How Do I Get a Repossession License in Maine?

Consumers have the right to access personal effects in repossessed vehicles.

Maine's Department of Professional and Financial Regulation issues licenses for repossession companies. These licenses are only valid within the state's borders; if you wish to repossess a vehicle across state lines, acquire a license in the neighboring state. To obtain a repossession license, mail in an application package that includes fingerprint cards, a CPA-prepared financial statement and proof of a bond for your repossession company.

Things You'll Need

• Application
• Consumer reports
• Bond form
• Financial statement
• Copies of contracts
• Fingerprint cards
• Check or money order

Instructions

1. Go to Maine's Consumer Credit Protection website, maine.gov/pfr/consumercredit/index.shtml. Click on "List of license types" on the left-hand menu and then select "Licensing Information" across from "Repossession Company."

2. Download and print the application for a repossession license by clicking on "Application -- Initial."

3. Fill out the application, entering the name of the business and its contact information. Enter your full name, address, date of birth and social security number. Enter the information of your business partners, if applicable. List all the banks with which you and your partners have conducted business with in the last five years. Answer all the questions on page two, including an inventory of equipment to be used for repossessions. Notarize the completed application.

4. Contact your local credit bureau and request a Consumer Report for yourself and all partners listed on your application. Attach the reports to the application.

5. Download and print a bond form by clicking on "Bond Form" under "License Types -- Repossession Company."

6. Obtain a bond from a bonding company in the amount of $15,000. The duration of the bond must match the duration of the repossession license. A repossession license is usually valid for two years; however, renewal times can vary. Consult No. 19 on page two of your application for the expiration date of your license.

7. Fill out the bond form, including the bond number and the amount. Have it notarized.

8. Attach a financial statement including a Review Report prepared by an accountant.

9. Attach copies of any contracts your business plans to use with clients.

10. Contact your local police department and arrange for a fingerprint card for yourself and the top three officers or partners. If you are the sole proprietor and have no employees, you only need one fingerprint card.

11. Attach a check or money order to your application. The exact fee will vary; consult the fee table on pages two and three of your application.

12. Mail your complete application package via regular mail to: State of Maine, Bureau of Consumer Credit Protection, 35 State House Station, Augusta, ME 04333-0035.

    If you choose to use a service other than USPS for overnight or express mail, mail the application package to: Bureau of Consumer Credit Protection, Gardiner Annex, 76 Northern Avenue, Gardiner, ME 04345.

Tips & Warnings

• In Maine, a repossession license does not grant you the ability to collect owed funds.

References

• Maine.gov: Bureau of Consumer Credit Protection
• Maine.gov: License Types - Repossession Company
• Maine.gov: Repossession Company Licensing Information
• Maine.gov: Repossession License Application
• Maine.gov: Bond Form

Resources

• U.S. Small Business Administration