Skip Maine state header navigation

Agencies | Online Services | Help

Skip First Level Navigation | Skip All Navigation

 
Maine.gov > PFR Home > Consumer Credit Home Page > License Types > Reposession Company Licensing Information

Reposession Company Licensing Information

A person or company must be licensed as a Repossession Company in this State if in the course of business they conduct repossessions within the borders of the State of Maine

The initial application fee for a 2-year license is $400. However, if there are fewer than 12 months between the date of application and the scheduled date of license renewal, then the fee is $200.

The scheduled date of renewal for applicants with names beginning with the letters A through M is July 31 of every even-numbered year. The scheduled date of renewal for applicants with names beginning with the letters N through Z is July 31 of every odd-numbered year.

A bond must accompany each application. The terms of the bond must run concurrent with the period of time during which the license will be in effect. A new applicant must obtain a bond in the amount of $15,000, and a $15,000 bond is required for renewal as a repossession company.
Each application must be accompanied by a finger print card for the owner (sole proprietor), and the top three partners (partnership) or officers (corporation), as applicable.

A financial statement prepared by an accountant consisting of a Review Report must accompany each application as well as a copy of any contract to be used with clients.

NOTE: A licensed repossession company does NOT have authority to attempt collection of any money owed.

Maine law requires that all personal effects taken with repossessed collateral (such as items in a repossessed vehicle) must be inventoried and made available to the consumer at a time and place convenient to the consumer.

Detailed requirements for licensure as a repossession company are contained on the application form and in the Office of Consumer Credit Regulation's Rule 300.

A Word of Warning: Despite our efforts to be accurate, these pages may contain errors. We present this website to you with a good-faith representation that the information it contains is generally reliable. Information on this site should not be relied upon for legal purposes. If you need further information, we would encourage you to contact us directly or seek the advice of a professional.

[Back to Top]