Maine Debt Management Bond

The Maine Debt Management Bond is required by the Superintendent, Bureau of Consumer Credit Protection. Also referred to as the Maine Debt Management Service Provider bond, it ensures that the bondholder will faithfully perform the duties and obligations pertaining to the Debt Management Services Act.  The bond amount is $50,000.

What is A Debt Management Service Provider?

• A person that provides debt management services in return for a fee or other consideration, in the State of Maine.
• A person located in Maine that provides debt services to someone who is not a resident of Maine, in return for a fee or other considerations.

How do I become a  Registered Debt Management Service Provider?

Provide the following to the administrator:

• Completed application form.
• $500 registration fee.
• Evidence of counselor certification.
• Sample of the consumer education program that seeks to improve the financial literacy of consumers.
• Schedule of fees.
• Financial statement.
• Identity of financial institution which will maintain the trust account used for the deposit of consumers’ funds.
• Sample written contract.
• Sample written report to consumer, accounting for funds received from the consumer and disbursements made to creditors.

Where can I get a Maine Debt Management Service Provider Bond?

Surety1 can get you bonded by completing our free online application form, After that one of our licensed agents will contact you with a no-obligation quote for your bond premium. Our rates are some of the lowest in the market. This  is made possible through our partnership with over a dozen A-rated surety markets.

After you decide to move forward with us, pay the bond premium and sign the agreement. We’ll send your Maine Debt Management Service Bond via USPS Priority Mail. Overnight delivery is available for an extra fee.

We are licensed in all 50 states and maintain an A+ rating from the Better Business Bureau.