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Proposed Rules

Comment Period Open

Bureau Rule Ch. 711 (rev.) - Establishment of License and Renewal Fees and Application Requirements for Maine’s Supervised Lenders and Requirement for Licensing of all Supervised Lenders Through the Nationwide Multistate Licensing System (NMLS)

This rule amends Chapter 711 pertaining to the financial documentation required for Supervised Lenders to obtain or renew a license. The current rule requires the submission of audited financial statements. While only roughly 9% of supervised lenders do not have audited reports (43 out of 496 companies), those companies are small businesses which may find procuring audited financial statements overwhelming. For this reason, we are clarifying the rule to ensure that while audited financial statements are preferred, there are alternative ways to provide sufficient indicia of financial responsibility for purposes of licensing.

Download a copy of the proposed rule HERE (DOCX).

COMMENT DEADLINE: January 31, 2025

For questions regarding Rule 711, please contact:

Linda Conti, Superintendent
Bureau of Consumer Credit Protection
35 State House Station
Augusta, ME 04333-0035
Phone: (207) 624-8527
Fax: (207) 582-7699
TTY Users call Maine Relay 711
linda.conti@maine.gov

Comment Period Closed

Bureau Rule Ch. 709 (rev.) - License and Renewal Fees and Application Requirements for Maine’s Money Transmitter Licensing and Requirements for Licensing Through the Nationwide Multistate Licensing System (NMLS)

This rule requires licensing of all money transmitters operating in the State of Maine through the Nationwide Multistate Licensing System (NMLS). This Chapter establishes periods of licensure validity. It sets application and renewal fees and application requirements for money transmitters and requires applicants for new licenses to apply through NMLS.

Download a copy of the proposed rule HERE (DOCX).

The comment period for this proposed rule has closed.

For questions regarding Rule 709, please contact:

Linda Conti, Superintendent
Bureau of Consumer Credit Protection
35 State House Station
Augusta, ME 04333-0035
Phone: (207) 624-8527
Fax: (207) 582-7699
linda.conti@maine.gov

Maine.gov

Proposed Rules

Comment Period Open

Bureau Rule Ch. 711 (rev.) - Establishment of License and Renewal Fees and Application Requirements for Maine’s Supervised Lenders and Requirement for Licensing of all Supervised Lenders Through the Nationwide Multistate Licensing System (NMLS)

Comment Period Closed

Bureau Rule Ch. 709 (rev.) - License and Renewal Fees and Application Requirements for Maine’s Money Transmitter Licensing and Requirements for Licensing Through the Nationwide Multistate Licensing System (NMLS)