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Maine.gov > PFR Home > Consumer Credit Home Page > Loan Officer FAQ's > For Providers

For Providers

 

How do I become a training provider?

Individuals or companies wanting to provide educational training must apply for certification using the attached application:  Course provider application.  (This application is incorporated into our Rule 500, as Attachment A.)

Will we receive anything from the Bureau of Consumer Credit Protection indicating whether or not we have been approved as a course provider?

Yes, you will receive notification by mail, e-mail or fax.  In addition, approved courses and providers will be listed on our website.

Will the State provide detailed information on how to set up a course?

No, the State does not have the resources to help develop course offerings.  Regulators have set forth suggested topics for the Maine-specific law course (see Appendix B in Rule 500), and we have required that the ethics class focus on mortgage-related ethical issues, but beyond that, we have not established specific course content or procedures.  In reviewing courses for approval, we will not approve promotional, sales-oriented classes (e.g., “Close More Loans Now!”), because we are looking for compliance-oriented course content.

Can I get an on-line course approved?

Online courses pose special challenges, including such questions as: 1) How can a student’s attendance be ensured?  2) How are tests given?  3) How can a student’s identity be verified?  4) How can regulators be assured that the student has actually spent the time required, and did not “finish early”?  If these types of questions can be answered to the satisfaction of Maine regulators during the application process, and if the course content and relevance are otherwise appropriate, then the State may approve such courses.

Are course providers required to send in a report to state regulators listing students who have completed the courses?

No; ensuring compliance with this rule is the responsibility of companies for whom the loan officers are employed.

Does Maine require initial and continuing education for loan officers?

Yes.  Effective, February 10, 2007, our agency’s Rule 500 requires all loan officers, as well as sole proprietors licensed in their own names, to complete annual educational requirements. 

Where can I find a list of approved courses and providers? 

The list of approved courses and providers is found on our website at:  http://www.maine.gov/pfr/consumercredit/loanofficered/index.htm

Will Maine regulators be maintaining a website list of approved class dates and times, course content and cost? 

State regulators maintain a list of showing limited information, including contact information, approved courses and course providers (see page at http://www.maine.gov/pfr/consumercredit/loanofficered/index.htm).  Specific course schedules (times and locations) will not be provided.  You must contact the individual providers to schedule instruction.

What would Maine regulators consider to be the equivalent of a proctored exam?

There is no single answer to this question.  Maine regulators did not want to stifle innovation by establishing in great detail how courses will be taught and how students will be tested.  Rather, in addition to asking about the course content and the experience of the instructor, our application form for course certification asks in what manner the course will be given, how attendance will be verified and how knowledge retention will be measured.  It is up to course providers to describe how those goals will be met.

Is there a cost for submitting an application?

Yes, Public Law, Chapter 243 requires a $100 application fee for each course submitted for approval.

 

 

 

Last Updated: June 5, 2009