An Act to Register Nonbank Loan Officers
Maine Legislature, Session 122, LD 1303
Committee Amendment CA_A_H311 (House)

COMMITTEE AMENDMENT "A" to H.P. 900, L.D. 1303, Bill, "An 
Act To Register Nonbank Loan Officers" 
Amend the bill in section 2 in subsection I-A in the 2nd 
line from the end (page 1, line 28 in L.D.) by inserting after 
the following: 
"fee of" the following: 
'J.ULtQ' 
Further amend the bill in section 2 in subsection I-A in the 
last line (page 1, line 29 in L.D.) 
by inserting after the 
following: 
".il.QQ" 
the following: 
'in total. 
An 
applicant' ~ 
registration of a loan officer within 90 days of the date that 
registration would otherwise be required does not constitute a 
violation of this subsection' 
Further amend the bill in section 3 in subsection 2 in the 
7th line 
(page 1, 
line 40 
in L.D.) 
by inserting after the 
following: 
"and" the following: 
'the character and fitness' 
Further amend the bill in section 5 by striking out all of 
subsection 5-A and inserting in its place the following: 
'5-A. 
A 
licensee 
may 
conduct 
the 
business 
of 
making 
supervised loans only through a 
loan officer who possesses a 
current, valid registration certificate. 
A loan officer must be 
registered at the loan officer's principal licensed work location 
and may then work from any licensed location of the supervised 
lender. 
The registration of a loan officer is valid only when 
that person is employed or retained and supervised by a licensed 
Page l-LR0679(2) 
COMMITTEE AMENDMENT 
~~" 
COMMITTEE AMENDMENT 'A" to H.P. 900, L.D. 1303 
supervised lender. 
When a loan officer ceases to be employed by 
a 
licensed 
supervised 
lender, 
the 
supervised 
lender 
shall 
promptly notify the administrator in writing. ' 
Further amend the bill in section 9 by striking out all of 
that part designated "§lO-201." and inserting in its place the 
following: 
'§lO-201. Registration and annual reregistration 
A person desiring to engage or continue in business in this 
State as 
a 
credit services organization shall apply to 
the 
administrator for registration under this article on or before 
January 31st of each year. 
The application must be in a form 
prescribed by the administrator. 
The administrator may refuse 
the 
application 
if 
.it 
contains 
erroneous 
or 
incomplete 
information. 
At the time of application and on an ongoing basis 
during the term of any such registration, the applicant shall 
apply to the administrator for registration of all loan officers 
employed 
or 
retained by 
the 
applicant. 
An 
application 
for 
registration as 
a 
loan officer must 
be 
filed 
in 
a 
manner 
prescribed by the administrator and include the name, address and 
work location of the loan officer and such additional information 
as is reasonably requested by the administrator. 
An applicant's 
registration of a loan officer within 90 days of the date that 
registration would otherwise be required does not constitute a 
violation of this section. 
A registration may not be issued 
unless 
the administrator, 
upon investigation, 
finds 
that the 
financial responsibility, character and fitness of the applicant, 
and where applicable, its partners, officers or directors and the 
character and fitness of its loan officers, warrant belief that 
the business will be operated honestly and fairly within the 
purposes of this Title. 
The application saall ID.Yll include an initial fee of 
Annual 
reregistration 
shall 
~ 
include 
a 
fee 
of 
Applicants and registrants must pay an additional fee of 
$20 for each loan officer, yp to a maximum of $200 in total. 
$200. 
$100. 
up to 
A 
registered 
credit 
services 
organization 
may 
condyct 
business only throygh a loan officer who possesses a current, 
valid registration certificate. 
A loan officer myst register at 
the loan officer's principal registered work location and may 
then work from any registered location of the credit services 
organization. 
The registration of a loan officer is valid only 
when that person is employed or retained and sypervised by a 
registered credit services organization. 
When 
a 
loan officer 
ceases 
to 
be 
employed 
by 
a 
registered 
credit 
services 
organization, 
the credit services organization shall promptly 
notify the administrator in writing. ' 
COMMITTEE AMENDMENT 
" ~'¥ 
~ 
COMMITTEE AMENDMENT A 
.. to H.P. 900, L.D. 1303 • 
Further amend the bill by inserting after section 11 the 
following: 
, Sec. 
12. 
Appropriations 
and 
allocations. 
appropriations and allocations are made. 
The 
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF 
Office of Consumer Credit Regulation 0091 
following 
Initiative: 
Allocates 
funds 
for 
a 
1/2-time 
Credit Examiner position and associated costs 
track loan officers. 
Senior 
Consumer 
to register and 
OTHER SPECIAL REVENUE FUNDS 
2005-06 
2006-07 
POSITIONS -
LEGISLATIVE COUNT 
0.500 
0.500 
Personal Services 
$31, 666 
$34,107 
All Other 
$11,834 
$4,910 
OTHER SPECIAL REVENUE FUNDS TOTAL 
$43,500 
$39,017' 
SUMMARY 
This amendment specifies that the registration of a 
loan 
officer within 90 days of the due date does not constitute a 
violation of the registration requirement provided in the bill. 
It amends the provision of the bill regarding the evaluation of 
the loan officers to limit the evaluation to consideration of 
their character and fitness. 
The 
amendment also strikes the 
provision of the bill that limited a loan officer to working for 
one lender or credit services organization. 
The amendment adds 
an appropriations and allocations section to the bill. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 04121/05 ;:::bJ?ac:.. 
LD 1303 
LR 0679(02) 
An Act to Register Nonbank Loan Officers 
Fiscal Note for Bill as Amended by Committee Amendment A" 
Committee: Insurance and Financial Services 
Appropriations/Allocations 
Other Special Revenue Funds 
Revenue 
Other Special Revenue Funds 
Fiscal Detail and Notes 
Fiscal Note Required: Yes 
Fiscal Note 
2005-06 
$43,500 
$43,680 
2006-07 
$39,017 
$39,200 
Projections 
2007-08 
$36,609 
$38,340 
Projections 
2008-09 
$37,483 
$40,909 
Assumes the Office of Consumer Credit Regulation in the Department of Professional and Financial Regulation will 
require an additional Other Special Revenue Funds allocation for a half-time Senior Consumer Credit Examiner and 
associated costs, to register and track loan officers. Estimated revenue assumes 397 supervised lender companies and 
loan broker companies, half of which will be licensed each year. It is further assumed that 50% of the companies 
have an average of 4 loan officers, therefore paying a fee of$80 ($20 per) and 50% are assumed to have 10 loan 
officers, therefore paying the maximum fee of $200. 
LR0679(2) - Fiscal Note - Page 1 of 1