Maine Finance Licensing

Applicants must have a net worth of at least $10,000 demonstrated by a financial statement.

Varies by collection activities:

• Applicants that will undertake direct collections: $20,000 plus $20,000 for each additional branch
• Applicants that will undertake repossessions only: $15,000 plus $15,000 for each additional branch
• Applicants that are letter writing companies (no direct collections): $5,000 plus $5,000 for each additional branch

A person or company needs to be licensed as a debt collector in this State if the principal purpose of their business is the collection of any debts directly or indirectly owed or due or asserted to be owed or due another. A license is required if the debt collector is located in Maine or if the debt collector, wherever located, attempts to collect debts incurred between a Maine resident and a business located in Maine. In addition, a license is required if the debt collector engages in face-to-face solicitation of creditors in this State as clients, or if the debt was originally incurred in Maine. Repossession companies and Residential Real Estate Property Preservation providers are also debt collectors under Maine law.