Maine Litigation Funding Provider Bond Guide
If you’re applying to become a legal funding provider in Maine, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure legal and ethical litigation funding activities
- Who Needs It: Investors funding legal cases in Maine
- Regulating Body: The Maine Bureau of Consumer Credit Protection
- Required Coverage: $50,000
- Premium Rate: 1–10% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Maine Litigation Funding Provider Bond?
A Maine litigation funding provider bond financially enforces legal and ethical litigation funding practices.
The Maine Bureau of Consumer Credit Protection requires this bond as part of the registration process for legal funding providers in the state.
How Much Do Litigation Funding Provider Bonds Cost in Maine?
Maine litigation funding provider bonds cost a small percentage of the bond amount, typically 1–10%. That means you could pay as low as $500–$1,000 for the $50,000 bond.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Maine legal funding bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll mail you the bond via your preferred shipping method. Be sure to file the bond with the Maine Bureau of Consumer Credit Protection as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Maine Litigation Funding Provider Bond Work?
As with all surety bonds, a litigation funding provider bond creates a legal contract between three parties:
- Principal: You, the legal funding provider filing the bond
- Obligee: The Maine Bureau of Consumer Credit Protection requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding Maine Revised Statutes Title 9-A, §12-106.
If you break the bond terms, harmed parties can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your litigation funding provider bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
