COMMITTEE ADVANCES SEN. CHIP CURRY BILL TO EXPAND SAFE, FLEXIBLE AUTO FINANCING OPTIONS FOR MAINE CONSUMERS

The following information was released by the Maine State Senate Democrats:

Senator Curry

AUGUSTA On Wednesday, Feb. 11, a bill from Sen. Chip Curry, D-Belfast, that would make it easier for Mainers to afford the vehicles they rely on every day received a strong, bipartisan vote in the Legislature's Committee on Health Coverage, Insurance and Financial Services.LD 2056, "An Act to Provide Additional Financing Options to Consumers in the State," would permit new forms of safe, flexible auto financing options for Maine consumers.

"At the end of the day, this is about giving working families another practical tool to afford reliable transportation without weakening the standards that keep financing safe,"said Sen. Curry."I'm grateful to the committee for the bipartisan vote on this bill because affordability continues to be a real concern for Maine families. This approach gives people another pathway to manage costs responsibly, without weakening the safeguards that protect them."

The bill would update state law to allow certain simple-interest auto loans in which monthly payments may vary within set limits, rather than being required to be nearly identical each month. Under the proposal, the full payment schedule must be clearly disclosed and agreed to at the start of the loan, ensuring lenders cannot later change or increase payments. As amended by the committee, LD 2056 would apply only to new vehicles that have not been previously titled, and the maximum difference between payments cannot exceed 36%.

LD 2056 would provide flexibility that could lower costs for some buyers, such as recent graduates entering the workforce, and make vehicle ownership more accessible, while still complying with Maine's consumer protection laws.

LD 2056 now faces votes in the full Senate and House.

Sen. Curry is serving his third term in the Maine Senate, representing all of Waldo County. He serves as the Senate Chair of the Housing and Economic Development Committee and sits on the Criminal Justice and Public Safety Committee.