An Act To Amend the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 9-A MRSA §13-103, sub-§2, ¶G is enacted to read:
G. An individual who offers or negotiates the terms of 5 or fewer residential mortgage loans during any calendar year.
Sec. 2. Retroactivity. This Act applies retroactively to January 1, 2011.
SUMMARY
This bill amends the Maine Secure and Fair Enforcement for Mortgage Licensing Act of 2009, to exempt individuals who do not offer or originate more than 5 loans in any one calendar year from having to be licensed. The bill makes the change retroactive to January 1, 2011.