What Is a Maine Loan Broker Bond?
Maine Revised Statute §10-202 mandates that loan brokers submit a surety bond with their application. This bond ensures that the broker complies with Title 9-A M.R.S.A. and the Maine Consumer Credit Code.
How Much Does the Maine Loan Broker Bond Cost?
Rates for the state-required $25,000 Maine loan broker bond start at $187. Your exact premium will be determined after a quick review of your application. If you work solely as a facilitator of a refund anticipation loan or refund anticipation check, you only need a $10,000 Maine loan broker bond.
Premiums start as low as 1% of the total bond amount. Select your bond below to request a free quote now.
SuretyBonds.com works with the top surety providers nationwide to find the best possible pricing without any added fees.
How Do I Get a Maine Loan Broker Bond?
Apply for your loan broker bond using the quick form on this page. You'll need to provide the following information:
- Business name
- DBA name, if applicable
- Address
- County
After a quick review of your application, we'll provide the lowest quote from our markets. You can purchase your bond online or over the phone at your convenience. Once you checkout, we'll mail your official bond documents.
How Fast Can I Get a Loan Broker Bond in Maine?
SuretyBonds.com quotes and delivers Maine loan broker bonds quicker than any other surety company. If you submit a request during business hours, we can typically provide a quote same-day. If you're in a rush, select overnight shipping for your official bond form.
Who Regulates Licensing for Loan Brokers in Maine?
The Maine Department of Professional and Financial Regulation Bureau of Consumer Credit Protection enforces all licensing requirements and regulations for loan brokers in the state. You can contact the obligee by phone at 1 (207) 624-8527 or by email at CCP.PFR@maine.gov.
What Does a Mortgage Bond Protect Against?
If a broker violates any of the terms the bond agreement and harms consumers, the surety will cover any damages up to the full bond amount. The principal must compensate the surety for all damages paid out.
How Do I Renew My Maine Loan Broker Bond?
The Maine loan broker surety bond expires annually and must be renewed each year. We'll contact you in advance to ensure you maintain an active bond policy and provide renewal filing instructions.
How Do I Apply for a Loan Broker License in Maine?
To work as a mortgage loan broker in Maine, you must get licensed through the NMLS and complete the steps below:
- Complete all the documents and requirements in the New Application Checklist.
- Purchase a surety bond.
- Pay the $500 license fee.
