pursuant to Joint Rule 310.3 Placed in Legislative Files (DEAD)

  2. 2025-03-27 Committee

    Reported Out; ONTP

  3. 2025-03-21 House

    Carried over, in the same posture, to the next special or regular session of the 132nd Legislature, pursuant to Joint Order SP 519.

  4. 2025-03-18 Committee

    Work Session Held

  5. 2025-03-18 Committee

    Voted; ONTP

  6. 2025-02-04 Committee

    Referred to Committee on Taxation.

Official Summary Text

An Act to Amend the Laws Regarding the Retention of Proceeds from Municipal Foreclosures
Sponsor:
Representative Mathew McIntyre
Reference committee:
Taxation
Latest committee action:
Reported Out; ONTP

Current Bill Text

Read the full stored bill text 
Printed on recycled paper
132nd MAINE LEGISLATURE
FIRST REGULAR SESSION-2025
Legislative Document No. 399
H.P. 253 House of Representatives, February 4, 2025
An Act to Amend the Laws Regarding the Retention of Proceeds
from Municipal Foreclosures
Reference to the Committee on Taxation suggested and ordered printed.
ROBERT B. HUNT
Clerk
Presented by Representative MCINTYRE of Lowell.

Page 1 - 132LR0486(01)
1Be it enacted by the People of the State of Maine as follows:
2Sec. 1. 36 MRSA §943-C, sub-§10, as enacted by PL 2023, c. 640, §3, is amended
3 to read:
410. Transfer Retention of proceeds. If, after provision of notice under subsection 9,
5 a former owner fails to claim the excess sale proceeds within 30 days of the final published
6 notice, the municipality shall transfer retain the excess sale proceeds to the Unclaimed
7 Property Fund under Title 33, section 2141.
8SUMMARY
9 This bill provides that if the former owner of property that was foreclosed upon by a
10 municipality, after notification by that municipality, fails to claim the excess sale proceeds
11 within 30 days of the final published notice, the municipality must retain the excess sale
12 proceeds. Current law requires the municipality to transfer the excess sale proceeds to the
13 Unclaimed Property Fund.
9
10
11
12
13