How much does a Maine investment adviser bond cost?
Maine investment adviser bond costs start at $100 annually. Your personal premium will be provided after a quick application review based on your bond amount.
How do I get an investment adviser bond in Maine?
You can apply for your Maine investment adviser bond online 24/7. Simply provide your name and address for Maine Office of Securities filing approval. Once your order has been processed, your official registered investment advisor bond will be shipped to your preferred mailing address.
How fast can I get an investment advice license bond?
Our industry-leading technology and responsive customer service team allow us to deliver your official Maine investment adviser bond faster than any other surety company. The Maine Office of Securities requires your official license bond be physically issued and shipped to you. Orders placed by 4 PM CST Monday-Friday are typically shipped same-day. If you're in a rush, choose overnight shipping during checkout.
If you have questions about the Maine investment adviser bond or your application, call 1(800)308-4358 to speak with a friendly surety bond expert. We're here to guide you through the license bond process so you can get back to running your business.
What is a Maine investment adviser bond?
Code of Maine Rules Chapter 515 Section 13 requires individuals licensed as an investment advisers file a surety bond if they have custody or discretionary authority over client money and don't meet the state's minimum net worth requirement. Maine does not require a specific investment adviser surety bond form but accepts Form U-SB, which is commonly used for nationwide financial advisor license bonding.
Why do you need a Maine investment adviser bond?
Investment advisors licensed to work under Maine's securities registration must file, maintain, and renew an active surety bond to provide investment management service in the state. By filing this bond, advisors agree to comply with Rule Chapters for the Department of Professional and Financial Regulation when providing advisory services. If they fail to do so, their issuing surety company will pay valid claims up to the full bond amount, which the financial professional must reimburse.
Note that Code of Maine Chapter 515 Section 13 exempts investment advisers from the state's bonding requirements if they have a principal place of business in a state other than Maine and are licensed in that state.
Who regulates licensing for investment advisers?
The Maine Department of Professional and Financial Regulation Office of Securities enforces licensing requirements for investment advisers working in the state. If you have questions about your existing license or new investment adviser registration, you can contact the Department by calling 1(877)624-8551.
The Maine Department of Professional and Financial Regulation requires this bond for state investment adviser registration. If you work as an investment adviser in other states, we also offer investment advisor bonds nationwide.
What is the coverage amount of a Maine investment adviser bond?
If you don't meet the state's minimum net worth requirement for licensing, your Maine investment adviser bond coverage amount is based on your net worth deficiency, which will be rounded up to the nearest $5,000 to determine your required bond amount.
Can you get a Maine investment adviser bond with bad credit?
Yes, you can get a Maine investment adviser bond with bad credit. SuretyBonds.com can approve 99% of applicants regardless of credit score. Your investment adviser bond cost will be determined based on a review of your credit score calculated as a percentage of your required bond amount.
How do I update or change my investment advisor bond?
If the Maine Office of Securities requires your bond form to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested are updating your name or address to match your existing registered investment advisor license or new financial advisor application.
How do I renew my Maine investment adviser bond?
You must renew your Maine investment adviser license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next license term.
How do I get licensed as an investment adviser in Maine?
Complete the steps below to apply for your Maine investment adviser license through the Investment Adviser Registration Depository (IARD) or Central Registration Depository (CRD).
- Complete Form ADV Part 1 and 2.
- Verify you meet the minimum financial requirements, or file a surety bond in the required bond amount.
- Pay the $200 license fee.
- Pass the examination (sole proprietors only).
