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New Bill to Ban Abusive Lending Practices 

Statistics show predatory lending is a leading cause of home foreclosures across the nation and in Maine.

A new bill proposed in Augusta would ban the fraudulent and abusive lending practice in the state.

Monday lawmakers introduced the Homeowner Protection Act.

It would address bad lending practices in the mortgage market, by banning loan flipping or repeatedly refinancing loans to charge high fees to the consumer without providing any benefit.

The bill would also fight against excessive fees and create tougher penalties for predatory lenders.