Current through 2024-38, September 18, 2024
1.
Administrative authority granted to NMLS. To effectuate the
transition of all guaranteed asset protection waiver administrator
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.
Licensing
periods. Registrations for guaranteed asset protection waiver
administrators are granted for a one-year period commencing January
1st and expiring on December
31st.
3.
For guaranteed asset protection waiver administrators that hold a valid
Maine registration for 20223.
a.
Transitional period. The period from November 1, 2023 through
December 31, 2023 is considered a transitional period, during which all
registered guaranteed asset protection waiver administrators wishing to remain
registered 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 guaranteed
asset protection waiver administrator registration is set at
$150.00.
4.
For
applicants that do not hold a valid Maine guaranteed asset
protection waiver administrator registration as of the effective date of this
rule ("new applicants")
a.
NMLS
processing fees. Applicants that submit applications after November 1,
2023 will pay the NMLS processing fee directly to NMLS. Between the effective
date of this rule and November 1, 2023, applicants will file applications and
pay fees directly to the Bureau on forms established by the Administrator. No
processing fees will be due to NMLS for registrations issued prior to November
1, 2023. If an application is received prior to November 1, 2023, but a
registration cannot be issued prior to November 1, 2023, the applicant will be
required to reapply through NMLS.
b.
Terms of registrations. New
registrations issued November 1 or later each year will be valid through
December 31 of the following year. Registrations issued before November 1 will
be valid through December 31 of the year in which issued.
c.
State of Maine new registration
application fees. Fees assessed new applicants (as well as existing
registrants that apply to transition to NMLS after January 31, 2023) are as
follows:
i. Guaranteed asset protection waiver
administrator registration: $200.00;
ii. Renewal of registration:
$150.00.
5.
New registrations and renewal registrations issued following completion
of the transition to NMLS
a.
NMLS to determine registration and renewal procedures. New and
renewal registrations issued after the effective date of this rule 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.
6.
Application Requirements.
Applicants for new or renewal registrations shall provide the following
information and documentation:
a. Full legal
name and address of the entity to be registered.
b. Telephone number and website
address.
c. Type of entity: sole
proprietorship, partnership, corporation, LLC, LLP, other (explain, if
"other").
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 managers of an
LLC or LLP;
iv All partners of a
partnership;
v. The person who will
oversee the daily operations of the registered office and its
personnel;
vi. and Each controlling
person.
i. Sample copies
of all guaranteed asset protection waiver forms used or proposed for use with
Maine consumers.
j. Names and
addresses of all lenders and creditors for which the applicant administered
guaranteed asset protection waivers in the 12 months immediately prior to
application.
k. The number of
guaranteed asset protection waivers administered involving Maine residents in
the 12 months immediately prior to application.
l. The names, titles, addresses, telephone
numbers, and e-mail addresses of the individual(s)s to contact for scheduling
of compliance examinations and consumer complaint resolution.
m. Whether the applicant or any owner,
partner, executive officer, manager, or controlling person has been the subject
of an administrative denial or revocation of licensure or registration, been
involved in material civil litigation or been involved in a criminal action
involving theft, forgery, false representation, misapplication of funds or
other financial issue within the past 10 years and, for each such instance,
provide the title of the action, jurisdiction, date of disposition, and a
detailed explanation of the individual's or entity's involvement.
n. Full addresses for all locations where
records of guaranteed asset protection waiver administration are
stored.
7.
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.
8.
Routine technical rule. This
is a routine technical rule as authorized by
10 M.R.S.
§
1500-H(6-A).
