Section 030-712-IV - GENERAL PROVISIONS1.Licensing periods.a.Foreclosure purchasers. Previously, licenses for foreclosure purchasers were granted for a 1-year period and expired on January 31. Effective with this rule, all licenses as a foreclosure purchaser are granted for a one-year period commencing January 1 and expiring on December 31st. Current licensees as of the effective date of this rule whose licenses would expire on January 31, 2024 shall be required to renew by December 31, 2023, but if they do so shall receive a $17.00 credit toward the 2024 renewal fee. Licensees whose license expires on January 31, 2024 who do not renew on or prior to December 31, 2023 but do renew prior to January 31, 2024 will receive no credit but will not have to pay a late fee.b.State of Maine renewal license application fees. Fees assessed to renewal applicants are as follows: i. Foreclosure purchaser renewal fee: $200.00;ii. Foreclosure purchaser branch office renewal fee: $100.00.2.For applicants that do not hold a valid Maine foreclosure purchaser license as of the effective date of this rule ("new applicants").a.Terms of licenses. All licenses issued after the effective date of this rule will be for the term of the calendar year in which issued, except that new licenses issued November 1 or later each year shall be valid through December 31 of the following year.b.State of Maine new license application fees. Fees assessed to new applicants are as follows:i. Foreclosure purchaser application fee: $250.00;ii. Foreclosure purchaser branch office application fee: $100.00.c.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 January 31, together with all renewal fees and late fee of $100.00. Beginning February 1 of any year, renewal requests will not be processed, and companies must apply for a new license.3.Information to be provided in support of application.a. Full legal name an address of applicant.b. Any assumed or fictitious names.c. Telephone number, email address, fax number and website.d. Employer identity number, Social Security Number or Tax Identification Number. as applicable.
e. The location of all foreclosure purchase records that are not stored at the above location: f. Type of entity: sole proprietorship, partnership, corporation, LLC, LLP, other (if "other," explain).g. Social Security number or Federal Tax Identification Number as applicable.h. Any assumed or fictitious names to be used.i. For foreign entities, proof of filing with and authority to do business as a foreign entity from the Maine Secretary of State.j. For foreign entities, the name address and telephone number of an authorized agent within the state of Maine for service of process.k. If any owner, sole proprietor, partner, executive officers, controlling person, manager, or individual who will be in charge of a location to be licensed has been involved in material litigation and/or convicted of a crime for the ten (10) year period prior to this application, for each such instance, provide the title of the action, jurisdiction, date of disposition, and a detailed explanation of the person's involvement.l. resumes, as applicable, of: ii. The executive officers of a corporate applicant;iii. The manager(s) of an LLC or LLP;iv. All partners of a partnership; andv. The individual(s) who will oversee the daily operations of the registered office and its personnel; andvi. Any controlling person.m. A consumer report and criminal background report for each of the individuals listed in l.n. The names, titles, addresses, telephone numbers and e-mail addresses of the individual(s) to contact for scheduling of compliance examinations and consumer complaint resolution.o. 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.p. The applicant's most recent audited financial statement.q. A sample contract meeting the requirements of 32 M.R.S. §§6194 and 6195.r. A "Notice of Cancellation" as required by 32 M.R.S. §6195.6.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 32 M.R.S. §6193.02-030 C.M.R. ch. 712, § IV