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Loan Broker License
Laws & Rules
Who Needs a License?
Anyone who provides, offers to provide, or provides advice or assistance to improve a consumer's credit record, history or rating or arranging for or obtaining an extension of credit for a consumer, in return for the separate payment of money or other valuable consideration.
How to Apply
All applications for consumer reporting agency registrations must be filed with the Bureau through the Nationwide Multistate Licensing System (NMLS). For a full list of registraton requirements, please visit the NMLS Checklist Compiler (Trusted Partner Link).
Click the button below (trusted partner link) to visit the NMLS Resource Center.
Fees
| Name | Fee | Unit |
|---|---|---|
| Application Fee | $300 | per license |
| Branch Application Fee | $150 | per branch license |
| Renewal Fee | $200 | per license |
| Branch Renewal Fee | $100 | per branch license |
| Amendment Fee | $25 | per change to licensee legal name, address, or tradename |
NOTE: All fees collected through the NMLS are nonrefundable.
Memos and Information
- Loan Broker FAQ
- Your Reponsibilities under the Fair Credit Reporting Act (RTF)
- Loans made by Loan Brokers (RTF)
- Privacy Act information (RTF)
- Loan Broker Bond Form (RTF)
- Refund Anticipation Loan Facilitator Bond Form (DOC)
- Loan Broker Agreement (RTF)
- Disclosure - Written Disclosure; required by Section 10-303 (RTF)
- Statement of Denial of Credit (RTF)
- Tangible Net_Benefit Disclosure Form (RTF)
- Interpretive Letter Re: "Conventional Mortgage Rate" Definition In 9-A M.R.S. § 8-506(1)(D) (PDF)