What are some fact patterns that have resulted in the Maine Bureau of Consumer Credit Protection terminating a loan broker license?
If during the term of a loan broker’s license, the Administrator finds that the financial responsibility, character, and fitness, of the applicant, and where applicable, its partners, officers, or superintendents, warrant the belief that that the business can no longer be operated honestly and fairly within the provisions of Article X of the Maine Consumer Credit Code, then a loan broker’s license may be terminated. Specific reasons for license termination include, but are not limited to, systemic and repeated violations such as: filing false corporate documents, failing to segregate consumer’s funds from working capital in escrow accounts, failing to pay loan appraisers, undue mortgage application delays, surprise closing costs, loss of rate-locks, obstructing Bureau of Consumer Credit Protection investigations, forging customer’s documents, demonstrating fiscal irresponsibility by overdrawing one’s checking and consumer escrow account, and failing to pay for a state compliance examin
