Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 030 - BUREAU OF CONSUMER CREDIT PROTECTION › Chapter 707 - ESTABLISHMENT OF LICENSE AND RENEWAL FEES AND APPLICATION REQUIREMENTS FOR MAINE'S LOAN BROKER LICENSING AND REQUIREMENT FOR LICENSING THROUGH THE NATIONWIDE MULTISTATE LICENSING SYSTEM (NMLS) › Section 030-707-IV - GENERAL PROVISIONS

Current through 2024-29, July 17, 2024
A.
Application Contents.
Each applicant for a license or renewal
				shall supply the following information and documentation either to NMLS or to
				the Administrator on such forms as the Administrator requires:
1. The type of service as a loan broker in
				which the applicant is involved.
2.
				The applicant's full legal name and address of the home or principal
				office.
3. The full legal name of
				the applicant and the address(es) from which the business of the applicant will
				be conducted.
4. The following
				information regarding associated individuals and the applicant:
a. For sole proprietorships, full legal name,
				address, date of birth, and Social Security Number of the proprietor.
b. For partnerships, full legal names,
				addresses, dates of birth and Social Security Numbers of all
				partners.
c. For all entities, full
				legal names, addresses, date of birth and Social Security Numbers of all
				controlling persons.
d. For
				corporations and limited liability companies:
i. The names and addresses, dates of birth,
				and Social Security Numbers of all officers; and
ii. The federal Tax Identification Number of
				the entity, state of incorporation/organization and, if a foreign entity, a
				copy of the authorization from Maine Secretary of State to do business in Maine
				as a foreign entity.
5. Name and address of the designated agent
				upon whom service of process may be made in this State.
6. A list of all creditors for which the
				applicant arranges loans for Maine consumers, and the total amount of the loans
				arranged for those creditors during the most recent calendar year.
7. Identification of each financial
				institution in which the applicant maintains a consumer trust account and the
				account number assigned by the institution to the account.
8. Whether any owner, partner, executive
				officers, manager who will be in charge of the location to be licensed, or
				holder of a controlling interest 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.
9. A
				criminal history report for each owner, partner, executive officers, manager
				who will be in charge of the location to be licensed or holder of a controlling
				interest
10. A professional resume
				for each principal officer, owner, and controlling person of the
				applicant.
11. The following
				documents:
a) A completed bond, using the
				form posted on the Bureau's website;
b) A sample copy, completed so as to reflect
				a hypothetical transaction, of the signed written agreement (contract)
				containing a description of services offered, guarantees or promises of refund,
				effective term of agreement, terms of payment, and the "Notice to Consumer," as
				required by
				9-A
				M.R.S. §10-302;
c) A sample copy, showing provision for proof
				of receipt by the consumer, of the written disclosure, setting forth material
				consumer protections as required by
				9-A
				M.R.S. §
												10-303;
12. Each application must be accompanied by
				evidence of a surety bond, in a form approved by the Administrator, and in the
				aggregate amount of $25,000.00, to run to the State of Maine for use by the
				State and any person or persons who may have a cause of action against a loan
				broker. Notwithstanding the foregoing requirement, the aggregate amount of a
				surety bond accompanying the application of a loan broker conducting business
				solely as a facilitator of a refund anticipation loan or refund anticipation
				check must be $10,000.00. The term of the bond must run concurrently with the
				period of time during which the license will be in effect.
13. A consumer report on each owner, officer,
				and controlling person of the applicant.
14. Any additional information required by
				NMLS when licensing transfers to NMLS.