Current state law doesn't specifically exclude bicycles from stopping for school buses, and Maine's bicycle statutes note that "a person riding a bicycle or scooter on a way has the rights and is subject to the duties applicable to the operator of a vehicle," so I'm puzzled why lawmakers feel like they need to write a law just for cyclists for something that's already covered.
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While on my bike, stopped behind the school bus with red lights all a-flashing, a woman whose driveway I was stopped in front of, asked why I was stopped. I pointed out the quite obvious school bus with its stop sign and flashing lights and she honestly told that those didn't apply to me. Nope. I'm a vehicle and vehicles stop. Seems silly to have to call it out in a special law. Do cyclists actually ignore school buses? I've never seen a bike ignore them, although I've seen more than one car roll around a school bus.
While you may want to stop for a school bus, if the bus is near to the curb and there's a sidewalk, just ride slow on that if you're in a hurry. I don't mind stopping for a school bus, but the thought of being behind it and inhaling all the crap that comes out of the smoke exhaust makes me want to take an alternative route, if not on the same road as the bus.