Section 030-703-IV - GENERAL PROVISIONS1.Licensing periods.Previously, licenses were granted for a period which expired on April 30th. Effective with this rule, licenses are granted for a 1-year period commencing on January 1st and expiring on December 31st.
2.Exchange facilitators that hold a valid Maine license expiring on April 30, 2023.a. Renewal licenses issued for licenses expiring on April 30, 2023 will be granted for the period May 1, 2023 through December 31, 2023. The renewal fee for the 2023 term shall be prorated to $135.00 for the main license location and $100.00 for each branch location.b.One-month late transitional period. All renewal applications from existing licensees received between January 1, 2024 and January 31, 2024 will be processed, but applicants will be assessed a late fee of $100.00.c.Deadline. Renewal applications will not be accepted after January 31, 2024. All applications received after that date will be considered new applications, subject to the provisions and fees set forth in subsection 3 below.3.Applicants that do not hold a valid Maine exchange facilitator license as of May 1, 2023 ("new applicants").a.Terms of licenses. All new licenses issued after the effective date of this rule and before November 1, 2023 shall pay a license fee of $135.00 for a license period ending December 31, 203. New licenses issued after November 1 of each year shall be valid through December 31 of the following year.b.State of Maine new license application fees. Yearly license fees assessed to new applicants (as well as existing licensees that re-apply after January 31, 2024) are as follows:1. $350.00 for the first licensed location; and2. $200.00 for each branch location.4.Renewal fees.a.Renewal fees. Renewal fees are set at: 1. $200.00 yearly for the first licensed location; and2. $150.00 yearly for each branch location.b.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 last day of February, together with a late fee of $100.00.5.Application Contents. Applicants for new or renewal registrations shall provide the following information and documentation. A separate registration is required for each location from which business is conducted.a. Full legal name and address of the individual or entity to be registered.b. Telephone number and website address.c. Type of entity: sole proprietorship, partnership, corporation, LLC, LLP, other (explain).d. Social Security number or Federal Tax Identification number as applicable.e. Any assumed or fictitious names to be used.f. For foreign entities, proof of filing with and authority to do business as a foreign entity from the Maine Secretary of State.g. For foreign entities, the name address and telephone number of an authorized agent within the State of Maine for service of process.h. resumes of: 2. The executive officers of a corporate applicant;3. The manager of an LLC or LLP;4. All partners of a partnership; and5. The person who will oversee the daily operations of the registered office and its personnel. i. A consumer report and criminal background report for each of the individuals listed in h.j. Proof that the applicant has met the financial responsibility portions of the law, by complying with at least one of the following three requirements:1. The exchange facilitator must arrange to deposit all exchange funds in a qualified escrow account or qualified trust, as those terms are defined under United States Treasury Regulation Section 1.103(k)(1)(g)(3), with a financial institution and provide that any withdrawal from that escrow account or trust requires the exchange facilitator's and the client's written authorization;2. The exchange facilitator must maintain a fidelity bond or bonds in an amount not less than $250,000 executed by an insurer authorized to business in the State of Maine; or3. The exchange facilitator must deposit cash or securities or irrevocable letters of credit in an amount not less than $250,000 in an interest-bearing deposit account or a money market account with a financial institution (interest on that amount accrues to the exchange facilitator), which may not be withdrawn without consent of the Administrator k. Proof that the applicant has complied with the insurance or alternate coverage provision of the law, that requires that exchange facilitators either: 1. Maintain an errors and omissions insurance policy in an amount not less than $100,000.00, executed by an insurer authorized to do business in the State of Maine; or2. Deposit an amount of cash or securities or irrevocable letters of credit in an amount not less than $100,000.00 in an interest-bearing deposit account or a money market account with a financial institution, interest on that amount accruing to the exchange facilitator. which may not be withdrawn without consent of the Administrator l. The names, titles, addresses, telephone numbers and e-mail addresses of the persons to contact for scheduling of our compliance examinations and consumer complaint resolution.m. A sample contract or written agreement and disclosure forms of the type that will be utilized with Maine consumers.n. Whether the applicant has been the subject of a civil, administrative or criminal action involving theft, forgery, false representation, misapplication of funds or other financial issue within the past 10 years. If so, for each such instance, provide the title of the action, jurisdiction, date of disposition, and a detailed explanation of the applicant's involvement.6.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 the Bureau within 30 days of the occurrence of the change. Notice of a change of control of the licensee must be provided to the Bureau and the Bureau must approve any change of control before the same becomes effective.7.Routine technical rule. This is a routine technical rule as authorized by 10 M.R.S. § 1396(2).02-030 C.M.R. ch. 703, § IV