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.
All licensing fees are required by the obligee, not the surety company.