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How much does a loan broker bond cost in Maine?
The Maine Bureau of Consumer Credit Protection requires loan brokers to post $25,000 surety bonds.
These bonds are subject to underwriting, which means the amount you’ll pay depends on a review of your personal credit report. Don’t let poor credit stop you from getting the bond you need. Our experts can get 99% of applicants bonded quickly, easily, and accurately. Request a free bond quote now!
Call 1 (800) 308-4358 or submit a bond request now. We can typically provide you with your free surety bond quote within 1 business day of submitting your application.
Why do I need this bond?
Loan broker bonds in Maine ensure that principals (loan brokers) faithfully perform the duties and obligations pertaining to the business of a loan broker in compliance with Title 9-A M.R.S.A. and the Maine Consumer Credit Code. Prohibited acts under this bond include:
- refusing to disclose any material information in a timely manner to customers
- not making a reasonable effort to secure the best rates for loans
- using deceptive advertising
- neglecting to provide their personal license number on all advertisements
If a broker violates any of the terms of his or her bond agreement and consumers are harmed, the surety will cover all damages up to the full bond amount. The principal must then compensate the surety for all damages paid out.
What’s the fine print?
Maine loan broker bonds are continuous until canceled. The surety can cancel the bond by providing written notice of cancellation to the loan broker and the Superintendent of the Bureau of Consumer Credit Protection 30 days prior to the effective termination date.
This bond must be acknowledged by a notary public.
How to become a loan broker in Maine
To become a licensed loan broker in Maine, a license application packet containing the following materials must be submitted to department:
- notarized and signed $25,000 surety bond
- written agreement with notice to consumer
- written disclosure
- resumes of the principal officers
- 2 professional letters of reference for principal officers
- $600 application fee
We can typically provide you with a free, personalized bond quote within just 1 business day of receiving your application. Apply for your free bond quote today!