Collection Agency, Repossession, and Property Preservation

32 M.R.S. Chapter 109-A
Bureau Rule Ch. 300
Bureau Rule Ch. 705

Collection Agency Licensing Information +

A person needs to be licensed as a debt collector in this State if the principal purpose of their business is the collection of any debts directly or indirectly owed or due or asserted to be owed or due another. A license is required if the debt collector is located in Maine or if the debt collector, wherever located, attempts to collect debts incurred between a Maine resident and a business located in Maine. In addition, a license is required if the debt collector engages in face-to-face solicitation of creditors in this State as clients, or if the debt was originally incurred in Maine.

The initial application fee for licensure is $400.00. THe initial application fee for a branch license is $200.00

A license is effective for one year, expiring December 31st of each year.

A bond must accompany each application. The terms of the bond must run concurrent with the period of time during which the license will be in effect. The size of the bond varies with the type of debt collection and the Gross Collections on behalf of Maine creditors each year. A new applicant undertaking direct collections must obtain a bond in the amount of $20,000.00. A new applicant that limits their activities to repossessions or residential property preservation needs a $15,000.00 bond. A letter writing company must obtain a $5,000.00 bond.

Upon renewal, licensees whose gross collections for the year average over $40,000.00 per month are required to procure a $50,000.00 bond; licensees whose gross collections are between $30,000.00 and $40,000.00 need a $45,000.00 bond; licensees whose gross collections are between $20,000.00 and $30,000.00 per month need a $35,000.00 bond; those whose gross collections average between $10,000.00 and $20,000.00 are required to obtain a $25,000.00 bond; while licensees whose gross collections are under $10,000.00 per month are required to obtain a bond in the amount of $15,000.00. A $15,000.00 bond is required for renewal as a repossession agent and a $5,000.00 bond is required to renew the license of a letter writing company which makes no direct collections.

Each application must be accompanied by a finger print card for the owner (sole proprietor), and each partner (partnership) or officer (corporation), as applicable.

A financial statement prepared by an accountant consisting of a Review Report must accompany each application, as well as a copy of any contract to be used with clients.

Specimen form letters, listing sheets, remittance sheets, and work cards must also accompany the application.

All monies collected on behalf of Maine creditors must be maintained in a trust account to be used solely for Maine clients.

Detailed requirements for licensure as a debt collector are contained in the Bureau's Rule 300, and Rule 705.

A Word of Warning: Despite our efforts to be accurate, these pages may contain errors. We present this website to you with a good-faith representation that the information it contains is generally reliable. Information on this site should not be relied upon for legal purposes. If you need further information, we would encourage you to contact us directly or seek the advice of a professional.


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  • Repossession Company Licensing Information +

    A person or company must be licensed as a Repossession Company in this State if in the course of business they conduct repossessions within the borders of the State of Maine.

    The initial application fee for licensure is $400.00. The initial application fee for a branch license is $200.00

    A license is effective for one year, expiring December 31st of each year.

    A bond must accompany each application. The terms of the bond must run concurrent with the period of time during which the license will be in effect. A new applicant must obtain a bond in the amount of $15,000, and a $15,000 bond is required for renewal as a repossession company. Each application must be accompanied by a fingerprint card for the owner (sole proprietor), and the top three partners (partnership) or officers (corporation), as applicable.

    A financial statement prepared by an accountant consisting of a Review Report must accompany each application as well as a copy of any contract to be used with clients.

    NOTE: A licensed repossession company does NOT have authority to attempt collection of any money owed.

    Maine law requires all personal effects taken with repossessed collateral (such as items in a repossessed vehicle) must be inventoried and made available to the consumer at a time and place convenient to the consumer.

    Detailed requirements for licensure as a repossession company are contained in the Bureau's Rule 300, and Rule 705.

    A Word of Warning: Despite our efforts to be accurate, these pages may contain errors. We present this website to you with a good-faith representation that the information it contains is generally reliable. Information on this site should not be relied upon for legal purposes. If you need further information, we would encourage you to contact us directly or seek the advice of a professional.


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  • Please note: If your business makes or extends credit to a student for postsecondary education expenses, or a holds debt or obligations owed or incurred by a student to finance postsecondary education expenses, you may need to register as a private student lender in addition to obtaining a student loan servicer license. CLICK HERE for information about Maine's Private Student Lender Registry.

    The Bureau currently issues debt collector licenses (including collection agency, debt buyer, and repossession company licenses) through the NMLS. We expect to transition residential property preservation licenses to NMLS in 2024. CLICK HERE (Trusted Partner Link) to access NMLS Maine license checklists. Click the button below (trusted partner link) to visit the NMLS Resource Center.



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