Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 707 - ESTABLISHMENT OF LICENSE AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S LOAN BROKER LICENSING AND REQUIREMENT FOR LICENSING THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS)

SUMMARY

This Chapter makes the modifications necessary to transition licensing of all loan brokers currently licensed by the State of Maine to a multi-state system administered by the Nationwide Multistate Licensing System (NMLS). As authorized by law, this Chapter converts the two-year license for loan brokers who do not make or arrange residential mortgage loans to a one-year license and eliminates the January 31st licensing date, substituting an annual license effective from January 1 through December 31 of each year. It sets application and renewal fees for loan brokers. The rule permits currently licensed non-residential mortgage loan brokers to transition as renewals onto the system for a limited period of time starting November 1, 2023 and permits applicants for new licenses to apply to NMLS as of the effective date of this rule. It also sets requirements for information and documentation to be provided by applicants.

STATUTORY AUTHORITY: 9-A M.R.S. §10-201(4) and 9-A M.R.S. §6-105 -A(1)