50-State Financial Services Licensing Compliance Guide
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Maine Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Maine.

Company Licenses

Maine Financial Services Company Licenses

Maine Debt Collector Branch License

Agency:Maine Department of Professional and Financial Regulation - Bureau of Consumer Credit Protection
Foreign Qualification is Prerequisite:Not Set
Exam Required?Not Set
Registered Agent (Special Agency) Required?Not Set

Initial Registration

Instructions:

Debt Collector Branch Requirements

Filing Method:

Online

Agency Fee:

$200

Notarize:Not required

Registration Renewal

Instructions:

Annual Renewal Information

Filing Method:

Online

Agency Fee:

$200

Due:

Annually by December 31.

Maine Debt Collector License

Agency:Maine Department of Professional and Financial Regulation - Bureau of Consumer Credit Protection
Foreign Qualification is Prerequisite:Yes
Financial Requirements:

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

Bond Requirements:

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
Notes:

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.

Exam Required?Not Set
Registered Agent (Special Agency) Required?Yes

Initial Registration

Instructions:

Debt Collector Requirements

Filing Method:

Online

Agency Fee:

$400

Notarize:Not required

Registration Renewal

Instructions:

Annual Renewal Information

Filing Method:

Online

Agency Fee:

$400

Due:

Annually by December 31.

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