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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Exempt Company Registration An exempt company license is a license issued through the NMLS system to a company that employs one or more licensed mortgage loan originators, even though the company itself is not required to obtain a supervised lender or loan broker license from the State of Maine. (More Details)
Loan Broker License This license is required of any company, branch, or individual (i.e., sole proprietorship) that engages in the arrangement of residential mortgage loans to Maine consumers. “Loan Broker” has the same meaning as set forth in 9-A M.R.S., Article 10. (More Details)
Money Transmitter License This license is required of any person who sells or issues payment instruments or is in the business of receiving money for transmission or transmitting money within the United State or to locations abroad by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer must be licensed with the Maine Bureau of Consumer Credit Regulation. (More Details)
Non-Profit Lender License A non-profit lender license may be granted when a lender license is required but the organization is exempt from taxation under the US Internal Revenue Code, Section 501(c)(3) and is engaged in the financing of housing for low-income people under a program designed specifically for that purpose. (More Details)
Student Loan Servicer License This licensing requirement applies to a person or entity that services student loans owed by Maine residents. Servicing includes receiving payments from a student loan borrower and applying those payments to the balance on an educational loan. Some exceptions apply; e.g., banks and credit unions. See Maine law, title 9-A Article 14 for more information.
Supervised Lender License This license is required of any company, branch, or individual (i.e., sole proprietorship) that engages in the making of residential mortgage loans to Maine consumers. “Supervised lender” has the same meaning as set forth in 9-A M.R.S. §1-301(39), but for purposes of the NMLS process, “supervised lender” does not include banks or credit unions. (More Details)
Branch Licenses Description Requirements Checklist
Exempt Branch Registration An exempt company license is a license issued through the NMLS system to a company that employs one or more licensed mortgage loan originators, even though the company itself is not required to obtain a supervised lender or loan broker license from the State of Maine. A separate license is required for each place of business. (More Details)
Loan Broker Branch License This license is required of any company, branch, or individual (i.e., sole proprietorship) that engages in the arrangement of residential mortgage loans to Maine consumers. “Loan Broker” has the same meaning as set forth in 9-A M.R.S., Article 10. A separate license is required for each place of business. (More Details)
Non-Profit Lender Branch License A non-profit lender license may be granted when a lender license is required but the organization is exempt from taxation under the US Internal Revenue Code, Section 501(c)(3) and is engaged in the financing of housing for low-income people under a program designed specifically for that purpose. A separate license is required for each place of business. (More Details)
Student Loan Servicer Branch License This licensing requirement applies to a person or entity that services student loans owed by Maine residents. Servicing includes receiving payments from a student loan borrower and applying those payments to the balance on an educational loan. Some exceptions apply; e.g., banks and credit unions. See Maine law, title 9-A Article 14 for more information. This license should only be applied for by a company that also holds or is applying for the Student Loan Servicer (Company License).
Supervised Lender Branch License This license is required of any company, branch, or individual (i.e., sole proprietorship) that engages in the making of residential mortgage loans to Maine consumers. “Supervised lender” has the same meaning as set forth in 9-A M.R.S. §1-301(39), but for purposes of the NMLS process, “supervised lender” does not include banks or credit unions. A separate license is required for each place of business. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application, or offers or negotiates terms of a residential mortgage loan.
 

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