reglab/statecodes huggingface dataset:
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 8. Montana Foreign Capital Depository Act (Repealed) › Part 5. Financial Privacy (Repealed) › 32-8-523. Repealed

32-8-523. Repealed.
Sec. 23, Ch. 163, L. 2005.
History: En. Sec. 45, Ch. 382, L. 1997.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 8. Montana Foreign Capital Depository Act (Repealed) › Part 5. Financial Privacy (Repealed) › 32-8-524. Repealed

32-8-524. Repealed.
Sec. 23, Ch. 163, L. 2005.
History: En. Sec. 46, Ch. 382, L. 1997.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 8. Montana Foreign Capital Depository Act (Repealed) › Part 6. Injunctions -- Penalties (Repealed) › 32-8-601. Repealed

32-8-601. Repealed.
Sec. 23, Ch. 163, L. 2005.
History: En. Sec. 65, Ch. 382, L. 1997.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 8. Montana Foreign Capital Depository Act (Repealed) › Part 6. Injunctions -- Penalties (Repealed) › 32-8-602. Repealed

32-8-602. Repealed.
Sec. 23, Ch. 163, L. 2005.
History: En. Sec. 66, Ch. 382, L. 1997.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 8. Montana Foreign Capital Depository Act (Repealed) › Part 6. Injunctions -- Penalties (Repealed) › 32-8-603. Repealed

32-8-603. Repealed.
Sec. 23, Ch. 163, L. 2005.
History: En. Sec. 67, Ch. 382, L. 1997.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-101. Short title and purpose

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 are outside of the traditional banking industry and that have a direct involvement in consumers' financial welfare, including mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators, to promote honesty, education, and professionalism, to ensure the availability and diversity of residential mortgage funding, and to protect Montana consumers and the stability of Montana's economy.
(3) The legislature finds that it is necessary to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 and, together with the residential mortgage industry, recognizes the importance of statewide participation in the NMLS. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 1, Ch. 516, L. 2003; amd. Sec. 1, Ch. 321, L. 2009; amd. Sec. 4, Ch. 317, L. 2011; amd. Sec. 1, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-102. License requirement -- registration

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 lender may not employ or contract with any person required to be licensed under this part if the person is not licensed. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 2, Ch. 516, L. 2003; amd. Sec. 1, Ch. 301, L. 2005; amd. Sec. 2, Ch. 321, L. 2009; amd. Sec. 5, Ch. 317, L. 2011; amd. Sec. 2, Ch. 125, L. 2013; amd. Sec. 1, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-105. Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators

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 necessary to comply with the NMLS, including requirements:
(a) for payment of nonrefundable fees to apply for, maintain, and renew licenses through the NMLS;
(b) for renewal or reporting dates; and
(c) pertaining to any other activity necessary for participation in the NMLS.
(3) The department's portion of the licensing fees collected by the NMLS under this section must be deposited in the department's account in the state special revenue fund to be used for administering this part. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 6, Ch. 321, L. 2009; amd. Sec. 9, Ch. 317, L. 2011; amd. Sec. 5, Ch. 125, L. 2013; amd. Sec. 4, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-106. Simultaneous licensure

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.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-107. Prelicensing education requirements for mortgage loan originators

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 issues; and
(c) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) In addition to the training required in subsections (1)(a), (1)(b), and (1)(c), the department may require by rule that applicants complete additional hours of training that are specific to Montana residential mortgage statutes and rules.
(3) The prelicensing education courses that comply with the requirements of subsection (1) and that are approved by the NMLS for any other state must be accepted with respect to the completion of prelicensing education requirements in Montana. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 8, Ch. 321, L. 2009; amd. Sec. 11, Ch. 317, L. 2011; amd. Sec. 6, Ch. 125, L. 2013; amd. Sec. 5, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-108. Repealed

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.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-109. Experience requirements

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 in a related field.
(3) The department shall by rule establish what constitutes work in a related field. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 6, Ch. 516, L. 2003; amd. Sec. 3, Ch. 301, L. 2005; amd. Sec. 3, Ch. 498, L. 2007; amd. Sec. 9, Ch. 321, L. 2009; amd. Sec. 7, Ch. 125, L. 2013; amd. Sec. 6, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-110. Examination requirements for mortgage loan originators

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 administered by an approved test provider.
(3) A written examination may not be treated as a qualified written examination for purposes of this section unless the exam adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including but not limited to:
(a) ethics;
(b) federal and state laws and regulations pertaining to mortgage origination; and
(c) federal and state laws and regulations pertaining to fraud, consumer protection, the nontraditional mortgage product marketplace, and fair lending issues.
(4) An individual may not be considered to have passed a qualified examination unless the individual achieves an exam score of at least 75%.
(5) An individual may retake a test three consecutive times with each consecutive test being taken at least 30 days after the previous testing date.
(6) An individual who fails three consecutive tests may not take the test for at least 6 months from the date of failing the third test.
(7) A licensed mortgage loan originator who fails to maintain a valid license for a period of 5 years shall retake the test. The 5-year period may not take into account any time during which the person is a registered mortgage loan originator. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 7, Ch. 516, L. 2003; amd. Sec. 4, Ch. 498, L. 2007; amd. Sec. 10, Ch. 321, L. 2009; amd. Sec. 8, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-111. Repealed

32-9-111. Repealed.
Sec. 18, Ch. 498, L. 2007.
History: En. Sec. 8, Ch. 516, L. 2003.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-112. Application for mortgage broker, mortgage lender, mortgage servicer, and mortgage loan originator license -- renewals

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 establish relationships or contracts with the NMLS or other entities designated by the NMLS to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this part.
(3) An applicant for a license or license renewal shall furnish information to the NMLS concerning the applicant's identity, including but not limited to:
(a) fingerprints for submission to the federal bureau of investigation and any governmental agency or entity authorized to receive information for a state, national, and international criminal history background check; and
(b) personal history and experience in a form prescribed by the NMLS, including submission of authorization for the NMLS and the department to obtain:
(i) an independent credit report from a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act, 15 U.S.C. 1681a(p); and
(ii) information related to administrative, civil, or criminal findings by a governmental jurisdiction.
(4) For the purposes of this section and to reduce the points of contact that the federal bureau of investigation may have to maintain for purposes of subsection (3), the department may use the NMLS as a channeling agent for requesting information from and distributing information to the United States department of justice or other governmental agencies.
(5) For the purposes of this section and to reduce the points of contact that the department may have to maintain for purposes of subsection (3), the department may use the NMLS as a channeling agent for requesting and distributing information to and from any source directed by the department. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 11, Ch. 321, L. 2009; amd. Sec. 12, Ch. 317, L. 2011; amd. Sec. 9, Ch. 125, L. 2013; amd. Sec. 7, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-113. Control persons -- application for license -- renewal

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. Sec. 12, Ch. 321, L. 2009; amd. Sec. 13, Ch. 317, L. 2011; amd. Sec. 8, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-114. Repealed

32-9-114. Repealed.
Sec. 38, Ch. 317, L. 2011.
History: En. Sec. 14, Ch. 321, L. 2009.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-115. Repealed

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.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-116. Employment of mortgage loan originator

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 mortgage loan originator on the NMLS within 5 business days of the termination. The mortgage loan originator's license must be placed in "Approved-Inactive" status until the license is sponsored by a mortgage broker or mortgage lender. If at the end of the next renewal period the license is not sponsored by a mortgage broker or mortgage lender, it must be automatically placed in "Terminated-Expired" status for failure to renew. The removal of sponsorship of the license of any mortgage loan originator extinguishes the right of the mortgage loan originator to engage in any residential mortgage loan origination activity until NMLS procedures have been followed to sponsor the license. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 10, Ch. 516, L. 2003; amd. Sec. 13, Ch. 321, L. 2009; amd. Sec. 14, Ch. 317, L. 2011; amd. Sec. 10, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-117. Fees -- disposition of fees -- rulemaking

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 $100.
(2) All application fees must be paid through the NMLS and are not refundable.
(3) The department shall by rule establish the fees for renewal applications and reinstatement of expired licenses. The fees set by the department must be commensurate with the costs of the program.
(4) The department's portion of the fees collected under this section must be deposited in the department's state special revenue fund to be used by the department in administering the provisions of this part. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 11, Ch. 516, L. 2003; amd. Sec. 1, Ch. 368, L. 2005; amd. Sec. 6, Ch. 498, L. 2007; amd. Sec. 15, Ch. 321, L. 2009; amd. Sec. 15, Ch. 317, L. 2011; amd. Sec. 11, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-118. Continuing education requirements for mortgage loan originators

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 of education must include at least:
(a) 3 hours of training on federal laws and regulations;
(b) 2 hours of training in ethics, including instruction on fraud prevention, consumer protection, and fair lending issues; and
(c) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(3) A person who has successfully completed the education requirements that comply with the requirements of subsections (1) and (2) and that are approved by the NMLS for any other state must be given credit toward completion of continuing education requirements in Montana.
(4) Except as provided in subsection (6), a licensed mortgage loan originator may receive credit for a continuing education course only in the year in which the course is taken and may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(5) A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of 2 hours credit for every 1 hour taught.
(6) A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license. The continuing education requirements of this subsection are not subject to the provision of subsection (4) that credit may be given only in the year a course is taken. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 12, Ch. 516, L. 2003; amd. Sec. 18, Ch. 321, L. 2009; amd. Sec. 16, Ch. 317, L. 2011; amd. Sec. 14, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-119. Repealed

32-9-119. Repealed.
Sec. 34, Ch. 321, L. 2009.
History: En. Sec. 10, Ch. 498, L. 2007.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-121. Records maintenance

32-9-121. Records maintenance.
(1) Licensees shall maintain books, accounts, records, and copies of residential mortgage loan files and escrow account records that are necessary to enable the department to determine whether a licensee is in compliance with the applicable laws and rules. The materials must be maintained in accordance with generally accepted accounting principles and good business practices. Whenever a licensee's usual business location is outside of this state the licensee shall, at its election, either maintain its books and records at a location in this state or reimburse the department for expenses incurred, including but not limited to staff time, transportation, food, and lodging expenses, relating to an examination or investigation under this part.
(2) A mortgage broker, mortgage lender, or mortgage servicer shall maintain a residential mortgage file for a minimum of 5 years from the date of the last activity pertaining to the file. A mortgage broker, mortgage lender, or mortgage servicer shall maintain trust account or escrow account records for a minimum of 5 years.
(3) An entity that ceases operation as a licensee under the provisions of this part shall:
(a) 30 days prior to the discontinuance of business, notify the department of the physical location where required records will be preserved; and
(b) designate a custodian of records and notify the department of the name, physical address, electronic mail address, and telephone number of the custodian of records. The custodian of records shall preserve records required under this part and allow the department access for examination and investigation purposes upon request of the department.
(4) The department shall adopt rules to control the maintenance, storage, transfer, and destruction of records after a licensee ceases operation. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 13, Ch. 516, L. 2003; amd. Sec. 3, Ch. 136, L. 2005; amd. Sec. 7, Ch. 498, L. 2007; amd. Sec. 19, Ch. 321, L. 2009; amd. Sec. 18, Ch. 317, L. 2011; amd. Sec. 16, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-122. Designated manager and branch office license requirements

32-9-122. Designated manager and branch office license requirements.
(1) A mortgage broker, mortgage lender, or mortgage servicer shall apply for a license for a main office and for every branch office through the NMLS and maintain a unique identifier. All locations must be within the United States or a territory, including Puerto Rico and the U.S. Virgin Islands.
(2) A mortgage broker or mortgage lender shall designate to the NMLS an individual who is licensed as a mortgage loan originator as the designated manager of the entity. The designated manager is responsible for the mortgage origination activity conducted by all mortgage loan originators, employees, independent contractors, and agents assigned to the entity.
(3) A designated manager must have 3 years of experience as either a mortgage loan originator or a registered mortgage loan originator.
(4) A designated manager is responsible for the operation of the entity at all physical and remote locations under the designated manager's full charge, supervision, and control.
(5) A mortgage broker or mortgage lender is responsible for the conduct of its employees, including for violations of federal or state laws, rules, or regulations.
(6) A designated manager is responsible for conduct that violates federal or state laws, rules, or regulations by the designated manager and each employee of the mortgage broker or mortgage lender.
(7) If the designated manager ceases to act in that capacity, within 15 days the mortgage broker or mortgage lender shall designate another individual licensed as a mortgage loan originator as designated manager and shall submit information to the NMLS establishing that the subsequent designated manager complies with the provisions of this part.
(8) If the employment of a designated manager is terminated, the mortgage broker or mortgage lender shall remove the sponsorship of the designated manager on the NMLS within 5 business days of the termination.
(9) A mortgage servicer is responsible for the acts and omissions of its employees, agents, and independent contractors acting in the course and scope of their employment, agency, or contract. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 14, Ch. 516, L. 2003; amd. Sec. 2, Ch. 368, L. 2005; amd. Sec. 8, Ch. 498, L. 2007; amd. Sec. 20, Ch. 321, L. 2009; amd. Sec. 19, Ch. 317, L. 2011; amd. Sec. 17, Ch. 125, L. 2013; amd. Sec. 9, Ch. 24, L. 2015; amd. Sec. 5, Ch. 65, L. 2019; amd. Sec. 11, Ch. 4, L. 2023.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-125. Repealed

32-9-125. Repealed.
Sec. 33, Ch. 125, L. 2013.
History: En. Sec. 17, Ch. 516, L. 2003; amd. Sec. 12, Ch. 498, L. 2007; amd. Sec. 26, Ch. 321, L. 2009; amd. Sec. 26, Ch. 317, L. 2011.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-126. Revocation, suspension, conditioning, and reinstatement of licenses

32-9-126. Revocation, suspension, conditioning, and reinstatement of licenses.
(1) The department, upon giving a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator licensee 14 days' written notice, which includes a statement of the grounds for the proposed suspension, conditioning, or revocation, and informing the licensee that the licensee has the right to be heard at an administrative hearing if requested by the licensee, may suspend, condition, or revoke a license if it finds that the licensee has violated any provision of this part or any rule adopted under this part.
(2) The license of a licensee that refuses to make documents and records relating to the operation of the licensee available upon request by the department must be summarily suspended.
(3) A revocation, suspension, or surrender of a license does not relieve the licensee from civil or criminal liability for acts committed prior to the revocation, suspension, or surrender of the license.
(4) The department may reinstate any suspended license if the suspended licensee has complied with all the reinstatement conditions set forth at the time the license was suspended and if the licensee is otherwise qualified to have the license reinstated.
(5) The department may by order vacate a revocation of a license and enter an appropriate order.
(6) The department may refuse to accept a licensee's offer to surrender a license under the following circumstances:
(a) a final order has been issued in an enforcement action and the licensee has not fully complied with the order regardless of whether compliance is yet due;
(b) the licensee has violated or is under investigation for a suspected violation of this part or any rule adopted under this part;
(c) there is an enforcement action or complaint pending against the licensee; or
(d) the licensee has not made arrangements satisfactory to the department regarding loans in process at the time of the offer of surrender.
(7) A revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and any person, including a borrower.
(8) In the event of a revoked, suspended, or surrendered mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator license, fees may not be refunded by the department. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 18, Ch. 516, L. 2003; amd. Sec. 15, Ch. 498, L. 2007; amd. Sec. 27, Ch. 321, L. 2009; amd. Sec. 27, Ch. 317, L. 2011; amd. Sec. 21, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-127. Repealed

32-9-127. Repealed.
Sec. 38, Ch. 317, L. 2011.
History: En. Sec. 16, Ch. 321, L. 2009.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-128. Registration and registered agent of foreign entities -- service of process -- venue

32-9-128. Registration and registered agent of foreign entities -- service of process -- venue.
(1) A foreign mortgage broker, mortgage lender, or mortgage servicer shall register to do business in this state as a foreign corporation, limited liability company, limited liability partnership, or limited partnership with the secretary of state.
(2) A foreign mortgage broker, mortgage lender, or mortgage servicer shall provide the name and address of its registered agent for service of process to the department in order to be licensed in this state and shall notify the department in writing within 5 days of a change in the licensee's registered agent's name or address.
(3) For purposes of this part, the department is considered to have complied with the requirements of law concerning service of process upon sending by common courier with tracking capability any notice required or permitted to a licensee under this part, postage prepaid and addressed to the last-known address of the licensee's registered agent for service of process on file with the department, the last-known address of the licensee on file with the department for an in-state licensee, or in the case of an unlicensed person, the last-known address of the person.
(4) In a judicial action, suit, or proceeding arising under this part or any administrative rule adopted pursuant to this part between the department and a licensee who does not maintain a physical office in this state, venue must be exclusively in Lewis and Clark County. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 21, Ch. 321, L. 2009; amd. Sec. 28, Ch. 317, L. 2011; amd. Sec. 7, Ch. 65, L. 2019.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-129. Loan processors and underwriters

32-9-129. Loan processors and underwriters.
A person engaging in loan processor or underwriter activities may not represent to the public, through advertising or other means of communication, that the person can or will perform any of the activities of a mortgage loan originator. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 5, Ch. 321, L. 2009; amd. Sec. 29, Ch. 317, L. 2011; amd. Sec. 22, Ch. 125, L. 2013; amd. Sec. 11, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-131. Repealed

32-9-131. Repealed.
Sec. 18, Ch. 498, L. 2007.
History: En. Sec. 20, Ch. 516, L. 2003.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-132. Injunctions -- receivers

32-9-132. Injunctions -- receivers.
(1) Whenever the department has reasonable cause to believe that any person is violating or is threatening to violate this part or a rule adopted under this part, the department may, in addition to all actions provided for in this part and without prejudice to those actions, seek an order requiring the person to desist or to refrain from the violation.
(2) An action may be brought by the department in the district court of the first judicial district, Lewis and Clark County, to enjoin the person from engaging in or continuing the violation or from doing any act or acts in furtherance of the violation. In any action, a preliminary or final injunction may be ordered as considered proper.
(3) In addition to all other means provided by law for the enforcement of a restraining order or injunction, the court in which the action is brought may impound and appoint a receiver for the property and business of the defendant, including books, papers, documents, or records pertaining to the property or business, or as much of the property or business as the court considers reasonably necessary to prevent violations of this part. The receiver, when appointed and qualified, has the powers and duties as to custody, collection, administration, winding up, and liquidation of the property and business that are conferred upon the receiver by the court.
History: En. Sec. 21, Ch. 516, L. 2003.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-133. Penalties -- restitution

32-9-133. Penalties -- restitution.
(1) If the department finds, after providing a 14-day written notice that includes a statement of alleged violations and a hearing or an opportunity for hearing, as provided in the Montana Administrative Procedure Act, that any person, licensee, service provider, or officer, agent, employee, or representative of the person or licensee, whether licensed or unlicensed, has violated any of the provisions of this part, has failed to comply with the rules, instructions, or orders promulgated by the department, has failed or refused to make required reports to the department, has furnished false information to the department, or has operated without a required license, the department may impose a civil penalty not to exceed $5,000 for the first violation and not to exceed $10,000 for each subsequent violation.
(2) The department may issue an order:
(a) requiring restitution;
(b) requiring reimbursement of the department's cost in bringing the administrative action; and
(c) revoking, conditioning, or suspending the right of the person or licensee, directly or through a service provider, officer, agent, employee, or representative, to do business in this state as a licensee or to engage in the mortgage broker, mortgage lender, mortgage servicer, or mortgage loan origination business.
(3) Any person who directly or indirectly controls an entity liable under subsection (1), any partner, officer, director, or person occupying a similar status or performing similar functions of the entity, and any person who participates or materially aids in the violation is liable jointly and severally with and to the same extent as the person committing the violation. In addition, each person committing the violation or aiding in the violation is jointly and severally liable if the person committing the violation or aiding in the violation knew or in the exercise of reasonable care should have known of the existence of the facts by reason of which the liability is alleged to exist. There must be contribution between or among the severally liable persons.
(4) The fines must be deposited in the department's account in the state special revenue fund and used to administer the provisions of this part. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 22, Ch. 516, L. 2003; amd. Sec. 17, Ch. 498, L. 2007; amd. Sec. 32, Ch. 321, L. 2009; amd. Sec. 31, Ch. 317, L. 2011; amd. Sec. 24, Ch. 125, L. 2013; amd. Sec. 9, Ch. 65, L. 2019.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-134. License renewal -- rulemaking

32-9-134. License renewal -- rulemaking.
(1) All persons licensed under this part are required to renew their licenses by December 31 of each year.
(2) A renewal application for a mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator must demonstrate that:
(a) the licensee continues to meet the standards for licensure under this part;
(b) a mortgage loan originator has satisfied annual continuing education requirements pursuant to 32-9-118; and
(c) the licensee has paid all required fees for renewal of the license, all outstanding examination fees and investigation fees, and any civil penalties.
(3) Any license not renewed by December 31 expires on December 31. The department may adopt rules regarding requirements for renewal applications and the procedures for the reinstatement of expired licenses consistent with the standards established by the NMLS.
History: En. Sec. 12, Ch. 125, L. 2013.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-135. Independent contractor entity -- responsible individual -- loan processor or underwriter

32-9-135. Independent contractor entity -- responsible individual -- loan processor or underwriter.
(1) An independent contractor entity may not offer or engage in clerical or support duties with respect to any dwelling or residential real estate in this state unless the independent contractor entity obtains and maintains a valid mortgage broker license through the NMLS.
(2) An independent contractor entity shall apply for a mortgage broker license through the NMLS for its main office and for every branch office where clerical or support duties are conducted.
(3) An independent contractor entity shall designate a responsible individual for each main office and each branch office. The responsible individual must be an employee of the independent contractor entity.
(4) The responsible individual is responsible for the operation of the business at the responsible individual's place of employment under the responsible individual's full charge, supervision, and control.
(5) An independent contractor entity is responsible for the conduct and omissions of its employees, agents, and independent contractors, including for violations of federal or state laws, rules, or regulations.
(6) A responsible individual is responsible for conduct that violates federal or state laws, rules, or regulations. The responsible individual's responsibility includes conduct by the responsible individual and each employee and agent of the independent contractor entity at the location that the responsible individual manages.
(7) If the responsible individual ceases to act in that capacity, the independent contractor entity shall within 15 days designate as responsible individual another individual who is a licensed or registered mortgage loan originator and shall submit information to the NMLS establishing that the subsequent responsible individual is in compliance with the provisions of this part.
(8) If the employment of a responsible individual is terminated, the independent contractor entity shall remove the sponsorship of the responsible individual on the NMLS within 5 business days of the termination.
(9) An individual who is employed by an independent contractor entity and who performs only clerical or support duties and does so at the direction of and subject to the supervision and instruction of a responsible individual is not required to be licensed under this part.
History: En. Sec. 12, Ch. 24, L. 2015.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-141. Investigations by department -- subpoenas -- oaths -- examination of witnesses and evidence

32-9-141. Investigations by department -- subpoenas -- oaths -- examination of witnesses and evidence.
(1) For the purposes of this part, the department or the department's authorized representatives must be given free access to the offices and places of business and files of all licensees and their service providers. The department may investigate any matter, upon complaint or otherwise, if it appears that a person has engaged in or offered to engage in any act or practice that is in violation of any provision of this part or any rule adopted or order issued by the department pursuant to this part.
(2) The department may issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before it in any matter over which it has jurisdiction, control, or supervision pertaining to this part. The department may administer oaths and affirmations to a person whose testimony is required.
(3) If a person refuses to obey a subpoena or to give testimony or produce evidence as required by the subpoena, a judge of the district court of Lewis and Clark County or the county in which the licensed premises are located may, upon application and proof of the refusal, issue a subpoena or subpoena duces tecum for the witness to appear before the department to give testimony and produce evidence as may be required. The clerk of court shall then issue the subpoena, as directed, under the seal of the court, requiring the person to whom it is directed to appear at the time and place designated in the subpoena.
(4) If a person served with a subpoena refuses to obey the subpoena or to give testimony or produce evidence as required by the subpoena, the department may proceed under the contempt provisions of Title 3, chapter 1, part 5.
(5) Failure to comply with the requirements of a court-ordered subpoena is punishable pursuant to 45-7-309.
History: En. Sec. 13, Ch. 498, L. 2007; amd. Sec. 10, Ch. 65, L. 2019.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-142. Cease and desist orders

32-9-142. Cease and desist orders.
(1) If it appears to the department that a person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this part or any rule adopted or order issued by the department pursuant to this part, the department may issue an order directing the person to cease and desist from continuing the act or practice after reasonable notice and opportunity for a hearing. The order may apply only to the alleged act or practice constituting a violation of this chapter. The department may issue a temporary order pending the hearing that:
(a) remains in effect until 10 days after the hearings examiner issues proposed findings of fact and conclusions of law and a proposed order; or
(b) becomes final if the person to whom notice is addressed does not request a hearing within 10 days after receipt of the notice.
(2) A violation of an order issued pursuant to this section is subject to the penalty provisions of this part.
History: En. Sec. 14, Ch. 498, L. 2007.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-145. Escrow fund

32-9-145. Escrow fund.
(1) An escrow fund authorized for any purpose by a mortgage loan contract is subject to applicable state and federal requirements. Money received from a borrower by a mortgage lender or mortgage servicer licensed under this part must be considered as held in trust immediately upon receipt. The mortgage lender or mortgage servicer shall place escrow funds in a depository institution prior to the end of the third business day following their receipt.
(2) An escrow fund account must be a separate account established to hold only borrowers' funds. The account must be designated and maintained for the benefit of borrowers. Escrow funds may not be commingled with any other funds.
(3) Escrow funds must be kept in the segregated account until disbursement. Money maintained in an escrow fund account is exempt from execution, attachment, or garnishment.
(4) A licensee may not encumber the corpus of an escrow fund account or commingle other operating funds with account funds.
(5) An escrow fund account may be used only for:
(a) a payment authorized by the borrower or the mortgage loan contract or required by federal or state law;
(b) a refund to the borrower;
(c) transfer to a depository institution;
(d) transfer to the appropriate mortgage lender or mortgage servicer in the case of a transfer of servicing;
(e) a purpose authorized by the mortgage loan contract; or
(f) purposes of complying with an order issued by the commissioner or a court.
(6) Accounting for escrow funds must be performed in compliance with the aggregate accounting rules established in regulation X, 24 CFR 3500, and in compliance with 71-1-115. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 23, Ch. 321, L. 2009; amd. Sec. 32, Ch. 317, L. 2011.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-149. Use of name -- advertising

32-9-149. Use of name -- advertising.
(1) A licensee engaged in a business regulated by this part may not operate under a name other than the name licensed by the department.
(2) A licensee may not:
(a) advertise that an applicant has unqualified access to credit without disclosing that material limitations on the availability of credit may exist, such as the percentage required as a down payment, that a higher interest rate or points could be required, or that restrictions as to the maximum principal amount of the mortgage loan offered could apply;
(b) advertise a mortgage loan with a prevailing interest rate indicated in the advertisement unless the advertisement specifically states that the interest rate could change or not be available at the time of commitment or closing;
(c) advertise mortgage loans, including interest rates, margins, discounts, points, fees, commissions, or other material information, including material limitations on the mortgage loans, unless the licensee is able to make or broker the offered mortgage loans to a reasonable number of qualified applicants;
(d) engage in false, deceptive, or misleading advertising; or
(e) falsely advertise or misuse names in violation of 18 U.S.C. 709.
(3) The department may adopt rules to define false, deceptive, or misleading advertising.
(4) In any printed, published, e-mail, or internet advertisement for the provision of services, the following information must be included:
(a) a name and unique identifier for a mortgage loan originator advertising as an individual; or
(b) the name and unique identifier only of the licensed entity when the licensed entity is advertising on its own behalf or as an entity with one or more mortgage loan originators listed.
(5) The department may adopt rules to establish requirements for licensee advertising using the internet or any electronic format.
History: En. Sec. 13, Ch. 125, L. 2013; amd. Sec. 11, Ch. 65, L. 2019.
2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators › Part 1. Montana Mortgage Act › 32-9-150. Unique identifier for mortgage brokers, mortgage lenders, mortgage servicers, mortgage loan originators, and registered mortgage loan originators

32-9-150. Unique identifier for mortgage brokers, mortgage lenders, mortgage servicers, mortgage loan originators, and registered mortgage loan originators.
(1) Each licensed mortgage broker, mortgage lender, mortgage servicer, and mortgage loan originator shall post the mortgage broker's, mortgage lender's, mortgage servicer's, or mortgage loan originator's unique identifier in a conspicuous place within the office where the licensee principally transacts business.
(2) The department shall provide a link to the consumer access portion of the NMLS on the department's website. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 28, Ch. 321, L. 2009; amd. Sec. 35, Ch. 317, L. 2011; amd. Sec. 25, Ch. 125, L. 2013.