“An Act to Protect Homeowners from Equity Stripping during Foreclosure.” This Act enacts measures designed to protect homeowners from equity stripping during foreclosures. Equity stripping may be considered a predatory lending practice because the transactions involve companies that take title to or other mortgage interest in foreclosed properties in exchange for allowing homeowners to remain in the properties as tenants as long as payments are made. The Act requires a business that engages in these transactions as a foreclosure purchaser to be licensed as a supervised lender before conducting business in Maine and to meet other statutory requirements. The Act also clarifies that the Superintendent of the Bureau of Financial Institutions is responsible for regulating banks and credit unions to the extent that they engage in the business of foreclosure purchasing. Furthermore, the Act requires the Superintendent of the Bureau of Consumer Credit Protection to consult with the Superintendent of the Bureau of Financial Institutions when making recommendations to the Legislature regarding any statutory changes that may be needed.