Bureau of Consumer Credit Protection
The budget for Maine State Government requires all executive branch Departments, Agencies and Offices to be closed on Friday, May 27, 2011. Many services offered by the Department of Professional and Financial Regulation are always available at www.maine.gov/pfr
We will also be closed May 30, 2011 in observance of Memorial Day.
The Bureau of Consumer Credit Protection oversees many aspects of the
consumer finance industry, including non-bank mortgage lenders, debt
collectors, loan brokers, retail creditors, money transmitters, credit
reporting agencies and non-bank ATMs. The office administers state credit-related
statutes and protects consumers by conducting compliance examinations,
responding to consumer complaints, issuing licenses and providing consumer
education and outreach.
ARE YOU A MORTGAGE LOAN ORIGINATOR WHO HAS RECEIVED A NOTICE OF SUSPENDED LICENSE STATUS? HERE’S THE EXPLANATION.
The Maine Bureau of Consumer Credit Protection transitioned to NMLS for mortgage loan originators (MLO’s) in October of 2010. To obtain a license, those MLO’s needed to complete all SAFE Act requirements by December 31, 2010 and pass the Maine State exam by March 31, 2010. All MLO’s that completed the SAFE requirements with the exception of the Maine test by the end of 2010 were granted an “approved-conditional” license by the Bureau. All MLO’s and their employers were notified of the deadlines on several occasions via direct communication and updates on our website, and were told that if all requirements were not met, the MLO applicants would lose their approved-conditional license status.
MLO’s that did not pass the Maine exam by the end of March were given an additional 30 day grace period extension.
However, those MLO’s who were previously granted an approved-conditional license status (or any approved status), but who failed to meet the requirement of the Maine exam by April 30, were placed into a “suspended” license status on May 3, 2011. 176 MLO’s were affected by this suspension.
MLO’s will be placed back into an approved license status once the requirement of passing the Maine exam is met. Alternatively, MLO’s can choose to surrender their license and re-apply in Maine if or when they choose to work with Maine residents again. Any MLO’s placed into a suspended status will need to update their MU4 record indicating a suspension, for however brief a period of time it may be. The MLO’s that were placed into the suspended status on May 3, 2011 remain in good standing with the exception of this requirement.
Questions can be directed to LoanOfficerReg@maine.gov.
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