Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 711 - ESTABLISHMENT OF LICENSE AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S SUPERVISED LENDERS AND REQUIREMENT FOR LICENSING OF ALL SUPERVISED LENDERS THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS)

SUMMARY

This Chapter makes the modifications necessary to transition licensing of all non-mortgage supervised lenders currently managed by paper applications and paper renewals to a multistate online system called the Nationwide Multistate Licensing System (NMLS). The State of Maine will continue to administer the licensing program but will utilize NMLS as the system of record for all supervised lenders. As authorized by law, this Chapter converts the two-year license for supervised lenders who do not make or arrange residential mortgage loans to a one-year license; eliminates the September 30 licensing date, substituting an annual license effective from January 1 through December 31 of each year; and sets application and renewal fees for all supervised lenders. The rule permits currently licensed lenders who do not make residential mortgage loans to transition as renewals onto the system for a limited period of time starting November 1, 2022 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 required to be filed in support of the application.

STATUTORY AUTHORITY: 9-A M.R.S. §2-302(1); 9-A M.R.S. §6-105 -A(1).