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Maine bonds

Maine — Supervised Lender Branch Bond

Maine requires $50,000 of security for a supervised lender branch application, but NMLS does not accept a separate branch electronic bond. Arrange the required branch coverage through the company's aggregate ESB and keep the branch license details ready.

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Recorded state
Maine
Bond type
Consumer Finance / Lender Bond
Category
Financial services

What this bond does

This bond fulfills the licensing requirement for supervised lender branches in Maine. It serves as financial security to ensure the licensee operates in compliance with state law and protects the interests of the state and individuals who may have a valid claim against the licensee.

Who needs it
Supervised lender branch managers and corporate licensing teams applying for or renewing branch licenses in Maine.
Who it protects
Section 2-302 runs the bond to Maine for the State and persons with a cause of action under the Act. Its condition is compliance with the Act and lawful rules, plus payment of amounts due to those protected parties under the Act during the bond period—not every loss connected with a loan.

Your bond option

This is the option on record for this bond.

The bond amount describes the limit of the bond obligation, not the price. A listed amount does not establish what the requesting party requires. The premium is what you pay and must be confirmed for the actual option. An E&O limit, where listed, is separate errors and omissions insurance.

Ensure branch compliance with Maine law

A separate license is required for each place of business. The surety bond for each location serves as a condition for maintaining this branch authorization.

Keep the licensed company name and branch details consistent with the licensing record. Separate branch licensing does not create a separate company or an independently supported NMLS branch-bond account.

Meet the $50,000 branch bond requirement

Section 2-302(4) requires $50,000 of security with a branch application. Under the Bureau's current electronic-bond instructions, required branch coverage goes into a single company-license ESB for the aggregate amount. Have the Bureau confirm the total and any rider needed when adding a branch; do not purchase a separate branch ESB that NMLS cannot accept.

The bond condition stipulates that the licensee will faithfully abide by the provisions of the Act and all rules made by the administrator. It must provide coverage for any amounts that may become due or owing to the state or affected persons during the bond term.

Purchasing and filing your bond

Purchase Now opens Propeller's Maine supervised lender branch application in a new tab. Bring the written branch licensing request, company NMLS identifier, exact licensed name, branch details, current company bond and Bureau-confirmed aggregate requirement. Confirm the accepted company ESB or rider, amount and dates with the provider before paying; do not order duplicate standalone branch coverage.

Complete the required company-license electronic bond steps and the separate branch license application in NMLS. Review the aggregate coverage and licensed entity, retain acceptance and maintain the required security through the license period. Buying the bond alone does not authorize the branch.

Sources

Have these ready

  1. Exact licensed company name and company NMLS record, with the branch location identified.
  2. The $50,000 branch requirement and Bureau-confirmed aggregate company security, including any existing bond or rider.
  3. Relevant license application data for the specific branch location.
  4. The required bond form acceptable to the state administrator.

Questions about this bond

Is a separate bond required for each branch?

The statute requires a separate branch license and $50,000 branch security. The Bureau says NMLS does not support branch bonds: submit a single company-license ESB for the required aggregate coverage rather than a separate branch electronic bond.

Does this bond cover my main office as well?

Have the Bureau confirm the full company-license ESB amount, including required branch coverage. A $50,000 branch requirement does not by itself establish the company's total or replace the main-office and branch licensing steps.

How long must the bond remain active?

The bond must run concurrent with the period of time during which your branch license is in effect.

What is the primary function of this bond for the state?

It provides financial recourse for the state and individuals if a licensee fails to conform to the provisions of the Maine Consumer Credit Code.

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