Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 700 - CONVERSION OF MAINE'S SUPERVISED LENDER AND LOAN BROKER LICENSING TO THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS)


Current through 2024-38, September 18, 2024

SUMMARY

This Chapter makes the modifications necessary to transition the supervised lender and loan broker licensing process currently utilized by the Maine Bureau of Consumer Credit Protection ("the bureau"), to a multi-state system administered by the Nationwide Mortgage Licensing System (NMLS). As authorized by law, this Chapter converts the two-year license for supervised lenders to a one-year license; eliminates the September 30 licensing date for supervised lenders, substituting an annual license effective from January 1 through December 31 of each year; changes the two-year license and the January 31 licensing date for loan brokers to an annual license effective from January 1 through December 31 of each year; and sets application and renewal fees for lenders and loan brokers. The rule permits currently-licensed companies to transition as renewals onto the system for a limited period of time starting August 31, 2012, and permits applicants for new licenses to apply to NMLS as of that date.

STATUTORY AUTHORITY: 9-A M.R.S. § 2-302(1), 9-A M.R.S. § 10-2019 -A M.R.S. § 6-105-A(1)

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