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-II - Purpose

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

The purpose of this Chapter is to permit the State of Maine to join the majority of other states in utilizing NMLS for the licensing of supervised lenders and loan brokers. Use of the system will provide improved oversight over the activities of the companies, and will complete the process that was initiated when Maine complied with the provisions of the federal Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) by requiring that all individual mortgage loan originators employed by non-bank supervised lenders or loan brokers become licensed through NMLS. This chapter does not modify the standards for licensing or the applicability of the provisions of the Maine Consumer Credit Code, but rather sets forth the licensing provisions to be utilized henceforth by the bureau.

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