Section 030-700-IV - General Provisions1.Limitation to mortgage activity. This rule applies only to supervised lenders and loan brokers whose activities include making or arranging residential mortgage loans. The rule does not apply, for example, to supervised lenders that make only unsecured, personal loans, or to loan brokers that solely arrange for the origination of tax refund anticipation loans.2.Administrative authority granted to NMLS. To effectuate the transition of loan broker and supervised lender licensing to NMLS, NMLS is authorized to collect fees and remit those fees to the bureau; collect fees for its processing costs; process and maintain license records; and require use of NMLS uniform electronic and paper forms.3. Licensing periodsa.Supervised lenders. Previously, licenses were granted for a 2-year period and expired on September 30th. Effective with this rule, licenses are granted for a 1-year period and expire on December 31st.b.Loan brokers. Previously, licenses were granted for a 2-year period and expired January 31st. Effective with this rule, licenses are granted for a 1-year period and expire on December 31st.4. For supervised lenders and loan brokers that hold a valid Maine license as of August 31, 2012a.Transitional period. The period August 31, 2012 through October 31, 2012 is considered a transitional period, during which all existing supervised lenders and loan brokers will have the opportunity to transition from the State of Maine's licensing system, and must obtain licenses through NMLS.b.One-month late transitional period. All renewal applications from existing licensees received between November 1, 2012 and November 30, 2012 will be processed, but applicants will be assessed a late fee equal to an additional 50% of their Maine license application renewal fee.c.Deadline. Renewal applications will not be accepted after November 30, 2012. All applications received after that date will be considered new applications, subject to the provisions and fees set forth in subsection 5, below.d.NMLS processing fees. At the time existing licensees apply to NMLS for a renewal license, they must pay the NMLS processing fee directly to NMLS.e.Direct billing of application fees by the bureau. During the transitional period and the one-month late transitional period (i.e., from August 31, 2012 through November 30, 2012), license renewal application fees due to the bureau will be invoiced directly to applicants by the bureau, outside the NMLS system. (That process will change, starting with new applications received after November 30, 2012 [see subsection 5(b) below]; at that time, applicants will pay both application fees and processing fees to NMLS.)f.State of Maine renewal license application fees. Fees assessed to renewal applicants are as follows: i) Supervised lender renewal fee: $100;ii) Supervised lender branch office renewal fee: $100;iii) Loan broker renewal fee: $150;iv) Loan broker branch renewal fee: $75;v) Nonprofit lender or broker renewal fee: $10; andvi) Exempt company renewal fee: $10. During the one-month "late renewal" period November 1, 2012 through November 30, 2012, renewal applicants will be billed a late fee equal to an additional 50% of the above application fees.
5. For applicants that do not hold a valid Maine supervised lender or loan broker license as of August 31, 2012 ("new applicants")a.NMLS processing fees. Applicants that submit applications after August 31, 2012 and that do not hold a current Maine supervised lender or loan broker license will pay the NMLS processing fee directly to NMLS.b.Payment of state license application fees. During the period August 31, 2012 through November 30, 2012, NMLS will not have the capacity to collect state license application fees. Therefore, those fees will be invoiced directly by the bureau to applicants after applicants apply for a license through NMLS. For applications submitted after November 30, 2012, both NMLS processing fees and state license application fees will be collected by NMLS.c.Terms of licenses. All licenses will be for the term of the calendar year. New licenses issued between August 31, 2012 and December 31, 2012 will be valid from the date of issuance through December 31, 2013.d.State of Maine new license application fees. Fees assessed to new applicants (as well as existing licensees that apply after November 30, 2012) are as follows: i) Supervised lender application fee: $250;ii) Supervised lender branch office application fee: $100;iii) Loan broker application fee: $300;iv) Loan broker branch application fee: $150;v) Nonprofit lender or broker application fee: $20; andvi) Exempt company application fee: $20.6. New licenses and renewal licenses issued following completion of the transition to NMLSa.NMLS to determine license and renewal procedures. New licenses and renewal licenses issued after December 31, 2013 shall be processed pursuant to the procedures established by NMLS.b.NMLS to determine time periods for license validity. New licenses and renewal licenses issued after December 31, 2013 shall be valid for the time periods established by NMLS.c.Payment of fees. Application, renewal and processing fees will be paid directly to NMLS.d.Late renewal. Renewal applications received after December 31 of any year will be considered late. The status of such licenses will be changed to "terminated - failed to renew" or an equivalent status. Such licenses may be reinstated if a renewal application is received between January 1 and the end of February, together with all renewal fees and late fee equal to an additional 50% of the renewal application fee. Beginning March 1 of any year, renewal requests will not be processed and companies must apply for a new license.7.Mortgage Call Reports. Supervised lenders and loan brokers must submit mortgage call reports on a quarterly basis. Such call reports will be submitted directly to NMLS in a format established by the administrator and NMLS.8.Changes to existing licensing information. If any information reported by a licensee changes during a period of licensure, the licensee must amend its information on file with NMLS within 30 days of the occurrence of the change.9.Unique identifier shown. A supervised lender or loan broker must list its NMLS unique identifier in any advertising that references the availability of loans or loan-related services.10.Routine, technical rule. This is a routine, technical rule as authorized by 9-A M.R.S. §6 - 105 -A(1).02-030 C.M.R. ch. 700, § IV