The state has mandated digital bond conversion for financial service licensees by January 2026.
The Maine Bureau of Consumer Credit Protection will implement a significant change to its bonding requirements, effective Sept. 1, 2025. The bureau will exclusively accept Electronic Surety Bonds (ESB) through the Nationwide Multistate Licensing System (NMLS) for both existing licensees and new applicants.
The following license categories must comply with the new ESB requirement:
Money Transmitter License
Supervised Lender License
Loan Broker License
Debt Collector
Full and Limited-Service Payroll Processor
Debt Management Service Provider Registration
Non-Profit Lender License (same bond form as the supervised lender license)
The Maine Bureau of Consumer Credit Protection has established clear deadlines for the transition:
Sept. 1, 2025: ESB system goes live.
Nov. 1, 2025: Recommended conversion deadline to ensure smooth renewal processing.
Dec. 31, 2025: Final deadline to avoid renewal holds.
Jan. 31, 2026: Mandatory conversion deadline.
According to a statement from the bureau, “The bureau suggests converting to an ESB before Nov. 1, 2025, to expedite the renewal process. Conversion must be complete no later than Jan. 31, 2026. Any company requesting renewal that has not transitioned/converted to the ESB before Dec. 31, 2025, will be placed ‘on hold’ and will only be renewed once the conversion to the ESB is complete.”