Maine Requires Mortgage Holders to Notify Homeowner’s Insurance Company of Sale or Transfer of Mortgage

Maine will soon require a creditor, assignee or servicer that holds or controls consumer funds in an escrow account for the payment of insurance premiums to notify the insurer providing homeowner’s insurance coverage if the mortgage is sold or transferred. A creditor, assignee or servicer may satisfy this requirement by providing the insurer with a copy of the notice of the sale or transfer of the mortgage that was sent to the consumer. This requirement goes into effect on June 29, 2023.

To read the bill in its entirety, please visit ME H.P. 358/L.D. 553.