Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act. Required when: Applying for or renewing a debt collector license in the State of Maine. Exemptions: Officers or employees of a creditor; persons related by com…
Overview
What it is.
Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act. Required when: Applying for or renewing a debt collector license in the State of Maine. Exemptions: Officers or employees of a creditor; persons related by com…
Who usually needs it
Any person or entity acting as a debt collector, repossessor, debt buyer, or letter-writing company as defined in the Maine Fair Debt Collection Practices Act.
Pricing & timing
What to expect.
Generic pricing
License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateMEBond amountFor new applicants: $20,000 for direct collections; $15,000 for repossessions o…Term lengthContinuousObligeeMaine Bureau of Consumer Credit ProtectionRenewalBonds must be maintained in force and run concurrent with the license period (expiring December 31st annually). Licensees must renew through the NMLS and convert to Electronic Surety Bonds (ESB) by January 31, 2026.Bond classLicense BondCategoryFinancial ServicesBondDebt Collector BondStatutory reference32 M.R.S. § 11032JurisdictionState
