Maine Supervised Lender Bond
Flat Rates & No Credit Check
| Bond Amount Required | Bond Term | Annual Premium |
| $50,000 | 1 Year | $300 |
Maine supervised lenders must satisfy licensing and financial-responsibility requirements under the Maine Consumer Credit Code. Each branch location license application must be accompanied by a $50,000 surety bond in a form acceptable to the administrator.
Cost of the Maine Supervised Lender Bond
The supplied NNA/Propeller product price is $300 for a one-year $50,000 bond. This is supplied commercial pricing; Maine law establishes the required bond amount but does not prescribe private surety premiums. Complete this form.
How the Maine Supervised Lender Bond Works
The bond runs to the State of Maine for the use of the State and persons who may have a cause of action against the licensee under the Maine Consumer Credit Code. It is conditioned on the licensee faithfully complying with the Code and applicable rules and paying amounts that become due under the Act during the bond period.
The bond generally involves three parties:
Principal: Maine supervised lender licensee
Obligee: State of Maine / Bureau of Consumer Credit Protection
Surety: Surety company authorized to conduct business in Maine
Learn about the surety bond claim process for general information about claims and principal reimbursement obligations.
How to Get the Maine Supervised Lender Bond
- Confirm the number of Maine office locations requiring supervised lender licenses.
- Obtain $50,000 in surety bond coverage for each applicable office location.
- Complete the online bond application.
- Complete underwriting and pay the applicable premium.
- File or authorize the required Electronic Surety Bond through NMLS and maintain coverage for the licensing period.
Review the Maine Bureau of Consumer Credit Protection Electronic Surety Bond information for current NMLS filing requirements.
Important Multi-Location Note
The $50,000 requirement applies per branch/office location. A lender with multiple licensed Maine locations may therefore need more than $50,000 in total surety bond coverage.
Get Your Maine Supervised Lender Bond
Start your Maine Supervised Lender Bond application online. For assistance, call 855-215-2160