SEN. CHIP CURRY INTRODUCES 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 Today, Sen. Chip Curry, D-Belfast, introduced legislation aimed at making it easier for Maine people to afford the vehicles they rely on every day.LD 2056, "An Act to Provide Additional Financing Options to Consumers in the State," was the subject of a public hearing before the Joint Standing Committee on Health Coverage, Insurance and Financial Services.

"In a rural state like ours, a dependable vehicle is how you get to work, get your kids to school and make it to doctor's appointments,"said Sen. Curry."This bill keeps Maine's strong consumer protections in place while giving people another safe and reliable option when they're financing a car or truck, so more Maine families can get into reliable transportation."

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

LD 2056 awaits further action in committee.

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.