02-030-706 Me. Code R. § IV

Current through 2024-51, December 18, 2024

Section 030-706-IV - GENERAL PROVISIONS

1.Administrative authority granted to NMLS. To effectuate the transition of all debt management service provider registrations to NMLS, NMLS is authorized to collect fees and remit those fees to the Bureau, collect fees for its processing costs, process and maintain registration records, and require use of NMLS uniform electronic and paper forms.

2.Registration periods. Registrations for debt management service providers are granted for a one-year period commencing January 1^st and expiring on December 31^st.

3.Separate registration required. A separate registration is required for each place of business from which the registrant performs debt management services.

4.For debt management service providers that hold a valid Maine registration for 2023

a.Transitional period. The period from November 1, 2023 through December 31, 2023 is considered a transitional period, during which all registered debt management service providers will have the obligation to transition from the State of Maine's registration system and must obtain registrations through NMLS.

b.One-month late transitional period. All renewal applications to transition existing registrations to NMLS 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 transitioning to NMLS will not be accepted after January 31, 2024. All applications received after that date will be considered new applications.

d.NMLS processing fees. At the time existing registrants apply to NMLS for a renewal registration, they must pay the NMLS processing fee directly to NMLS.

e.State of Maine renewal registration application fees. The fee to renew a debt management service provider registration is $250.00. The fee to renew a debt management service provider branch office registration is set at $250.00.

5.For applicants that do not hold a valid Maine debt management service provider registration as of the effective date of this rule ("new applicants")

a.NMLS processing fees. Applicants that submit applications after the effective date of this rule and prior to November 1, 2023 will file the application and pay the application fee directly to the Bureau on forms required by the Administrator. Applications filed after November 1, 2023 shall be submitted to NMLS, and applicants will pay processing and application fees directly to NMLS.

b.Terms of registrations. All registrations will be for the term of the calendar year. New registrations issued November 1 or later each year shall be valid through December 31 of the following year.

c.State of Maine new registration application fees. Fees assessed to new applicants (as well as existing registrations that apply to transition to NMLS after January 31, 2024) are as follows:

i. For debt management service provider: $500.00;

ii. For a debt management service provider branch office: $250.00.

6.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:

i A sole proprietor;

ii The executive officers of a corporate applicant;

iii. The manager(s) of an LLC or LLP;

iv. All partners of a partnership; and

v. 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 immediately above.

j. The names, titles, addresses, telephone numbers and e-mail addresses of the persons to contact for scheduling of compliance examinations and consumer complaint resolution.

k. A duly executed surety bond in the amount of $50,000.00, on a form as specified by the Administrator for each office location.

l. A sample contract that will be utilized with Maine consumers.

m. Whether the applicant has been the subject of any 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.

n. Within twelve months of employment, of a debt counselor, a debt management service provider must provide evidence that the counselor has been certified by completing a course approved by the Administrator, as required by 32 M.R.S. §6174-B(1).

o. A sample of the company's consumer education program or plan that seeks to improve the financial literacy of consumers, pursuant to the requirements of 32 M.R.S. § 6174-B(2).

p. The applicant's complete schedule of fees, as regulated by the fee caps found in 32 M.R.S. §6174-A.

q. If the applicant accepts referrals from other companies, the names, addresses and telephone numbers of each such company and a full explanation of the nature of any business relationships or affiliations between each such company and the applicant.

r. A copy of a sample periodic written report to a consumer of the type to be used by the applicant for, accounting for funds received from the consumer and disbursements made to creditors.

7.New registrations and renewal registrations issued following completion of the transition to NMLS

a.NMLS to determine registration and renewal procedures. New registrations and renewal registrations issued after November1, 2023, shall be processed pursuant to the procedures established by NMLS.

b.NMLS to determine time periods for registration validity. New registrations and renewal registrations issued after November 1, 2023 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 for other than application for initial transition to NMLS. For any renewal application other than the initial application for an entity to transition its existing registration to NMLS, renewal applications received after December 31 of any year will be considered late. The status of such registrations will be changed to "terminated - failed to renew" or an equivalent status. Such registrations 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 of $100.00. Beginning March 1 of any year, renewal requests will not be processed, and companies must apply for a new registration.

8.Changes to existing licensing information. If any information reported by a registrant changes during a period of registration, the registrant must amend its information on file with NMLS within 30 days of the occurrence of the change or such shorter period as required by NMLS rules or procedures. Notice of a change of control of the registrant must be provided to the Bureau by advance change notice on NMLS, and the Bureau must approve any change of control before the same becomes effective.

9.Routine technical rule. This is a routine technical rule as authorized by 32 M.R.S. §6173.

02-030 C.M.R. ch. 706, § IV