Current through 2024-38, September 18, 2024
1.
Administrative authority granted to NMLS. To effectuate the
transition of all consumer reporting agency registration 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 settlement agencies were previously for a period of one year
terminating on April 30. As of the effective date of this rule, registrations
for settlement agencies are granted for a one-year period commencing January
1st and expiring on December
31st.
3.
For settlement agencies that hold a valid Maine registration for
2023.
a. Transitional period. The
period November1, 2023 through December 31, 2023 is considered a transitional
period, during which all settlement agencies shall transition from the State of
Maine's registration system and must obtain registration through
NMLS.
b. One-month
late transitional period. All renewal applications from
existing registrants received between January 1, 2024 and January 31, 2024 will
be processed, but applicants will be assessed a late fee of $100.00.
c. During the one-month "late renewal" period
January 1 through January 31, renewal applicants will be billed a late fee of
$100.00.
d. Registrants holding a
valid registration through April 30, 2024 will be required to transition to
NMLS prior to December 31, 2023 but shall pay a registration fee for the period
January 1, 2024 through December 31, 2024 of $75.00 for the agency registration
and $60.00 for each branch location registration.
4.
For applicants that do
not hold a valid Maine settlement agency 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. Applicants that submit applications after the
effective date of this rule but prior to November 1, 2023 shall apply directly
to the Bureau on forms established by the Administrator and pay all fees
directly to the Bureau. Registrations granted during that period will expire on
December 31, 2023.
b.
Terms
of registrations. All registrations will be for the term of the calendar
year except that 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) are as
follows:
i. Settlement agency application:
$100.00;
ii. Each settlement agency
branch application: $75.00.
5.
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 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 the effective date of this
rule 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.
e.
Renewal application fees. The
fee for yearly renewal of a settlement agency registration is set at $100.00.
The fee for the yearly renewal of a settlement agency branch registration is
set at $75.00 per branch location.
6.
Registration Requirements.
Applicants for new and renewal registrations shall provide the following
information and documentation as required by the Administrator for filings with
the Bureau or NMLS:
a. Full legal name and
address of the applicant.
b.
Telephone number and website address.
c. Social Security number, Tax Identification
Number or Employer Identification Number as applicable.
d. Type of entity, e.g., Sole Proprietorship,
Partnership (List Partners), Corporation, LLC, LLP (List Partners), or other
(explain, if "other").
e. The name
and address of the financial institution(s) in which the applicant maintains a
client trust account(s) and the account number(s) for each account.
f. Full addresses of all locations where
business records are stored.
g. The
names, titles, addresses, telephone numbers and e-mail addresses of the persons
to contact to conduct a compliance examination and to resolve a consumer or
creditor complaint.
h. The names,
business addresses, residential addresses, and employment positions for the
last 10 years of each owner, partner, executive officer, manager who will be in
charge of the offices to be registered, managers of an LLC or similar entity,
and controlling person.
i. Whether
any owner, partner, executive officers, manager who will be in charge of the
location to be registered, or controlling person has been involved in material
litigation and/or convicted of a crime for the ten (10) year period prior to
this application and, if so, for each such instance, provide the title of the
action, jurisdiction, date of disposition, and a detailed explanation of the
person's involvement.
j. Whether
the applicant has been the subject of an 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
7.
Changes to existing registration
information. If any information reported by a registrant changes during
a period of registration, the registrant must amend its information on file
with NMLS or the Bureau if the change occurs prior to transition to or initial
licensing through 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 or the Bureau if the change occurs prior to transition to or
initial registration through 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.
§
1400-B(1).
