02-030-715 Me. Code R. § IV

Current through 2024-44, October 30, 2024

Section 030-715-IV - GENERAL PROVISIONS

1.Administrative authority granted to NMLS. To effectuate the transition of all consumer reporting agency registration 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 settlement agencies were previously for a period of one year terminating on April 30. As of the effective date of this rule, registrations for settlement agencies are granted for a one-year period commencing January 1^st and expiring on December 31^st.

3.For settlement agencies that hold a valid Maine registration for 2023.

a. Transitional period. The period November1, 2023 through December 31, 2023 is considered a transitional period, during which all settlement agencies shall transition from the State of Maine's registration system and must obtain registration through NMLS.

b. One-month late transitional period. All renewal applications from existing registrants received between January 1, 2024 and January 31, 2024 will be processed, but applicants will be assessed a late fee of $100.00.

c. During the one-month "late renewal" period January 1 through January 31, renewal applicants will be billed a late fee of $100.00.

d. Registrants holding a valid registration through April 30, 2024 will be required to transition to NMLS prior to December 31, 2023 but shall pay a registration fee for the period January 1, 2024 through December 31, 2024 of $75.00 for the agency registration and $60.00 for each branch location registration.

4.For applicants that do not hold a valid Maine settlement agency registration as of the effective date of this rule ("new applicants").

a.NMLS processing fees. Applicants that submit applications after November 1, 2023 will pay the NMLS processing fee directly to NMLS. Applicants that submit applications after the effective date of this rule but prior to November 1, 2023 shall apply directly to the Bureau on forms established by the Administrator and pay all fees directly to the Bureau. Registrations granted during that period will expire on December 31, 2023.

b.Terms of registrations. All registrations will be for the term of the calendar year except that 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) are as follows:

i. Settlement agency application: $100.00;

ii. Each settlement agency branch application: $75.00.

5.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 the effective date of this rule, 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 the effective date of this rule 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.

e.Renewal application fees. The fee for yearly renewal of a settlement agency registration is set at $100.00. The fee for the yearly renewal of a settlement agency branch registration is set at $75.00 per branch location.

6.Registration Requirements. Applicants for new and renewal registrations shall provide the following information and documentation as required by the Administrator for filings with the Bureau or NMLS:

a. Full legal name and address of the applicant.

b. Telephone number and website address.

c. Social Security number, Tax Identification Number or Employer Identification Number as applicable.

d. Type of entity, e.g., Sole Proprietorship, Partnership (List Partners), Corporation, LLC, LLP (List Partners), or other (explain, if "other").

e. The name and address of the financial institution(s) in which the applicant maintains a client trust account(s) and the account number(s) for each account.

f. Full addresses of all locations where business records are stored.

g. The names, titles, addresses, telephone numbers and e-mail addresses of the persons to contact to conduct a compliance examination and to resolve a consumer or creditor complaint.

h. The names, business addresses, residential addresses, and employment positions for the last 10 years of each owner, partner, executive officer, manager who will be in charge of the offices to be registered, managers of an LLC or similar entity, and controlling person.

i. Whether any owner, partner, executive officers, manager who will be in charge of the location to be registered, or controlling person has been involved in material litigation and/or convicted of a crime for the ten (10) year period prior to this application and, if so, for each such instance, provide the title of the action, jurisdiction, date of disposition, and a detailed explanation of the person's involvement.

j. Whether the applicant has been the subject of an 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

7.Changes to existing registration information. If any information reported by a registrant changes during a period of registration, the registrant must amend its information on file with NMLS or the Bureau if the change occurs prior to transition to or initial licensing through 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 or the Bureau if the change occurs prior to transition to or initial registration through NMLS and the Bureau must approve any change of control before the same becomes effective.

8.Routine technical rule. This is a routine technical rule as authorized by 10 M.R.S. § 1400-B(1).

02-030 C.M.R. ch. 715, § IV