MSB License Regulation in Maine

Regulator of MSB license in Maine

Maine Bureau of Consumer Credit Protection

Documents required for application:

• Proof of net worth: $100,000 plus $50,000 for each additional location, not exceeding $500,000.
• Application fee: $500 plus $50 per agent, with a maximum of $2,500.
• Record-keeping requirements for three years.
• Monthly ledger.
• Settlement sheets from authorized delegates.
• Bank statements and reconciliations.
• Records of payment implements from the last three years.
• Names and addresses of authorized delegates.
• Identifying information and federal ID number.
• Name and address of clearing banks.
• Litigation and criminal convictions history for the last five years.
• Description of business activities and operations history.
• Description of planned activities in Maine.
• List of authorized delegate names and addresses.
• Contact information for consumer complaints and compliance.
• Date and state of incorporation.
• Certificate of good standing from the State of Incorporation.
• Corporate structure description.
• Personal information of key personnel.
• Most recent audited financial statement and statements from the previous two years.
• Copies of all SEC filings in the past year.
• Service of process agent details.
• Date and place of registration or qualification to do business in Maine.

Cost Involved

• Net worth requirement: $100,000 plus $50,000 per additional location (up to $500,000).
• Application fee: $500 plus $50 per agent (maximum $2,500).

Process of application

• Gather all required documents and information.
• Ensure compliance with state regulations and laws.
• Complete the application form accurately.
• Submit the application along with the required fees.
• Await review and approval from the regulatory authority.
• Address any additional requests or inquiries from regulators.
• Once approved, fulfill any remaining obligations outlined in the licensing process.