CHAPTER 164

H.P. 900 - L.D. 1303

An Act To Register Nonbank Loan Officers

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 9-A MRSA §1-301, sub-§22-A is enacted to read:

22-A.__"Loan officer" means an individual who is employed or retained and supervised by a licensed supervised lender that is not a supervised financial organization, or by a registered credit services organization, whose primary job responsibilities include direct contact with mortgage applicants and who accepts applications for and originates, negotiates, solicits, arranges for or obtains mortgage loans.__"Loan officer" does not include employees who conduct purely administrative or clerical tasks.__ "Loan officer" does not include a sole proprietor licensed as and acting solely as a supervised lender pursuant to section 2-302, subsection 1 or registered as and acting solely as a credit services organization pursuant to section 10-201.

Sec. 2. 9-A MRSA §2-302, sub-§1-A is enacted to read:

1-A.__At the time of application for a license to make supervised loans and on an ongoing basis during the term of any such license, the applicant shall apply to the administrator for registration of all loan officers employed or retained by the applicant.__Applications must be filed in a manner prescribed by the administrator, must include the names, addresses and work locations of the loan officers and such additional information as is reasonably requested by the administrator and must be accompanied by an application fee of up to $20 for each loan officer, up to a maximum of $200 in total.__An applicant's