Maine Loan Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Maine — The way life should be..
Maine Loan Broker Licensing
According to the Consumer Credit Protection, a division of the state’s Department of Professional and Financial Regulation, Maine loan brokers were formerly known as “credit services organizations”.
Current Maine regulations dictate that loan brokers obtain a $25,000 surety bond as a condition for licensing. Your licensing and surety bond are required to be filed on or before January 31st of each year.
Qualifying and the Premium
With our agency, you are automatically approved for the Maine loan broker bond. This is because there is no review by an underwriter nor a credit check inquiry required.
Instead, after completion of a short surety bond application — which we’ll take from you over the phone — and payment of the premium, $188 annually, our agency issues this bond to you immediately.
For the application, we just ask you the basics — the name that should be on your surety bond and several ways to contact you. We’ll also ask you the Maine county where you live; and if you’re a DBA, the name of your business.
After this, you’re surety bond and Power of Attorney form (POA) are sent to you for signing as Principal and for filing. It is the original surety bond that you’ll need to file.
The filing address is:
State of Maine – Superintendent of Consumer Credit Protection
35 State House Station
Augusta, ME 04333-0035
Premium Prepayment Options
At $188 premium, the $25,000 Maine loan broker bond is issued to you for one year. The option also exists to prepay your bond up to 3 years.
Prepayment of the premium saves you over annual renewals. The premium prepayment options and savings are as follows:
- If prepaid for 2 years, the premium is $338, a $38 savings;
- If prepaid for 3 years, the premium is $489, a $75 savings.
Purpose of Your Surety Bond Requirement
Your loan broker surety bond is a financial guarantee of your compliance with 9-A Maine Revised Statutes Annotated, Section 10-101, and any future amendments to this legislation.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide loan broker surety bonds where required nationwide.
Our agency also provides license and permit bonds in all 50 states.
Please call our agency today at:
Or, you may fill out the form below and an agent will contact you…