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-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
1.
Application Contents.
Each applicant for a license or renewal
				shall supply the following information and documentation either to NMLS or on
				such form as the Administrator require.
a.
				The applicant's legal name, address, telephone number, website, federal Tax
				Identification Number or Social Security Number as applicable.
b. All location(s) where loan records are not
				stored. at the above location.
c.
				All locations from which business with Maine residents will be
				transacted.
d. All names under
				which business will be transacted.
e. The name, title, address, telephone
				number, and email address of the person to contact if the Bureau receives
				consumer complaints regarding the activities of the applicant.
f. The name, title, address, telephone
				number, and email address of the person to contact for the scheduling of
				routine compliance examinations.
g.
				For corporations: the date and state of incorporation; a certificate of good
				standing from the state of incorporation; a complete description of corporate
				structure (including parents, subsidiaries, and whether any are publicly traded
				on any stock exchange); a certified copy of authority to do business in Maine
				as a foreign corporation, LLC, LLP, or other foreign entity required to
				register with the State of Maine before doing business, including any assumed
				or fictitious names; and the name and address of designated agent upon whom
				service of process may be made in this State
h. For all entities, including partnerships
				and sole proprietorships: a copy of the most recent audited financial statement
				and, if available, audited financial statements for the immediately preceding
				two-year period demonstrating that the applicant has minimum net tangible
				assets of at least $25,000.00 available for use in the business.
i. 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
				licensed, managers of an LLC or similar entity, and any controlling
				person.
j. Whether any owner,
				partner, executive officers, manager who will be in charge of the location to
				be licensed, 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. If so, for each such instance, provide the title of the action,
				jurisdiction, date of disposition, and a detailed explanation of the
				individual's involvement.
k. A
				management chart displaying the applicant's directors, officers, and managers
				by name and title. The management chart must also identify compliance reporting
				and internal audit structure.
l. A
				chart showing or a description of the percentage of ownership of direct owners
				(total direct ownership percentage must equate to 100%), indirect owners,
				subsidiaries, and affiliates of the applicant/licensee.
m. An original bond in form provided by the
				Bureau in the amount of $50,000.00 for each licensed location furnished by a
				surety company authorized to conduct business in Maine. The name of the
				principal insured on the bond must match exactly the full legal name of the
				applicant and must include all assumed or fictitious names.
n. A consumer report for each owner, partner,
				executive officers, manager who will be in charge of the location to be
				licensed, and controlling person.
o. A criminal history report for each owner,
				partner, executive officers, manager who will be in charge of the location to
				be licensed, and controlling person.
p. Whether the applicant has ever been denied
				a license in another jurisdiction, had a license revoked, been the subject of
				an administrative proceeding relating to the business for which it seeks to be
				licensed, or been convicted of a crime related to the business of money
				transmission or supervised lending, forgery, theft or false representation. 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.
q. A copy of the
				applicant's quality control program.
r. A copy of the applicant's credit denial
				form conforming to the requirements of the Federal Fair Credit Reporting
				Act.
s. A sample contract
				(promissory note) and Truth-in-Lending disclosure form that will be provided to
				customers.