Maine Loan Broker Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $25,000 | 1 Year | $150 |
Maine loan brokers must post a surety bond as a condition of licensure through the Maine Bureau of Consumer Credit Protection. The standard requirement is $25,000 for each licensed location, and the bond protects the State and persons who may have a cause of action against the loan broker.
Cost of the Maine Loan Broker Bond
NNA Surety offers a flat $150 annual premium for the standard $25,000 Maine Loan Broker Bond without a credit check or review of company financials. Complete this form to purchase it today.
Required Bond Amount
Maine law requires a standard loan broker to maintain $25,000 in surety bond coverage. The Bureau states that the requirement applies to each licensed location. A company with multiple locations may use separate $25,000 bonds or a single aggregate bond whose amount equals the required coverage for all listed locations.
Exception: a loan broker conducting business solely as a facilitator of a refund anticipation loan or refund anticipation check requires a $10,000 bond.
How the Maine Loan Broker Bond Works
The bond runs to the State of Maine for use by the State and persons who may have a cause of action against the loan broker. It supports the broker's compliance with the Maine Consumer Credit Code and applicable licensing obligations.
Principal: Maine loan broker applicant/licensee
Obligee: State of Maine / Bureau of Consumer Credit Protection
Surety: Surety company issuing the bond
How to Get the Maine Loan Broker Bond
1. Confirm the number of Maine licensed locations and the required aggregate bond coverage.
2. Complete the online application through the NNA/Propeller affiliate link.
3. Purchase the standard $25,000 coverage for $150 per year for the applicable licensed location.
4. Complete the Electronic Surety Bond process through NMLS in accordance with Maine's current filing requirements.
5. Keep the bond concurrent with the license period or maintain it on a continuous basis.
Review the Maine Bureau of Consumer Credit Protection Loan Broker FAQs, Maine statutory bond requirement, and Maine Electronic Surety Bond guidance for current requirements.