Maine's Bureau of Consumer Credit Protection oversees many aspects of the consumer finance industry. The office administers state credit-related statutes and protects consumers by conducting compliance examinations, investigates consumer complaints, issuing licenses and providing consumer education and outreach. Money transmitters are among the industries the office regulates.
A money transmitter or servicer is a person or business that sells or issues payment instruments, or receives money for transmission or transmitting money by any means, including, but not limited to, payment instrument, wire, facsimile or electronic transfer.
Payment instruments include checks, drafts, money orders, traveler's checks or other instruments for the transmission or payment of money.
Money transmitters in Maine must be licensed before they can operate their business and are required to have a form of security such as a surety bond.
Maine money transmitters are required to obtain a $100,000 surety bond or other security. Maine's Bureau of Consumer Credit Protection is the obligee requiring the bond.
A surety bond secures the faithful performance of the licensee with respect to the sale and issuance of payment instruments and transmission of money. If a money transmitter violates state laws or regulations, a claim may be placed against the security device. In the case of a claim on a surety bond, the licensee (the principal listed on the bond) is responsible for repayment of the claimed amount. If the surety pays the claim, the principal is required to reimburse the surety.
Surety bond requirements include:
Money transmitters in Maine must be licensed, and a single license allows a licensee to conduct business at one or more locations.
Information and Documentation Needed for Licensing Includes:
The premium that you pay for a Maine Money Transmitter Surety Bond is dependent on credit and the bond amount required. Business and personal financial documents will be required for underwritting.
Once a licensee's application is complete, the administrator will investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness.
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