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Is Maine a “brick and mortar state” (i.e., does an out-of-state loan broker that desires to do business in Maine need to maintain a physical office in the state)?

April 26, 2017broker Business desires loan Maine out-of-state State

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Is Maine a “brick and mortar state” (i.e., does an out-of-state loan broker that desires to do business in Maine need to maintain a physical office in the state)?

1 Answer

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10 Posted

No, a loan broker does not need to maintain a physical office in the state. However, it does need to be licensed by the Maine Bureau of Consumer Credit Protection , and registered as a foreign (i.e.) out-of-state) corporation with the Maine Secretary of State’s Corporate Division’s Office. A loan broker must also post a $25,000 surety bond.