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)
Section 030-711-III - DEFINITIONS
Current through 2024-38, September 18, 2024
For the purpose of this Chapter, the following terms have the following meanings:
1. "Administrator" means the Superintendent of the Bureau of Consumer Credit Protection.
2. "Bureau" means the Maine Bureau of Consumer Credit Protection.
3. "Change of control" means a change in the direct or indirect ownership of the licensee of 25% or more.
4. "Nationwide Multistate Licensing System," herein referred to as "NMLS," means the nationwide multistate licensing system and registry for mortgage lender licensing and loan brokering referred to in 9-A M.R.S. §13-102(8) (previously the "Nationwide Mortgage Licensing System").
5. "Nonprofit organization" means an organization exempt from taxation under the United States Internal Revenue Code, Section 501(c)(3) and engaged in the financing of housing for low-income people under a program designed specifically for that purpose.
6. "Controlling person" means an individual, wherever located in the chain of ownership of the applicant, who controls more than 25% of the ownership interests in the applicant.
7. "Supervised financial organization" has the same meaning as set forth in 9-A M.R.S. §1-301(38-A).
8. "Supervised lender" has the same meaning as set forth in 9-A M.R.S. §1-301(39), but for purposes of this Chapter, "supervised lender" does not include "supervised financial organizations."
