Repossession Company License

Statute: 32 M.R.S. Chapter 109-A
Bureau Rule Ch. 300 (Collection Agencies: Application and Record Keeping Requirements)

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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 a 2-year license is $600. However, if there are fewer than 12 months between the date of application and the scheduled date of license renewal, then the fee is $300.

The scheduled date of renewal for applicants with names beginning with the letters A through M is July 31 of every even-numbered year. The scheduled date of renewal for applicants with names beginning with the letters N through Z is July 31 of every odd-numbered 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 that 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 on the application form and in the Bureau of Consumer Credit Protection's Rule 300.

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