The Maine Loan Broker Bond is required by the Maine Department of Professional & Financial Regulation. In Maine, Credit Services Organizations fall under the title of Loan Broker.
Maine Revised Statutes, Consumer Credit Code, Title 9-A, Article 2, Part 3 outlines licensing and bonding of mortgage loan brokers and mortgage supervised lenders, along with non-profit lenders. The Maine Loan Broker Bond ensures that the principal will comply with the
Maine Consumer Credit Code and, in case of noncompliance, will pay any monies that may become due.
The required amount for the Maine Loan Broker Bond is $25,000.
The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Valid: Continuous – Renewable
Due to its continuous nature, the bond remains in full force until the Surety is released from liability by the Superintendent of the Bureau of Consumer Credit Protection or until the bond is cancelled.
Licensing Fees and Requirements:
- Surety bond
- Application through NMLS
- $200 registration fee
- Pass SAFE test and pay $92 fee
All licensing fees are required by the obligee, not the surety company.
APPLY for this bond and get a free quote
Visit our State Guide of Bond Requirements for Credit Services / Credit Repair Businesses
How to Get Your Maine Loan Broker Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.