Current through 2024-38, September 18, 2024
1.
Limitation
to mortgage activity. This rule applies only to supervised lenders and
loan brokers whose activities include making or arranging residential mortgage
loans. The rule does not apply, for example, to supervised lenders that make
only unsecured, personal loans, or to loan brokers that solely arrange for the
origination of tax refund anticipation loans.
2.
Administrative authority granted to
NMLS. To effectuate the transition of loan broker and supervised lender
licensing to NMLS, NMLS is authorized to collect fees and remit those fees to
the bureau; collect fees for its processing costs; process and maintain license
records; and require use of NMLS uniform electronic and paper forms.
3.
Licensing periods
a.
Supervised lenders.
Previously, licenses were granted for a 2-year period and expired on September
30th. Effective with this rule, licenses are granted
for a 1-year period and expire on December
31st.
b.
Loan brokers. Previously, licenses were granted for a 2-year
period and expired January 31st. Effective with this
rule, licenses are granted for a 1-year period and expire on December
31st.
4.
For supervised lenders and loan
brokers that hold a valid Maine license as of August 31, 2012
a.
Transitional period. The
period August 31, 2012 through October 31, 2012 is considered a transitional
period, during which all existing supervised lenders and loan brokers will have
the opportunity to transition from the State of Maine's licensing system, and
must obtain licenses through NMLS.
b.
One-month late
transitional period. All renewal applications from existing licensees
received between November 1, 2012 and November 30, 2012 will be processed, but
applicants will be assessed a late fee equal to an additional 50% of their
Maine license application renewal fee.
c.
Deadline. Renewal
applications will not be accepted after November 30, 2012. All applications
received after that date will be considered new applications, subject to the
provisions and fees set forth in subsection 5, below.
d.
NMLS processing fees. At the
time existing licensees apply to NMLS for a renewal license, they must pay the
NMLS processing fee directly to NMLS.
e.
Direct billing of application fees
by the bureau. During the transitional period and the one-month late
transitional period (i.e., from August 31, 2012 through November 30, 2012),
license renewal application fees due to the bureau will be invoiced directly to
applicants by the bureau, outside the NMLS system. (That process will change,
starting with new applications received after November 30, 2012
[see subsection 5(b) below]; at that time, applicants will pay
both application fees and processing fees to NMLS.)
f.
State of Maine renewal license
application fees. Fees assessed to renewal applicants are as follows:
i) Supervised lender renewal fee:
$100;
ii) Supervised lender branch
office renewal fee: $100;
iii) Loan
broker renewal fee: $150;
iv) Loan
broker branch renewal fee: $75;
v)
Nonprofit lender or broker renewal fee: $10; and
vi) Exempt company renewal fee: $10.
During the one-month "late renewal" period November 1, 2012
through November 30, 2012, renewal applicants will be billed a late fee equal
to an additional 50% of the above application fees.
5.
For
applicants that do not hold a valid Maine supervised lender or
loan broker license as of August 31, 2012 ("new applicants")
a.
NMLS processing fees.
Applicants that submit applications after August 31, 2012 and that do not hold
a current Maine supervised lender or loan broker license will pay the NMLS
processing fee directly to NMLS.
b.
Payment of state license application fees. During the period
August 31, 2012 through November 30, 2012, NMLS will not have the capacity to
collect state license application fees. Therefore, those fees will be invoiced
directly by the bureau to applicants after applicants apply for a license
through NMLS. For applications submitted after November 30, 2012, both NMLS
processing fees and state license application fees will be collected by
NMLS.
c.
Terms of
licenses. All licenses will be for the term of the calendar year. New
licenses issued between August 31, 2012 and December 31, 2012 will be valid
from the date of issuance through December 31, 2013.
d.
State of Maine new license
application fees. Fees assessed to new applicants (as well as existing
licensees that apply after November 30, 2012) are as follows:
i) Supervised lender application fee:
$250;
ii) Supervised lender branch
office application fee: $100;
iii)
Loan broker application fee: $300;
iv) Loan broker branch application fee:
$150;
v) Nonprofit lender or broker
application fee: $20; and
vi)
Exempt company application fee: $20.
6.
New licenses and renewal licenses
issued following completion of the transition to NMLS
a.
NMLS to determine license and
renewal procedures. New licenses and renewal licenses issued after
December 31, 2013 shall be processed pursuant to the procedures established by
NMLS.
b.
NMLS to determine
time periods for license validity. New licenses and renewal licenses
issued after December 31, 2013 shall be valid for the time periods established
by NMLS.
c.
Payment of
fees. Application, renewal and processing fees will be paid directly to
NMLS.
d.
Late renewal.
Renewal applications received after December 31 of any year will be considered
late. The status of such licenses will be changed to "terminated - failed to
renew" or an equivalent status. Such licenses may be reinstated if a renewal
application is received between January 1 and the end of February, together
with all renewal fees and late fee equal to an additional 50% of the renewal
application fee. Beginning March 1 of any year, renewal requests will not be
processed and companies must apply for a new license.
7.
Mortgage Call Reports.
Supervised lenders and loan brokers must submit mortgage call reports on a
quarterly basis. Such call reports will be submitted directly to NMLS in a
format established by the administrator and NMLS.
8.
Changes to existing licensing
information. If any information reported by a licensee changes during a
period of licensure, the licensee must amend its information on file with NMLS
within 30 days of the occurrence of the change.
9.
Unique identifier shown. A
supervised lender or loan broker must list its NMLS unique identifier in any
advertising that references the availability of loans or loan-related
services.
10.
Routine,
technical rule. This is a routine, technical rule as authorized by 9-A
M.R.S. §6 - 105 -A(1).
