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Maine.gov > PFR Home >Consumer Credit Home Page > Loan Officer FAQ's > Annual Loan Officer Invoice

Annual Loan Officer Invoice

The Bureau of Consumer Credit Protection annually assesses a fee to all Supervised Lenders and Loan Brokers for the Loan Officer Registration Program. The annual invoice is based on the current number of loan officers listed in your company at one point in time. This includes loan officers employed by both the main office and branch offices.  This annual invoice will also serve as a reminder to check the accuracy of your loan officer list. 

 

What is the fee for registering my loan officers and when should it be sent?

The fee is $20 per loan officer, with a maximum fee of $400 per company.  An annual invoice will be sent to the headquarters of your company each October or November, due by January 31st of each year.   Failure to respond as requested or pay for your loan officers will result in imposition of our agency’s reasonable costs of compliance examination and investigation pursuant to 9-A Maine Revised Statutes, section 6-106.  That charge, in turn, could lead to a claim against your surety bond.   

 

What should I do if I have misplaced my invoice or if I did not receive an invoice?

You can print the loan officer invoice from your computer and fill in the blanks with the missing information.  Payment should be mailed in along with the invoice. 

 

Do I need to provide a listing of my loan officers along with the invoice and payment?

The Bureau of Consumer Credit Protection maintains a database of its own.  Therefore, it is not necessary to provide this.   

 

If I add new loan officers during the calendar year, should I send in additional payment?

No.  Payment is expected only once per year.  That payment is based on the number of loan officers registered with your company at that specific point of time which the invoice is mailed.  For example, if you have 2 loan officers at the time your invoice is mailed, your payment is $40.  If you hire 10 more employees a few months later, you do not need to send in additional payment.  Likewise, if you terminate some of your loan officers at some point during the year, you will not be refunded.

 

 

Last Updated: June 4, 2009