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25,400 statutes · page 1246 of 1270
United States — Maine legislation
20 statutes shown from 25,400 source-backed records
A litigation funding provider may not assess fees for more than 42 months from the contract date, may compound fees only semiannually, and must include all consumer charges when calculating the annual percentage fee or rate of return.
A litigation funding provider must register before doing business, and registrants must meet filing, fee, financial, bond, and location limits.
The administrator’s powers are those listed in Article 6, with one wording change for legal funding, and the administrator must keep a list of registered companies publicly available and require registered litigation funding providers to submit annual data.
This section says the Article may be known and cited as the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009.
This section defines key mortgage-related terms and limits what a loan processor or underwriter may say to the public.
An individual generally may not act as a mortgage loan originator without an annual license, and licensed originators must register and keep a valid unique identifier.
Applicants for a mortgage loan originator license must use the administrator’s form and provide required identity and background information; the administrator may manage the application process and related registry arrangements.
The administrator may issue a mortgage loan originator license only if the applicant satisfies the listed requirements.
A person must complete at least 20 hours of approved prelicensing education to satisfy the requirement, and the courses must be reviewed and approved by the nationwide mortgage licensing system and registry.
This section sets written test rules for mortgage loan originators, including a 75% passing score, retest timing, and a 6-month wait after three failed tests.
A mortgage loan originator must meet specified renewal standards, including continuing education and fee payment, or the license expires.
A licensed mortgage loan originator must complete 8 hours of approved continuing education each year.
In addition to any other duties imposed upon the administrator by law, the administrator shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. In order to carry
The administrator must establish a process for mortgage loan originators to challenge information entered into the nationwide mortgage licensing system and registry.
The administrator may sanction licensees and other persons subject to this Article, and a violation can result in a civil fine of up to $25,000 per act or omission.
Mortgage loan originators must comply with either subsection 1 or subsection 2. [PL 2009, c. 362, Pt. B, §1 (NEW).] 1. Surety bond. Unless in compliance with subsection 2, a mortgage loan originator must be covered by a surety bond in
Information disclosed to the nationwide mortgage licensing system and registry generally keeps its privacy, confidentiality, and privilege protections, with a limited public-access exception and an administrator power to make sharing agreements.
The administrator may investigate and examine licensees and related persons, access and use relevant records, and require records and reports.
This section makes it a violation for covered individuals or persons to engage in a long list of prohibited mortgage-related practices, including fraud, deceptive acts, false statements, improper fees, unlicensed conduct, disclosure failures, and certain insurance overcharges.
The administrator must regularly report violations of this Article, enforcement actions, and other relevant information to the nationwide mortgage licensing system and registry.
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