Current through 2024-38, September 18, 2024
1.
Administrative authority granted to NMLS. To effectuate the
transition of all debt management service provider registrations to NMLS, NMLS
is authorized to collect fees and remit those fees to the Bureau, collect fees
for its processing costs, process and maintain registration records, and
require use of NMLS uniform electronic and paper forms.
2.
Registration periods.
Registrations for debt management service providers are granted for a one-year
period commencing January 1st and expiring on
December 31st.
3.
Separate registration required.
A separate registration is required for each place of business from
which the registrant performs debt management services.
4.
For debt management service
providers that hold a valid Maine registration for 2023
a.
Transitional period. The
period from November 1, 2023 through December 31, 2023 is considered a
transitional period, during which all registered debt management service
providers will have the obligation to transition from the State of Maine's
registration system and must obtain registrations through NMLS.
b.
One-month late
transitional period. All renewal applications to transition existing
registrations to NMLS received between January 1, 2024 and January 31, 2024
will be processed, but applicants will be assessed a late fee of $100.00.
c.
Deadline. Renewal
applications transitioning to NMLS will not be accepted after January 31, 2024.
All applications received after that date will be considered new
applications.
d.
NMLS
processing fees. At the time existing registrants apply to NMLS for a
renewal registration, they must pay the NMLS processing fee directly to
NMLS.
e.
State of Maine
renewal registration application fees. The fee to renew a debt
management service provider registration is $250.00. The fee to renew a debt
management service provider branch office registration is set at
$250.00.
5.
For
applicants that do not hold a valid Maine debt management
service provider registration as of the effective date of this rule ("new
applicants")
a.
NMLS processing
fees. Applicants that submit applications after the effective date of
this rule and prior to November 1, 2023 will file the application and pay the
application fee directly to the Bureau on forms required by the Administrator.
Applications filed after November 1, 2023 shall be submitted to NMLS, and
applicants will pay processing and application fees directly to NMLS.
b.
Terms of registrations. All
registrations will be for the term of the calendar year. New registrations
issued November 1 or later each year shall be valid through December 31 of the
following year.
c.
State of
Maine new registration application fees. Fees assessed to new applicants
(as well as existing registrations that apply to transition to NMLS after
January 31, 2024) are as follows:
i. For debt
management service provider: $500.00;
ii. For a debt management service provider
branch office: $250.00.
6.
Application Contents.
Applicants for new or renewal registrations shall provide the following
information and documentation. A separate registration is required for each
location from which business is conducted.
a.
Full legal name and address of the individual or entity to be
registered.
b. Telephone number and
website address.
c. Type of entity:
sole proprietorship, partnership, corporation, LLC, LLP, other
(explain).
d. Social Security
number or Federal Tax Identification number as applicable.
e. Any assumed or fictitious names to be
used.
f. For foreign entities,
proof of filing with and authority to do business as a foreign entity from the
Maine Secretary of State.
g. For
foreign entities, the name address and telephone number of an authorized agent
within the state of Maine for service of process.
h. resumes of:
i A sole proprietor;
ii The executive officers of a corporate
applicant;
iii. The manager(s) of
an LLC or LLP;
iv. All partners of
a partnership; and
v. The person
who will oversee the daily operations of the registered office and its
personnel
i. A consumer
report and criminal background report for each of the individuals listed in h
immediately above.
j. The names,
titles, addresses, telephone numbers and e-mail addresses of the persons to
contact for scheduling of compliance examinations and consumer complaint
resolution.
k. A duly executed
surety bond in the amount of $50,000.00, on a form as specified by the
Administrator for each office location.
l. A sample contract that will be utilized
with Maine consumers.
m. Whether
the applicant has been the subject of any civil, administrative, or criminal
action involving theft, forgery, false representation, misapplication of funds
or other financial issue within the past 10 years. If so, for each such
instance, provide the title of the action, jurisdiction, date of disposition,
and a detailed explanation of the applicant's involvement.
n. Within twelve months of employment, of a
debt counselor, a debt management service provider must provide evidence that
the counselor has been certified by completing a course approved by the
Administrator, as required by
32 M.R.S.
§6174-B(1).
o. A sample of the company's consumer
education program or plan that seeks to improve the financial literacy of
consumers, pursuant to the requirements of
32 M.R.S.
§
6174-B(2).
p. The applicant's complete schedule of fees,
as regulated by the fee caps found in
32 M.R.S.
§6174-A.
q. If the applicant accepts referrals from
other companies, the names, addresses and telephone numbers of each such
company and a full explanation of the nature of any business relationships or
affiliations between each such company and the applicant.
r. A copy of a sample periodic written report
to a consumer of the type to be used by the applicant for, accounting for funds
received from the consumer and disbursements made to creditors.
7.
New registrations and
renewal registrations issued following completion of the transition to
NMLS
a.
NMLS to determine
registration and renewal procedures. New registrations and renewal
registrations issued after November1, 2023, shall be processed pursuant to the
procedures established by NMLS.
b.
NMLS to determine time periods for registration validity. New
registrations and renewal registrations issued after November 1, 2023 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 for other than
application for initial transition to NMLS. For any renewal application
other than the initial application for an entity to transition its existing
registration to NMLS, renewal applications received after December 31 of any
year will be considered late. The status of such registrations will be changed
to "terminated - failed to renew" or an equivalent status. Such registrations
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 of $100.00.
Beginning March 1 of any year, renewal requests will not be processed, and
companies must apply for a new registration.
8.
Changes to existing licensing
information. If any information reported by a registrant changes during
a period of registration, the registrant must amend its information on file
with NMLS within 30 days of the occurrence of the change or such shorter period
as required by NMLS rules or procedures. Notice of a change of control of the
registrant must be provided to the Bureau by advance change notice on NMLS, and
the Bureau must approve any change of control before the same becomes
effective.
9.
Routine
technical rule. This is a routine technical rule as authorized by
32 M.R.S.
§6173.
