Debt collection agencies transitioning a Maine license through the NMLS before Dec. 31, 2023, must include a bond renewal document. ACA’s Bond Unit is working with ACA bond participants to ensure this requirement is met by the deadline.
10/18/2023 1:15 P.M.
1.5 minute read
ACA International’s Bond Department has been in discussion with the Maine Department of Professional & Financial Regulation regarding its transition to the Nationwide Multistate Licensing System (NMLS) this December, as ACA International previously reported.
According to the department, Maine now requires a bond renewal document for all debt collection agencies filing a license renewal before Dec. 31, 2023.
ACA will be working with the ACA bond participants in the coming weeks to provide them with the appropriate documentation for their submission to the state authorities.
Does This Apply to Me?
As a refresher, debt collectors in Maine are required file a license renewal transition in the NMLS by Dec. 31, 2023.. Because the new regulations also changed the licensing term in Maine from two years to one year and the expiration date to Dec. 31, licenses scheduled to expire on July 31 were automatically extended to Dec. 31 to allow those licensees time to transition into the NMLS.
Companies required to obtain a debt collection license in Maine include:
- Those maintaining an office in Maine.
- Those collecting on debts incurred between Maine consumers and a creditor with a business presence in Maine.
- Those soliciting services to Maine creditors.
- Those collecting debt in other states that were originally incurred in Maine.
If you have any questions about how ACA’s Bond staff can assist you with your bonds, please contact us at [email protected] or call (952) 926-6547.
For more information on how the ACA licensing staff can assist with your licensing application completion needs, please contact us at [email protected] or call (952) 926-6547.