32-9-152. Electronic record as original document
32-9-152. Electronic record as original document. Any document or record that is required to be signed and that is filed in this state as an electronic record through the NMLS and any other electronic record filed through the NMLS must be considered a valid original document upon reproduction to paper form by the department. History: En. Sec. […]
32-9-153. and 32-9-154 reserved
32-9-153 and 32-9-154 reserved.
32-9-155. Nationwide mortgage licensing system information challenge process
32-9-155. Nationwide mortgage licensing system information challenge process. The department shall establish a process under which mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators may challenge information entered into the NMLS by the department. (See part compiler’s comment regarding contingent suspension.) History: En. Sec. 30, Ch. 321, L. 2009; amd. Sec. 27, Ch. 125, L. […]
32-9-156. through 32-9-159 reserved
32-9-156 through 32-9-159 reserved.
32-9-160. Confidentiality
32-9-160. Confidentiality. (1) (a) Except as otherwise provided in section 1512 of the Secure and Fair Enforcement for Mortgage Licensing Act, Title V of the Housing and Economic Recovery Act of 2008, Public Law 110-289, the requirements under federal law, the Montana constitution, or Montana law regarding the privacy or confidentiality of any information or material provided […]
32-9-161. through 32-9-164 reserved
32-9-161 through 32-9-164 reserved.
32-9-165. Types of licenses
32-9-165. Types of licenses. (1) The four types of licenses under this part are mortgage broker licenses, mortgage lender licenses, mortgage servicer licenses, and mortgage loan originator licenses. (2) A mortgage broker license may be issued to an entity that meets the requirements of 32-9-112, 32-9-113, 32-9-116, 32-9-117, 32-9-122, and 32-9-123 and employs at least one Montana-licensed […]
32-9-166. Reports
32-9-166. Reports. (1) A licensee shall file a written report with the department through the NMLS within 30 business days of any material change to the information provided in a licensee’s application. (2) A licensee shall file a written report with the department within 1 business day after the licensee has reason to know of the occurrence […]
32-9-167. Change of control
32-9-167. Change of control. (1) Without the prior approval of the department, it is unlawful for an action to be taken that results in a change of control of an entity licensed under this part. Prior to a change of control of a licensed entity, a person seeking to acquire control shall apply for an amendment […]
32-9-168. Mortgage lender prohibitions
32-9-168. Mortgage lender prohibitions. A mortgage lender may not: (1) cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property insurer; (2) disburse the mortgage loan proceeds to a closing agent in any form other than, as applicable: (a) direct deposit to a […]