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for that purpose, the administrator may waive the requirement | | of a bond and availability of $25,000 of net assets, if the | | applicant submits appropriate additional evidence of financial | | responsibility. |
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| | | Sec. 4. 9-A MRSA §2-302, sub-§3, as enacted by PL 1973, c. 762, §1, is | | amended to read: |
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| | | 3. Upon written request, the applicant is entitled to a | hearing on the question of his | | a license or registration if (a) the administrator has notified | the applicant in writing that his | | denied, or (b) the administrator has not issued a license or | | registration within 60 days after the application for the license | | or registration was filed. A request for a hearing may not be | | made more than 15 days after the administrator has mailed a | writing to the applicant notifying him | | application has been denied and stating in substance the | | administrator's findings supporting denial of the application. |
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| | | Sec. 5. 9-A MRSA §2-302, sub-§5-A is enacted to read: |
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| | | 5-A.__A licensee may conduct the business of making supervised | | loans only through a loan officer who possesses a current, valid | | registration certificate.__A loan officer must be registered at | | the loan officer's principal licensed work location and may then | | work from any licensed location of the supervised lender.__The | | registration of a loan officer is valid only when that person is | | employed or retained and supervised by a licensed |
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| | | supervised lender.__When a loan officer ceases to be employed by | | a licensed supervised lender, the supervised lender shall | | promptly notify the administrator in writing. |
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| | | Sec. 6. 9-A MRSA §2-303, as amended by PL 1985, c. 763, Pt. A, §26 | | and PL 1999, c. 547, Pt. B, §78 and affected by §80, is further | | amended to read: |
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| | | §2-303. Revocation or suspension of license or registration |
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| | | 1. The administrator may file a complaint with the District | | Court to suspend or revoke a license to make supervised loans or | | a registration as a loan officer if the administrator finds | | reason to believe, after investigation or hearing, or both, that: |
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| | | A. The licensee or registrant has violated this Act or any | | rule or order made pursuant to this Act; or |
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| | B. Facts or conditions exist which | | justified the administrator in refusing to grant a license or | | registration had these facts or conditions been known to |
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