Maine LD1901 regulates shared appreciation agreements for residential property, setting limitations and requirements.

Maine LD1901 regulates shared appreciation agreements for residential property by defining the term and setting limitations. It prohibits agreements that create liens, restrict property use, or enforce provisions beyond a certain period. The bill also mandates that parties advancing money to consumers must notify them to obtain independent legal counsel and cover the costs. Agreements violating these provisions are unenforceable and can lead to license revocation.

Maine LD1901 regulates shared appreciation agreements for residential property, setting limitations and requirements.

Maine LD1901 regulates shared appreciation agreements for residential property by defining the term and setting limitations. It prohibits agreements that create liens, restrict property use, or enforce provisions beyond a certain period. The bill also mandates that parties advancing money to consumers must notify them to obtain independent legal counsel and cover the costs. Agreements violating these provisions are unenforceable and can lead to license revocation.