LD 686
pg. 4
Page 3 of 7 An Act To Amend the Maine Consumer Credit Code - Credit Services Organizations ... Page 5 of 7
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LR 654
Item 1
 
A person desiring to engage or continue in business in this State
as a credit services organization loan broker shall apply to the
administrator for registration a license under this article on or
before January 31st of each even-numbered year. The application
must be in a form prescribed by the administrator. The
administrator may refuse the application if it contains erroneous
or incomplete information. A registration license may not be
issued unless the administrator, upon investigation, finds that the
financial responsibility, character and fitness of the applicant,
and where applicable, its partners, officers or directors, warrant
belief that the business will be operated honestly and fairly
within the purposes of this Title. The administrator may adopt
rules requiring that applicants, its partners, officers or
directors and employees of applicants satisfy initial and
continuing educational requirements.__The reasonable costs of
meeting such educational requirements are assessed to applicants.__
Rules adopted pursuant to this section are routine technical rules
pursuant to Title 5, chapter 375, subchapter 2-A.

 
The initial application shall must include an initial a fee of
$200 $400. Annual reregistration shall The biennial relicensing
application must include a fee of $100 $200.

 
A licensee may conduct business only at or from a place of
business for which the licensee holds a license and not under any
other name than that on the license.

 
Sec. 5. 9-A MRSA §10-202, as amended by PL 1997, c. 727, Pt. B, §21,
is further amended to read:

 
§10-202. Bond

 
Each application must be accompanied by evidence of a surety
bond, in a form approved by the administrator in the aggregate
amount of $10,000 $25,000, to run to the State for use by the
State and any person or persons who may have a cause of action
against a credit services organization loan broker. The terms of
the bond must run concurrent with the period of time during which
the license will be is in effect.

 
Sec. 6. 9-A MRSA §10-301, as amended by PL 1993, c. 495, §3, is
further amended to read:

 
§10-301. Escrow of funds

 
Each credit services organization loan broker shall place fees
from consumers, other than bona fide 3rd-party fees, in an escrow
account separate from any operating accounts of the

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