1.Registration.
A person may not directly or indirectly engage in or carry on, or purport to engage in or carry on, the business of, or act in the capacity of, a settlement agency in this State without first registering with the administrator in accordance with this chapter. The registration must be in a manner and form prescribed by the administrator. The administrator may require registration through the nationwide mortgage licensing system and registry as defined in Title 9‑A, section 13‑102, subsection 8. The administrator is authorized to participate in the nationwide mortgage licensing system and registry.
2.Exemptions.
This chapter does not apply to:
3.Renewal.
On or before April 30th of each year, a settlement agency registered under this chapter shall pay an annual renewal fee
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1.
Registration.
A person may not directly or indirectly engage in or carry on, or purport to engage in or carry on, the business of, or act in the capacity of, a settlement agency in this State without first registering with the administrator in accordance with this chapter. The registration must be in a manner and form prescribed by the administrator. The administrator may require registration through the nationwide mortgage licensing system and registry as defined in Title 9‑A, section 13‑102, subsection 8. The administrator is authorized to participate in the nationwide mortgage licensing system and registry.
2.
Exemptions.
This chapter does not apply to:
3.
Renewal.
On or before April 30th of each year, a settlement agency registered under this chapter shall pay an annual renewal fee as determined pursuant to subsection 1 and shall file with the administrator a renewal form containing such information as the administrator may require.
4.
Place of business; name.
A settlement agency registered under this chapter shall maintain a home office as its principal location for the transaction of settlement business. The administrator may issue additional branch registrations to the same settlement agency upon compliance with all the provisions of this chapter governing the issuance of a single settlement agency registration. For purposes of this subsection, the conducting of a settlement by mail or at a remote location for the convenience of the parties by a settlement agent based out of the settlement agency's registered principal office or registered branch office is not considered the transaction of settlement business at a place of business other than the registered location of the settlement agency.
5.
Examinations and investigations.
Upon any complaint alleging a violation of law, including the Funded Settlement Act, the federal Real Estate Settlement Procedures Act of 1974, 12 United States Code, Section 2601 et seq. or the Maine Consumer Credit Code, the administrator may examine or investigate the books, records and accounts of a settlement agency.
6.
Enforcement.
The administrator may undertake any action authorized pursuant to Title 9‑A, Article 6 to ensure compliance with this chapter. Nothing in this subsection may be construed to affect the ability of a settlement company to assert the attorney-client privilege. With respect to a settlement company that is owned or operated by an attorney licensed in this State, the administrator shall notify the Board of Overseers of the Bar of any enforcement action taken by the administrator pursuant to this chapter.