02-030-601 Me. Code R. § II

Current through 2024-51, December 18, 2024

Section 030-601-II - PURPOSES

The Bureau of Consumer Credit Protection adopts this Chapter:

A. To establish standardized procedures for the licensing of student loan servicers through NMLS, so as to provide improved oversight and simplify recordkeeping;

B. To establish a schedule, requisite application content, and fees for both initial and renewal licensing;

C. To establish the position of student loan ombudsman within the Bureau;

D. To establish deadlines for an exempt organization to resolve and report on a complaint which the student loan ombudsman refers to it for assistance; and

E. To establish the filing procedure for a person servicing a student loan under contract with the United States Department of Education who seeks exemption from 9-A M.R.S. § 14-107(A) & (B) and "automatic" licensure.

02-030 C.M.R. ch. 601, § II