Maine --- The way life should be…
The Maine Department of Financial Protection & Regulation, Consumer Credit Protection department licenses and regulates Maine supervised lenders. The licensing process can be facilitated through NMLS, the Nationwide Mortgage Licensing System.
Providing at least one surety bond is also required: The surety bond amount is a separate $50,000 surety bond for each office location in Maine.
You are automatically approved for the $50,000 Maine supervised lender bond. Our agency offers you the bond immediately after an application --- which we’ll take from you over the phone --- and payment of the premium, $375 annually. There is no credit inquiry.
Additionally, if you require more than 1 supervised lender bond, the same rule applies. The bond is not aggregated in one amount equal to the total office locations; instead it is a separate $50,000 surety bond for each office in the state.
After payment of the premium, our agency issues the bond to you immediately. We will have the bond notarized as Surety. Your original bond, along with a Power of Attorney (POA) form are sent to you for filing.
Upon receipt, you’ll sign your bond as Principal, have it notarized, and then file it with the POA form to the Bureau of Consumer Credit Protection. Their number is 207-624-8527.
The $375 annual premium associated with a $50,000 Maine supervised lender bond is for one year. Thereafter, the premium will renew on the anniversary of your bond’s issuance.
You also have the option to prepay your bond up to 3 years. Prepayment of the premium offers you a savings over annual renewal, besides lengthening the time between renewal.
Per $50,000 supervised lender bond, the premium prepayment option looks like the following:
Your surety bond is a financial guarantee of your professional and ethical compliance with Title 9 – M.R.S.A (Maine Revised Statutes Annotated), as amended.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide supervised lender surety bonds wherever required nationwide. Our agency is also a provider of license and permit surety bonds in all 50 states.
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Or, you may fill out the form below and a Surety Agent will contact you…