2011 Maine Revised Statutes
TITLE 9-A: MAINE CONSUMER CREDIT CODE
Article 10: LOAN BROKERS
9-A §10-201. Licensing and biennial relicensing

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

§10-201. Licensing and biennial relicensing

Except as set forth by regulation governing participation in the nationwide mortgage licensing system and registry for mortgage lender licensing, 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. 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 mortgage loan originators, 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. [2011, c. 427, Pt. B, §15 (AMD).]

Except as set forth by regulation governing participation in the nationwide mortgage licensing system and registry for mortgage lender licensing, the initial application for a license as a loan broker must include a fee of $600 and the biennial relicensing application must include a fee of $300. Notwithstanding other remedies available under this Title, applications received after the due date are subject to an additional fee of $100. [2011, c. 427, Pt. B, §15 (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. Except as set forth by regulation governing participation in the nationwide mortgage licensing system and registry for mortgage lender licensing, 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 and a biennial relicensing application for each such branch location must include a fee of $150. [2011, c. 427, Pt. B, §15 (AMD).]

A licensed loan broker may conduct business only through a mortgage loan originator who possesses a current, valid license. [2011, c. 427, Pt. B, §15 (AMD).]

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). 2011, c. 427, Pt. B, §15 (AMD).