2009 Maine Code
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 10: LOAN BROKERS
9-A §10-201. Licensing and biennial relicensing

Title 9-A: MAINE CONSUMER CREDIT CODE

Article 10: LOAN BROKERS HEADING: PL 1989, C. 70, §3 (NEW); 2005, C. 683, PT. B, §3 (RPR)

Part 2: REGISTRATION AND BONDING HEADING: PL 1989, C. 70, §3 (NEW)

§10-201. Licensing and biennial relicensing

A person desiring to engage or continue in business in this State as a loan broker shall apply to the administrator for a license under this article on or before January 31st of each even-numbered 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 license, 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 license 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 administrator may adopt rules requiring that applicants, applicants' partners, officers or directors and employees of applicants satisfy initial and continuing educational requirements. The reasonable costs of meeting such educational requirements are assessed to applicants. Providers of initial and continuing education courses of study shall submit each course to the administrator for approval, and each submission must be accompanied by a $100 fee. Rules adopted pursuant to this section are routine technical rules pursuant to Title 5, chapter 375, subchapter 2-A. [2009, c. 243, §3 (AMD).]

The initial application for a license as a loan broker must include a fee of $600. The biennial relicensing application must include a fee of $300. Initial applicants and biennial relicensing applicants must pay an additional fee of up to $20 for registration of each loan officer, up to a maximum of $400 in total. Notwithstanding other remedies available under this Title, applications received after the due date are subject to an additional fee of $100. [2009, c. 243, §3 (AMD).]

A licensee may conduct business only at or from a place of business for which the licensee holds a license and not under any other name than that on the license. A license fee of $300 is imposed for a license issued for a place of business other than that of the first licensed location of the licensee. A biennial relicensing application for each such branch location must include a fee of $150. [2009, c. 243, §3 (AMD).]

A licensed loan broker may conduct business only through a loan officer who possesses a current, valid registration. 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 loan broker. The registration of a loan officer is valid only when that person is employed or retained and supervised by a licensed loan broker. When a loan officer ceases to be employed by a licensed loan broker, the loan broker shall promptly notify the administrator in writing. [2005, c. 683, Pt. B, §4 (RPR).]

SECTION HISTORY

1989, c. 70, §3 (NEW). 1993, c. 495, §2 (AMD). 2005, c. 164, §9 (AMD). 2005, c. 274, §5 (AMD). 2005, c. 683, §B4 (RPR). 2009, c. 243, §3 (AMD).

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