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Maine.gov > PFR Home >Consumer Credit Home Page > Loan Officer FAQ's > General Information

General Information

Pursuant to Maine law [9-A MRSA § 1-301 (22-A); § 2-302 (1-A) and (5-A); and § 10-201], Supervised Lenders and Loan Brokers must register their loan officers with the Bureau of Consumer Credit Protection. Our office requires online registration for all loan officers working for lenders and brokers. The registration requirement applies to any employee with primary job responsibilities that include direct (in-person, phone, fax, e-mail, etc.) contact with mortgage applicants and if they accept applications for and originate, negotiate, solicit, arrange for or obtain mortgage loans. Individuals who perform purely clerical functions and who do not accept application or originate, negotiate, solicit, arrange for or obtain loans, are exempt from this requirement.

Where can I find the Maine Consumer Credit Code online so that I may better understand the law and thereby assure my compliance?

The Maine Consumer Credit Code can be found on the Secretary of State's website. In addition, Rule 500 explains the requirements of continuing education. You may also wish to review the Advisory Rulings which may modify and clarify certain parts of the Maine Consumer Code.

 

 

Last Updated: July 9, 2008