Maine Supervised Lender Bond Guide
If you’re applying for a supervised lender license in Maine, you’ll need to file a surety bond.
Bond Overview
- Purpose: To protect consumers from financial harm and ensure adherence to state laws
- Who Needs It: All supervised lenders in Maine
- Regulating Body: The Bureau of Consumer Credit Protection
- Required Coverage: $50,000 per branch location
- Premium Rate: Typically 1–5% of the bond amount
Continue reading to learn the ins and outs of the bonding process.
What Is a Maine Supervised Lender Bond?
A supervised lender bond protects clients from financial harm if a lender breaks license regulations. Every supervised lending company branch in Maine needs $50,000 in surety bond coverage for licensing.
How Much Do Supervised Lender Bonds Cost in Maine?
Maine supervised lender bond rates start at 1%, or $500, for the $50,000 bond. The $100,000 bond starts at $1,000.
However, exact pricing varies based on financial qualifications — primarily credit score. Request your free, personalized quote now.
We offer premium financing options to lower the upfront cost of these bonds. Ask your account manager if you’re eligible for financing.
How Does a Maine Supervised Lender Bond Work?
A Maine supervised lender bond create a legal contract between three parties:
- Principal: You, the supervised lender licensee
- Obligee: The Superintendent of the Maine Bureau of Consumer Credit Protection
- Surety: The underwriting surety company
If you break the bond terms, the obligee or other harmed parties can file bond claims up to the full bond amount. The surety will pay out valid claims then seek reimbursement from the principal.
Who Needs a Supervised Lender Bond?
Any professional or business making and/or servicing supervised loans to consumers in Maine needs this bond.
$50,000 bond coverage is required per branch location. This guarantees adherence to the Maine Consumer Credit Code and all other applicable provisions.
Non-profit organizations that can prove $25,000 in net assets may qualify for a bond exemption.
How Do I Get a Supervised Lender Bond in Maine?
Follow these quick steps to get your Maine supervised lender license bond:
- Submit an online application
- Receive a free quote
- Checkout online anytime
- Select your shipping method
We’ll deliver your bond via your preferred shipping method. Sign and submit the bond documentation to the Bureau of Consumer Credit Protection.
How Fast Can I Get My Bond?
We typically deliver supervised lender bond quotes within one business day or less. If you’re in a rush, we offer overnight shipping.
How Do I Renew My Bond?
To renew your supervised lender bond, simply pay your renewal invoice when prompted.
These bonds expire annually, but remain continuous until cancelled. That means if you continue to pay your annual premium, your bond coverage will stay active.
The surety can cancel the bond by providing 30-day’s written notice to you and the Superintendent of the Bureau of Consumer Credit Protection of the State of Maine.
How to Become a Licensed Lender in Maine
Supervised lenders can provide or service several types of consumer loans, including the following:
- First lien loans
- Junior lien loans
- Unsecured consumer loans
If you make or service consumer loans that are:
- Secured by real estate interest, or
- Exceed 12.25% per year in finance charges (calculated actuarially),
You need to be licensed to operate in Maine.
Apply for a license online through the Nationwide Multistate Licensing System (NMLS). There is a non-refundable $300 application fee per license or $150 fee per branch.
