Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 601 - ESTABLISHMENT OF RULES TO IMPLEMENT 9-A M.R.S. ARTICLE 14 AND REQUIREMENT FOR LICENSING OF STUDENT LOAN SERVICERS THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS)
Section 030-601-II - PURPOSES
Current through 2024-38, September 18, 2024
The Bureau of Consumer Credit Protection adopts this Chapter:
A. To establish standardized procedures for the licensing of student loan servicers through NMLS, so as to provide improved oversight and simplify recordkeeping;
B. To establish a schedule, requisite application content, and fees for both initial and renewal licensing;
C. To establish the position of student loan ombudsman within the Bureau;
D. To establish deadlines for an exempt organization to resolve and report on a complaint which the student loan ombudsman refers to it for assistance; and
E. To establish the filing procedure for a person servicing a student loan under contract with the United States Department of Education who seeks exemption from 9-A M.R.S. § 14-107(A) & (B) and "automatic" licensure.
