Maine Moves Closer to Adopting the National SAFE MLO Test

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Explore:  SAFE Act SAFE MLO

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Last month, Maine state lawmakers passed legislation that became law without Governor Paul LePage's signature that removed statutory language to facilitate the adoption of the Uniform State Test (UST) by the Maine Bureau of Financial Institutions. The legislation also removed references to specific topics that were required to be covered in pre-licensing education, testing, and continuing education for mortgage loan originators (MLOs).

As we previously reported, 39 state regulators have adopted the UST. In addition to Maine, California (Senate Bill 1459) and Ohio (House Bill 483) are also considering legislation that would implement the UST.

Topics:  SAFE Act, SAFE MLO

Published In: Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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