32-9-101. Short title and purpose. (1) This part may be cited as the “Montana Mortgage Act”. (2) The legislature recognizes that buying or financing a home is one of the largest, most complicated, and vitally important decisions facing consumers in Montana. Therefore, the legislature finds it desirable to license certain persons in the residential mortgage industry that […]
32-9-102. License requirement — registration. (1) Unless exempt under 32-9-104, a person may not regularly engage in the business of a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator with respect to any residential mortgage loan unless licensed or registered under the provisions of this part through the NMLS. (2) A mortgage broker or mortgage […]
32-9-103. Definitions. As used in this part, the following definitions apply: (1) ”Administrative or clerical tasks” mean the receipt, collection, and distribution of information common for the processing or underwriting of a loan in the mortgage industry, without performing any analysis of the information, and communication with a consumer to obtain information necessary for the processing or […]
32-9-104. Exemptions — proof of exemption. (1) The provisions of this part do not apply to: (a) an entity that is an agency of the federal, state, tribal, or local government; (b) an individual who is an employee of a federal, state, tribal, local government, or housing finance agency acting as a loan originator only pursuant to the […]
32-9-105. Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators. (1) The department may participate in the NMLS and shall require mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators to apply for state licensure on applications approved by the NMLS. (2) The department may establish requirements through rulemaking as […]
32-9-106. Simultaneous licensure. An entity may be simultaneously licensed as a mortgage lender, a mortgage servicer, and a mortgage broker if the entity meets all requirements for licensure for each license type. (See part compiler’s comment regarding contingent suspension.) History: En. Sec. 7, Ch. 321, L. 2009; amd. Sec. 10, Ch. 317, L. 2011.
32-9-107. Prelicensing education requirements for mortgage loan originators. (1) An individual seeking a mortgage loan originator’s license shall complete at least 20 hours of approved education courses, which must include at least: (a) 3 hours of training on federal law and regulations; (b) 3 hours of training in ethics, including instruction on fraud, consumer protection, and fair lending […]
32-9-108. Repealed. Sec. 34, Ch. 321, L. 2009. History: En. Sec. 5, Ch. 516, L. 2003; amd. Sec. 2, Ch. 498, L. 2007.
32-9-109. Experience requirements. (1) An individual may not act as a designated manager without a minimum of 3 years of experience working as a mortgage loan originator or in a related field. (2) An individual may not act as a responsible individual without a minimum of 1 1/2 years of experience working as a mortgage loan originator or […]
32-9-110. Examination requirements for mortgage loan originators. (1) An individual seeking a mortgage loan originator’s license shall submit to an examination. (2) In order to meet the examination requirement referred to in subsection (1), an individual shall pass, in accordance with the standards established under this section, a qualified written exam developed by the NMLS that is […]
32-9-111. Repealed. Sec. 18, Ch. 498, L. 2007. History: En. Sec. 8, Ch. 516, L. 2003.
32-9-112. Application for mortgage broker, mortgage lender, mortgage servicer, and mortgage loan originator license — renewals. (1) An applicant under this part shall apply for a state license or renewal of a license on the forms prescribed by the NMLS. The department shall use the NMLS forms and policies for all licensing actions. (2) The department may […]
32-9-113. Control persons — application for license — renewal. For the department to consider an entity for a state license or license renewal, each person with control, as defined in 32-9-103, of the entity is required to independently meet the requirements established in 32-9-120(1)(a) through (1)(c) and (1)(g). (See part compiler’s comment regarding contingent suspension.) History: En. […]
32-9-114. Repealed. Sec. 38, Ch. 317, L. 2011. History: En. Sec. 14, Ch. 321, L. 2009.
32-9-115. Repealed. Sec. 34, Ch. 321, L. 2009. History: En. Sec. 9, Ch. 516, L. 2003; amd. Sec. 2, Ch. 136, L. 2005; amd. Sec. 5, Ch. 498, L. 2007.
32-9-116. Employment of mortgage loan originator. (1) A mortgage loan originator may transact business for only one employing mortgage broker or one employing mortgage lender licensed in accordance with the provisions of this part. (2) If the employment of a mortgage loan originator is terminated, the sponsoring mortgage broker or mortgage lender shall remove sponsorship of the […]
32-9-117. Fees — disposition of fees — rulemaking. (1) (a) Application fees are: (i) mortgage broker, $500; (ii) mortgage broker branch, $250; (iii) mortgage lender or mortgage servicer, $750; (iv) mortgage lender branch or mortgage servicer branch, $250; and (v) mortgage loan originator, $400. (b) A mortgage broker entity owned by a Montana-licensed mortgage loan originator shall pay a license application fee of […]
32-9-118. Continuing education requirements for mortgage loan originators. (1) All mortgage loan originators shall complete and submit to the NMLS evidence of at least 8 hours of continuing education every year at the time they submit their license renewal applications. The 8 hours of continuing education must be obtained in approved education courses. (2) The 8 hours […]
32-9-119. Repealed. Sec. 34, Ch. 321, L. 2009. History: En. Sec. 10, Ch. 498, L. 2007.
32-9-120. Denial of mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator license application or license renewal. (1) The department may not issue or renew any mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator license if any of the following facts are found during the application procedure: (a) the applicant has ever had a […]
