Sec. 1. 9-A MRSA §1-301, sub-§22-A is enacted to read:

22-A.__"Loan officer" means an individual who is employed or retained and supervised by a licensed supervised lender that is not a supervised financial organization, or by a registered credit services organization, whose primary job responsibilities include direct contact with mortgage applicants and who accepts applications for and originates, negotiates, solicits, arranges for or obtains mortgage loans.__"Loan officer" does not include employees who conduct purely administrative or clerical tasks.__ "Loan officer" not include a sole proprietor licensed as and acting solely as a supervised lender pursuant to section 2-302, subsection 1 or registered as and acting solely as a credit services organization pursuant to section 10-201.

Sec. 2. 9-A MRSA §2-302, sub-§1-A is enacted to read:

1-A.__At the time of application for a license to make supervised loans and on an ongoing basis during the term of any such license, the applicant shall apply to the administrator for registration of all loan officers employed or retained by the applicant.__Applications must be filed in a manner prescribed by the administrator, must include the names, addresses and work locations of the loan officers and such additional information as is reasonably requested by the administrator and must be accompanied by an application fee of $20 for each loan officer, up to a maximum of $200.

Sec. 3. 9-A MRSA §2-302, sub-§2, as amended by PL 1999, c. 184, §2, is further amended to read:

2. No A license to make supervised loans or a registration certificate as a loan officer may not be issued unless the administrator, upon investigation, finds that the financial responsibility, character and fitness of the applicant, and of the members thereof, if the applicant is a copartnership or association, and of the officers and directors thereof, if the applicant is a corporation, and of the loan officers thereof, are such as to warrant belief that the business will be operated honestly and fairly within the purposes of this Act. In determining the financial responsibility of an applicant proposing to engage in making insurance premium loans, the administrator shall consider the liabilities the lender may incur for erroneous cancellation of insurance.

A. Every applicant shall also, at the time of filing such application, file with the administrator, if the administrator so requires, a bond satisfactory to the