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, the bond amount is set at $50,000. The bond ensures that the bondholder will faithfully perform the duties and obligations pertaining to the Debt Management Services Act.
Who is A Debt Management Service Provider?
An individual who provides debt management services in return for a fee or other consideration. Service is provided in state. In addition, a Debt Manager Service Provider is an individual located in state that provides debt services to someone who is not a resident of Maine. Likewise, in return for a fee or other considerations.
Individuals must be Registered with the state prior to providing services. The Debt Management Bond is one of the requirements to becoming registered.
How do I become Registered?
Submit a completed application form along with the $500 registration fee. Provide evidence of Counselor Certification and samples of your consumer education programs. Copies of your financial statement and schedule of fees should also be included with your application. Identify the financial institution which will maintain the trust account used for the deposit of consumers’ funds.
Where can I get a Maine Debt Management Service Provider Bond?
Surety1 can get your Maine Debt Management Service Provider Bond quick and easy. Start the process 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. Next, when you’re ready to proceed, we will collect the premium payment and have you sign the agreement. Lastly, we’ll send your Debt Management Service Bond via USPS Priority Mail. Overnight delivery is available for an extra fee.
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