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.