Maine Residential Property Preservation Bond Guide
If you want to be licensed as a residential property preserver (RPP) in Maine, you’ll need to file a bond as part of your application.
Bond Overview
- Purpose: To ensure property preservation providers meet all licensing and statutory requirements
- Who Needs It: Residential property preservers providing seeking licensure in Maine
- Regulating Body: The Maine Department of Professional & Financial Regulation — Bureau of Consumer Credit Protection
- Required Amount: $15,000
- Premium Rates: Start at $150, credit-based
Keep scrolling to learn more about how property preservation provider bonds work in Maine.
What Is a Maine Residential Real Estate Property Preservation Services Provider Bond?
A Maine residential property preservation services provider bond is required for business licensing. It holds companies financially liable for complying with all provisions of state law including Title 32, M.R.S.A., Sections 11001–11054.
How Much Do Property Preservation Bonds Cost in Maine?
$15,000 Maine property preservation services provider bonds cost $100–$200 per year based on credit score. You can save up to 25% by selecting a multi-year term. Apply now to get your personalized quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Maine Residential Property Preservation Provider Bond Work?
Maine residential property preserver bonds create a legally-binding contract between three parties:
- Principal: You, the residential property preserver (RPP)
- Obligee: The Maine DPFR Bureau of Consumer Credit Protection
- Surety: The provider issuing the bond
By filing this bond as the principal, you promise to uphold all the terms and statutes included in the terms.
Any parties harmed by your actions can file a claim on the bond. The surety will pay out valid claims then seek reimbursement from you. This is why it is important to act ethically and avoid any bond claims.
How Do I Get a Property Preservation Services Provider Bond in Maine?
SuretyBonds.com provides the fastest and easiest way to get an RPP bond. Just follow these quick steps:
- Apply: Submit our quick online request form
- Pay: Receive your quote invoice within one business day and checkout online or over the phone
- Sign: Print and sign your emailed bond form
- File: File the bond documents with the Bureau as instructed
If you have any questions, our friendly surety experts are here to help. Call 1 (800) 308-4358 or email [email protected] for assistance.
How Fast Can I Get My Bond?
We issue most bonds same-day if you apply before 4 PM CST. Apply now to get started. Once you purchase, we’ll send your official Maine RPP bond through email — no shipping required.
Can I Get Bonded With Bad Credit?
Don’t let a low credit score stop you from applying. We work with a variety of markets to ensure we can find the best fit for you and your personal finances. However, keep in mind that credit score can impact your premium rate.
How to Renew Your Bond
Maine property preservation services bonds are continuous. That means all you need to do is pay your renewal invoice at the end of each term to extend your bond for another year.
Or, you can select a multi-year term at checkout to save time on annual renewal.
How to Become a Residential Property Preserver in Maine
Residential property preservers (RPPs) in Maine must complete the following steps to receive a license from the Bureau of Consumer Protection:
- Prove a $10,000 net worth
- Purchase a $15,000 surety bond.
- Hire a qualifying individual
- Submit the application form and supporting documents
Find more licensing information on the Bureau’s webpage.