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)
Section 030-700-I - Authority

Universal Citation: 02 ME Code Rules ยง 030-700-I
Current through 2024-38, September 18, 2024

Pursuant to 9-A M.R.S. §2-302(1), the application fees and licensing periods for supervised lenders are established in law, "[e]xcept as set forth by regulation governing participation in the nationwide mortgage licensing system and registry for mortgage lender licensing ...."

Title 9-A M.R.S. §10 - 201 incorporates identical language as that in § 2-302(1) quoted above, authorizing rulemaking with respect to loan brokers to change the current 2-year license period and to adjust the primary office and branch office application fees.

Title 9-A M.R.S. §6 - 105 -A authorizes the bureau to establish routine, technical rules to transition loan broker and supervised lender licensing to the Nationwide Mortgage Licensing System (NMLS), including rules authorizing NMLS to collect fees and remit those fees to the bureau; authorizing collection of fees by NMLS for its processing costs; authorizing NMLS to process and maintain license records; and authorizing the use of NMLS's uniform forms.

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