reglab/statecodes huggingface dataset:
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1202 - TRANSITION (Repealed)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-221,
					 31-1-223, MCA IMP:
					 31-1-221,
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1203 - LICENSE RENEWALS

Current through Register Vol. 13, July 5, 2024
(1) The renewal
				period begins November 1. Every renewal applicant shall apply for renewal
				through the NMLS. Licensees shall use the NMLS renewal process to request
				renewal of their license.
(2)
				Licensees shall submit their renewal applications by December 1 of each year to
				ensure issuance of the license to qualified renewal applicants by January 1 of
				the following year.
(3) The holder
				of an expired license may not conduct any business in Montana until becoming
				properly licensed.
AUTH:
					 31-1-221,
					 31-1-223, MCA; IMP:
					 31-1-221,
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1204 - INITIAL LICENSE APPLICATION THROUGH NMLS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-221,
					 31-1-223,
					 MCA; IMP:
					 31-1-221,
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1205 - AMENDMENTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-223,
					 MCA; IMP:
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1206 - LICENSE SURRENDER (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-223,
					 MCA; IMP:
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1207 - FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-223,
					 MCA; IMP:
					 31-1-223,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.12 - Sales Finance Companies › Rule 2.59.1208 - REINSTATEMENT OF EXPIRED LICENSES

Current through Register Vol. 13, July 5, 2024
(1) Upon expiration
				of a license issued under
				31-1-221, MCA, due to nonrenewal
				by the renewal date, the former licensee shall immediately cease from engaging
				in the activities for which the license was issued. The department may
				reinstate an expired license, provided that by the last day of February
				following expiration of the license, the following are submitted through the
				NMLS:
(a) a properly completed license
				renewal application;
(b) the
				license renewal fee as set forth in
				31-1-221, MCA;
(c) a reinstatement fee of $50; and
(d) proof that the licensee continues to meet
				standards for licensure under
				31-1-222, MCA.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1401 - DEFINITIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-803,
					 31-1-804,
					 31-1-805,
					 31-1-810,
					 31-1-811,
					 31-1-812,
					 31-1-815,
					 31-1-816,
					 31-1-818,
					 31-1-820,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1402 - LICENSING AND APPLICATION REQUIREMENTS - EXCEPTIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-804,
					 31-1-805,
					 31-1-811,
					 31-1-816,
					 31-1-817,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1403 - TITLE LOAN DESIGNATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-803,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1404 - NOTIFICATION TO THE DEPARTMENT (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-805,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1405 - OWNERSHIP CHANGE (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-805,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1406 - EXAMINATION OF TITLE LENDERS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-803,
					 31-1-810,
					 31-1-815,
					 31-1-816,
					 31-1-817,
					 31-1-818,
					 31-1-819,
					 31-1-820,
					 31-1-821,
					 31-1-822,
					 31-1-825,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1407 - RESCINDED LOANS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-815,
					 31-1-816,
					 31-1-821,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1408 - FAILURE TO CORRECT DEFICIENCIES (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-810,
					 31-1-811,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1409 - DURATION OF LOANS - INTEREST (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-816,
					 31-1-817,
					 31-1-818,
					 31-1-825,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1410 - EXTENSIONS - REDUCTION OF PRINCIPAL (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-816,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1411 - DEPARTMENT'S COST OF ADMINISTRATIVE ACTION (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-811,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1412 - EXAMINATION FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-810,
					 31-1-811,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1413 - REPORTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-810,
					 31-1-815,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1414 - SCHEDULE OF CHARGES (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-816,
					 31-1-817,
					 31-1-818,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1415 - REQUIRED RECORD KEEPING (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-815,
					 31-1-821,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1416 - EMPLOYEES' CHARACTER AND FITNESS (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-805,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1417 - PROCEDURAL RULES FOR HEARINGS AND DISCOVERY (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-811,
					 31-1-812,
					 31-1-826,
					 31-1-841,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1418 - SALE OF REPOSSESSED PROPERTY (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-816,
					 31-1-818,
					 31-1-820,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.14 - Title Lending › Rule 2.59.1419 - UNFAIR PRACTICE (REPEALED)

Current through Register Vol. 13, July 5, 2024
31-1-802, MCA; IMP,
					 31-1-825,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1501 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
For the purposes of this subchapter, the following
				  definitions apply:
(1) "Commissioner"
				means the Commissioner of Banking and Financial Institutions provided for in
				32-1-211, MCA.
(2) "Department" means the Department of
				Administration established in
				2-15-1001, MCA, and includes the
				Commissioner of the Division of Banking and Financial Institutions and the
				Division of Banking and Financial Institutions.
(3) "Fraud or financial dishonesty or civil
				judgments involving fraudulent or dishonest financial dealings" means
				embezzlement, money laundering, identity theft, theft, and other financial
				related crimes and judgments.
(4)
				"Manager" means a person employed by a deferred deposit lender as the person
				responsible for operating the business at the location where the person is
				employed.
(5) "Monthly net income"
				means gross salary minus taxes and voluntary deductions. This term includes
				income from public assistance, child support, alimony, unemployment insurance
				payments, workers' compensation, and other verifiable sources.
31-1-702, MCA; IMP,
					 31-1-702,
					 31-1-705,
					 31-1-711,
					 31-1-713,
					 31-1-722,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1502 - APPLICATION PROCEDURE REQUIRED TO ENGAGE IN DEPOSIT LENDING (Repealed)

Current through Register Vol. 13, July 5, 2024
31-1-702, MCA; IMP,
					 31-1-702,
					 31-1-705,
					 31-1-722,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1503 - UNENCUMBERED ASSETS AS ADDITIONAL SURETY

Current through Register Vol. 13, July 5, 2024
(1)
				The statutorily required $25,000 in unencumbered assets shall serve as
				additional surety for the licensee's operations. These assets shall remain
				unencumbered.
31-1-702, MCA; IMP,
					 31-1-702,
					 31-1-705,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1504 - OWNERSHIP CHANGE IN THE DEFERRED DEPOSIT LENDER

Current through Register Vol. 13, July 5, 2024
(1) In the event there is a change of
				ownership in a licensee, the owner(s) shall file with the department an
				application for a new license. For purposes of this rule, a change in ownership
				includes circumstances when 25% or more of the ownership is transferred to a
				new owner.
31-1-702, MCA; IMP,
					 31-1-702,
					 31-1-705,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1505 - EXAMINATION OF DEFERRED DEPOSIT LENDERS

Current through Register Vol. 13, July 5, 2024
(1)
				An examination of a licensee's lending operations conducted by the department
				to verify compliance with Title 31, chapter 1, part 7, MCA, and these rules,
				must consist of a comprehensive review of the records, operations, and affairs
				of the licensee. The review must include inquiry into:
(a) accounting and financial
				records;
(b) records of the
				borrowers' files including:
(i) evidence of
				required disclosures; and
(ii) use
				of a department-approved loan agreement form; and
(c) assurance of continued capital adequacy
				and bonding.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1506 - PROCEDURAL RULES FOR HEARINGS AND DISCOVERY

Current through Register Vol. 13, July 5, 2024
(1) In the case of
				hearings concerning the issuance, suspension, revocation, or other enforcement
				actions pertaining to a licensee:
(a)
				hearings and related discovery must be conducted under the Montana
				Administrative Procedure Act implementing the Attorney General's model rules in
				effect October 17, 2016.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1507 - REPORTS

Current through Register Vol. 13, July 5, 2024
(1) The following must be reported to the
				department:
(a) any instances of theft from
				the deferred deposit loan business within ten days of discovery of the
				theft;
(b) any change in managers
				within ten days of each occurrence; and
(c) all officer questionnaires must be
				answered within ten days of the end of any examination.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1508 - SCHEDULE OF CHARGES

Current through Register Vol. 13, July 5, 2024
(1) Every licensee
				under the Montana Deferred Deposit Loan Act shall file with the commissioner in
				duplicate, at the time of filing application for such license or license
				renewal, a full and accurate schedule of all charges, fees, and costs as
				follows:
(a) interest rate;
(b) nonsufficient fund fees; and
(c) examples of typical loan amounts
				including principal, interest, and fees. (2) Licensees shall display such
				schedule prominently in each licensed place of business where loans are made or
				negotiated so as to be easily readable by borrowers and prospective
				borrowers.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1510 - EMPLOYEES' CHARACTER AND FITNESS

Current through Register Vol. 13, July 5, 2024
(1)
				Licensees are responsible for conducting appropriate background checks on new
				employees hired after July 1, 2006. At a minimum, each licensee shall:
(a) require completion of employee criminal
				background questionnaire;
(b)
				verify and document employment and personal references; and
(c) within ten days of start of employment,
				request a Montana criminal records check from the Montana Department of
				Justice.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1512 - ELECTRONIC DEDUCTIONS

Current through Register Vol. 13, July 5, 2024
(1) An electronic
				deduction for nonsufficient funds may be authorized by the borrower only on the
				original loan agreement.
(2) An
				electronic deduction for nonsufficient funds shall be separate and apart from
				an electronic deduction for the amount of the loan, interest, or any
				fees.
(3) An electronic deduction
				for nonsufficient funds authorized by the borrower under (1) may not be
				presented to the borrower's financial institution until the licensee has
				presented the check for payment.
31-1-702, MCA; IMP,
					 31-1-703,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1513 - INCOME VERIFICATION

Current through Register Vol. 13, July 5, 2024
(1) Licensees shall
				verify a borrower's income prior to issuing any deferred deposit
				loan.
(2) Verification of income
				shall be in a form of most recent pay stubs for employment, or other official
				documents for public assistance, child support, alimony, unemployment
				insurance, and workers' compensation.
31-1-702, MCA; IMP,
					 31-1-723,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1514 - DEPARTMENT APPROVAL OF LOAN AGREEMENT FORM

Current through Register Vol. 13, July 5, 2024
(1) For purposes of
				31-1-721(2), MCA,
				department approval of a deferred deposit loan agreement form submitted for
				review by a licensee or license applicant means the department has verified
				that the form contains the provisions required under
				31-1-721(2) and
				31-1-715(5), MCA,
				and that it does not contain the provisions prohibited under
				31-1-723(20),
				MCA. Department approval of a loan agreement form does not preclude the
				department from bringing an administrative action against a licensee for an
				alleged violation of
				31-1-723(7), MCA,
				based in whole or in part on other terms of the loan agreement form. Department
				approval of a loan agreement form does not constitute a legal opinion
				concerning the enforceability of the loan agreement in any legal action between
				the parties to the agreement.
31-1-702, MCA; IMP,
					 31-1-715,
					 31-1-721,
					 31-1-723,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1515 - ADOPTION OF STANDARDIZED FORMS AND PROCEDURES OF THE NMLS

Current through Register Vol. 13, July 5, 2024
(1) The NMLS Policy Guidebook dated September
				27, 2021, is adopted by reference and available on the NMLS website at
				mortgage.nationwidelicensingsystem.org/slr/common/policy/Pages/default.aspx.
(2) Except as provided in ARM
				2.59.1516, the
				NMLS deadlines, policies, procedures, and processes for all licensing-related
				actions, changes, and reports are adopted and available at
				mortgage.nationwidelicensingsystem.org/.
(3) Members of the public can look up the
				current license status, license number, states of licensure, contact
				information, and regulatory history of any deferred deposit lender licensee at
				nmls.consumeraccess.org. If an entity is not listed on NMLS consumer access, it
				does not hold a deferred deposit lender license issued by the
				department.
(4) All applicants for
				a deferred deposit lender license shall use the NMLS-approved forms and
				checklists for all licensing-related activities, including but not limited to
				initial applications, renewals, amendments, surrenders, and reports.
AUTH:
					 31-1-702,
					 31-1-710,
					 MCA; IMP:
					 31-1-705,
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1516 - LICENSE RENEWALS

Current through Register Vol. 13, July 5, 2024
(1) The renewal
				period begins November 1. Every renewal applicant shall apply for renewal
				through the NMLS. Licensees shall use the NMLS renewal process to request
				renewal of their license.
(2)
				Licensees shall submit their renewal applications by December 1 of each year to
				ensure issuance of the license to qualified renewal applicants by January 1 of
				the following year.
(3) The holder
				of an expired license may not conduct any business in Montana until becoming
				properly licensed.
AUTH:
					 31-1-706,
					 31-1-710, MCA; IMP:
					 31-1-706,
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1517 - INITIAL LICENSE APPLICATION THROUGH NMLS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-705,
					 31-1-710,
					 MCA; IMP:
					 31-1-705,
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1518 - AMENDMENTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-710,
					 MCA; IMP:
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1519 - LICENSE SURRENDER (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-710,
					 MCA; IMP:
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1520 - FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 31-1-705,
					 31-1-706,
					 31-1-710,
					 MCA; IMP:
					 31-1-705,
					 31-1-706,
					 31-1-710,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1521 - REINSTATEMENT OF EXPIRED LICENSES

Current through Register Vol. 13, July 5, 2024
(1) Upon expiration
				of a license issued under
				31-1-705, MCA, due to nonrenewal
				by the renewal date, the former licensee shall immediately cease from engaging
				in the activities for which the license was issued. The department may
				reinstate an expired license, provided that by the last day of February
				following expiration of the license, the following are submitted through the
				NMLS:
(a) a properly completed license
				renewal application;
(b) the
				license renewal fee as set forth in
				31-1-706, MCA;
(c) a reinstatement fee of $250;
				and
(d) proof that the licensee
				continues to meet standards for licensure under
				31-1-707, MCA.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.15 - Deferred Deposit Lending › Rule 2.59.1522 - ADOPTION OF ANNUAL REPORTING FORM AND DUE DATE

Current through Register Vol. 13, July 5, 2024
(1) An entity
				holding a deferred deposit lender license for any period of time during a
				calendar year reporting period shall complete and file with the department by
				April 15 of the following calendar year a Deferred Deposit Lender Annual Report
				of Licensee. The annual report must be filed whether or not any loans were
				originated during the reporting period and whether or not the licensee renewed
				its license at the end of the reporting period or held a license when the
				report came due the following April 15.
(2) A completed annual report may be mailed
				to the Division of Banking and Financial Institutions, 301 S. Park Ave., Suite
				316, P.O. Box 200546, Helena, MT 59620-0546; faxed to (406) 841-2930; or
				e-mailed to banking@mt.gov.
(3) The
				Deferred Deposit Lender Annual Report of Licensee form, July 13, 2016, edition,
				is adopted and incorporated by reference.
(4) Copies of the form are available on the
				division's web site,
http://banking.mt.gov/Home/Forms#164912245-deferred-deposit
.
AUTH:
					 31-1-714, MCA; IMP:
					 31-1-714,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1601 - U.S. TREASURY AND U.S. GOVERNMENT AGENCY ISSUES

Current through Register Vol. 13, July 5, 2024
(1) There is no dollar limit on a bank's
				investment in the following U.S. treasury securities:
(a) bonds;
(b) notes; or
(c) bills.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1602 - OTHER APPROVED QUASI-GOVERNMENT SECURITIES

Current through Register Vol. 13, July 5, 2024
(1)
				Certain other securities are approved for bank investment. There is no dollar
				limit on a bank's investment in:
(a) general
				services administration (participation certificates) ;
(b) maritime administration (bonds and notes)
				; and
(c) Washington metropolitan
				area transit authority (bonds).
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1603 - STATE, COUNTY, AND MUNICIPAL ISSUES

Current through Register Vol. 13, July 5, 2024
(1) Banks may
				invest, without dollar limitation, in the general obligation of any state which
				is part of the United States of America.
(a)
				Such obligations must be fully guaranteed as to the repayment of principal and
				interest. Evidence of such a full guarantee includes, but is not limited to,
				the pledge of the full faith and credit of the state responsible for repayment
				of the general obligation.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1604 - CORPORATE BONDS

Current through Register Vol. 13, July 5, 2024
(1) Banks may
				invest up to 20% of their capital and surplus, per issuer, in corporate
				bonds.
(2) These bonds must be
				investment grade, i.e., rated in one of the four highest grades by a recognized
				national investment rating organization. Other rating services may be used if
				the gradations are equivalent to those above, and the rating services are
				identified by the bank's investment policy. Corporate bonds should be reviewed
				as necessary to assure the bank's board of directors that bond quality has not
				fallen below investment grade.
32-1-433, MCA; IMP,
					 32-1-424,
					 32-1-433,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1605 - MUTUAL FUNDS

Current through Register Vol. 13, July 5, 2024
(1) Under the
				authority of
				32-1-424(1) (b),
				MCA, and subject to its restrictions, banks may invest in mutual funds whose
				shares represent only those United States obligations listed in ARM
				2.59.1601.
(2) Shareholders must have a proportionate
				undivided interest in any mutual fund utilized under this rule.
(3) Shareholders must be shielded from
				personal liability for acts or obligations of the mutual fund.
(4) The bank's investment policy, as formally
				approved by its board of directors, must specifically provide for such
				investments. Prior approval of the board of directors must be obtained for
				initial investments in specific mutual funds and recorded in the official board
				minutes. Procedures, standards and controls for managing such investments must
				be implemented prior to the investment being made.
Sec.
					 32-1-433, MCA; IMP, Sec.
					 32-1-424,
					 32-1-433,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1606 - OTHER APPROVED INVESTMENTS

Current through Register Vol. 13, July 5, 2024
(1) Certain other
				instruments which may have investment characteristics are approved for
				state-chartered banks. They are the following:
(a) banks may invest up to 100% of their
				capital and surplus, per accepting bank, in bankers acceptances;
(b) banks may invest, on a per issuer basis,
				in certificates of deposit (CDs) or deposit notes from insured financial
				institutions up to the greater of 20% of their unimpaired capital and surplus
				or the maximum amount of federal deposit insurance available for deposits. This
				limitation applies to the deposit and any accrued interest;
(c) banks may invest up to 20% of their
				capital and surplus, per issuer, in commercial paper provided the commercial
				paper is rated A1 or P1, at the time of purchase, by a recognized national
				investment rating organization. Equivalent ratings from other established and
				generally recognized national rating organizations may be
				substituted;
(d) banks may invest
				up to 20% of their capital and surplus, per issue, in privately issued CMOs and
				REMICs;
(e) privately issued CMOs
				and REMICs will not represent more than 40% of a bank's investment portfolio,
				or more than 400% of a bank's unimpaired capital and surplus, whichever is the
				lesser; and
(f) banks may invest up
				to 20% of their capital and surplus, per issuer, in trust preferred securities.
				These bonds must be investment grade, i.e., rated in one of the four highest
				grades by a recognized national investment rating organization. Other rating
				services may be used if the gradations are equivalent to those above, and the
				rating services are identified by the bank's investment policy.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.16 - Approved Investments › Rule 2.59.1607 - DEBT SECURITIES FOR DEBTS PREVIOUSLY CONTRACTED

Current through Register Vol. 13, July 5, 2024
(1) Debt securities received by a bank in
				good faith, in satisfaction of debts previously contracted, are not subject to
				the limitations of applicable sections of ARM
				2.59.1601 through
				2.59.1606, if the book value of
				such obligations in excess of the limitations of the rule is reduced to the
				amount allowed within six months after the date the obligations are
				acquired.
Sec.
					 32-1-433, MCA; IMP, Sec.
					 32-1-424,
					 32-1-433,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1701 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
For purposes of the Montana Mortgage Act and this subchapter,
				  the following definitions apply:
(1)
				"Breach of trust" means:
(a) a wrongful act,
				use, misappropriation, or omission with respect to any property or fund that
				has been committed to a person in a fiduciary or official capacity;
				or
(b) the misuse of a person's
				official or fiduciary position to engage in a wrongful act, use,
				misappropriation, or omission.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1702 - PROOF OF EXPERIENCE

Current through Register Vol. 13, July 5, 2024
(1) Satisfactory
				proof of experience for a designated manager demonstrates three years of
				experience by providing:
(a) copies of W-2 or
				1099 tax forms verifying employment; or
(b) verification of active licensure as a
				mortgage loan originator in another state through the Nationwide Mortgage
				Licensing System (NMLS).
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1703 - TRANSFER OF LOAN ORIGINATOR LICENSE

Current through Register Vol. 13, July 5, 2024
(1)
				Transfer of an individual mortgage loan originator license from one entity to
				another must be approved by the department. To transfer an individual mortgage
				loan originator license, the individual mortgage loan originator shall request
				sponsorship through the Nationwide Mortgage Licensing System (NMLS) by the new
				entity. The new entity must accept sponsorship of the individual through the
				NMLS. The request for sponsorship must be accompanied by a nonrefundable
				processing fee of $50.
32-9-130, MCA; IMP,
					 32-9-116,
					 32-9-117,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1704 - LICENSE RENEWAL (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-115,
					 32-9-116,
					 32-9-117,
					 32-9-118,
					 32-9-123,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1705 - LICENSING EXAMINATION AND CONTINUING EDUCATION PROVIDER REQUIREMENTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-118,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1706 - SURETY BOND

Current through Register Vol. 13, July 5, 2024
(1) The surety bond
				must be issued by a surety company authorized to do business in the state of
				Montana. The bond, including any and all riders and endorsements executed
				subsequent to the effective date of the bond, must be placed on file with the
				NMLS. The entity name on the application and on the surety bond must match
				exactly. The bond must be continuous. Whether or not the bond is renewed,
				continued, reinstated, reissued, or otherwise extended, replaced, or modified,
				including increases or decreases in the penal sum, it is deemed one continuous
				obligation, and the surety upon the bond is not liable in an aggregate or
				cumulative amount exceeding the penal sum set forth on the face of the
				bond.
(2) Remedies relating to the
				bond are cumulative and nonexclusive and do not affect any other remedy
				available at law.
AUTH:
					 32-9-130, MCA; IMP:
					 32-9-123,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1707 - REVOCATION, SUSPENSION, OR SURRENDER OF LICENSE

Current through Register Vol. 13, July 5, 2024
(1) The department may suspend or revoke a
				license for a violation of the Montana Mortgage Act, this subchapter, or for
				any other violation of state or federal law pertaining to licensees or
				residential mortgage loans.
(2) A
				licensee may offer to surrender a license by submitting an offer of surrender
				or withdrawal of a license through the NMLS. An offer of surrender or accepted
				surrender does not affect the licensee's civil or criminal liability for acts
				initiated or committed while licensed
(3) A licensee who surrenders a license while
				not in compliance with a conditional agreement cannot reinstate the license or
				obtain a new license for a period of three years after the surrender, unless
				the conditions that led to the conditional license have been fully
				resolved.
(4) 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.
(5) In the event of a
				revoked, suspended, or surrendered mortgage broker, mortgage lender, or loan
				originator license, no fees will be refunded by the department.
AUTH:
					 32-9-130,
					 MCA; IMP:
					 32-9-126,
					 32-9-130,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1708 - TABLE FUNDING REQUIRES LICENSURE (REPEALED)

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-9-130,
					 MCA; IMP:
					 32-9-102,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1709 - COMPLAINT PROCESS

Current through Register Vol. 13, July 5, 2024
(1) A complaint
				form must be submitted in writing to the department. If the basis of the
				complaint relates to the Montana Mortgage Act, it will be investigated by the
				department .
(2) The Complaint Form
				dated January 23, 2020, is adopted and incorporated by reference and available
				on the department's website at banking.mt.gov.
AUTH:
					 32-9-130,
					 MCA; IMP:
					 32-9-130,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1710 - RECORDS TO BE MAINTAINED BY MORTGAGE BROKERS

Current through Register Vol. 13, July 5, 2024
(1) A mortgage
				broker shall create and retain a residential mortgage file. The residential
				mortgage file shall contain:
(a) a record of
				all cash, checks, or other monetary instruments received in connection with
				each mortgage loan application showing the identity of the payor, date
				received, amount, and purpose;
(b)
				applicant's name, date, name of person taking the application, HUD-1 Settlement
				Statement, copies of all agreements or contracts with the applicant, including
				any commitment and lock-in agreements, and all disclosures required by state
				and federal law signed and dated by the borrower, and where applicable, signed
				and dated by the individual mortgage broker or loan originator;
(c) copies of the loan estimate and closing
				disclosures required by the Truth in Lending Act - Real Estate Settlement
				Practices Act (TILA-RESPA) Integrated Disclosure (TRID) rule, which must be
				signed and dated by the borrowers;
(d) a record of any and all contact between
				the mortgage broker or loan originator and the borrower relating to the rate,
				terms, or conditions of the loan;
(e) a copy of the evidence of insurance or
				insurance binder as required by the lender;
(f) a copy of the statement from the investor
				authorizing the loan;
(g) a copy of
				the appraisal;
(h) a copy of the
				borrower's credit report;
(i) a
				copy of all documentation used to support the borrower's income as required by
				the lender;
(j) a copy of all
				documentation used to support the borrower's assets as required by the
				lender;
(k) a copy of the
				promissory note;
(l) a copy of the
				policy of title insurance commitment on the property securing the
				loan;
(m) a copy of the first three
				pages of the deed of trust and final Truth in Lending disclosure signed by the
				borrower; and
(n) copies of all
				uniform residential loan applications.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1711 - CONTINUING EDUCATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-118,
					 32-9-130, MCA; IMP,
					 32-9-118,
					 32-9-130,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1712 - DESIGNATED MANAGERS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-103,
					 32-9-122,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1713 - EXAMINATIONS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-130,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1714 - FAILURE TO CORRECT DEFICIENCIES

Current through Register Vol. 13, July 5, 2024
(1) In
				addition to all other enforcement actions allowed by Montana law, the
				department may suspend or revoke a license pursuant to Title 2, chapter 4, part
				6, MCA, of an entity that does not correct the deficiencies found by the
				department after an examination and within the time granted by the
				department.
32-9-130, MCA; IMP,
					 32-9-130,
					 32-9-133,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1715 - GROUNDS FOR THE DENIAL OF AN APPLICATION (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-115,
					 32-9-116,
					 32-9-130,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1716 - COSTS IN BRINGING THE ADMINISTRATIVE ACTION

Current through Register Vol. 13, July 5, 2024
(1) Costs in
				bringing the administrative action as used in
				32-9-133, MCA, include:
(a) administrative law judge
				charges;
(b) court reporter
				fees;
(c) transcription cost as
				provided under
				2-4-614, MCA;
(d) exhibit preparation cost if the exhibit
				was admitted into evidence at the hearing;
(e) deposition cost if the deposition was
				used at the hearing;
(f) fees, if
				any, for service of subpoenas;
(g)
				witness fees and mileage for the department's lay/fact witnesses; and
(h) mileage for the department's expert
				witness if the expert appears personally and testifies at the
				hearing.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1717 - SCHEME TO DEFRAUD OR MISLEAD

Current through Register Vol. 13, July 5, 2024
(1) For
				purposes of
				32-9-124, MCA, a scheme to defraud
				or mislead a borrower, a lender, or any other person shall include but is not
				limited to:
(a) misstating a borrower's
				income, assets, obligations, employment status, credit history, or financial
				resources, or the borrower's equity in the dwelling which secures repayment of
				the loan to a lender;
(b) stating
				to a lender, or more than one lender, that a borrower intends to use more than
				one property as a primary residence;
(c) charging or accepting any fees in excess
				of fees that have been or will be remitted to third parties; and
(d) failing to disburse funds in accordance
				with any commitment or agreement with the borrower.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1718 - LICENSE RENEWALS FOR MORTGAGE LENDERS LICENSED AS OF JULY 1, 2009 - TEMPORARY LICENSES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-102,
					 32-9-105,
					 32-9-113,
					 32-9-120,
					 32-9-123,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1719 - NEW APPLICANTS FOR A MORTGAGE LOAN ORIGINATOR LICENSE - TEMPORARY LICENSES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-102,
					 32-9-105,
					 32-9-120,
					 32-9-127,
					 32-9-128,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1720 - NEW APPLICANTS FOR A MORTGAGE BROKER OR MORTGAGE LENDER LICENSE - TEMPORARY LICENSES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-102,
					 32-9-105,
					 32-9-113,
					 32-9-120,
					 32-9-123,
					 32-9-127,
					 32-9-128,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1721 - NET WORTH REQUIREMENT FOR MORTGAGE BROKERS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-123,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1722 - UNACCEPTABLE ASSETS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-123,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1723 - PROOF OF NET WORTH (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-114, MCA; IMP,
					 32-9-123,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.17 - Mortgage Broker and Loan Originator Licensing › Rule 2.59.1724 - RECORDS TO BE MAINTAINED BY MORTGAGE LENDERS

Current through Register Vol. 13, July 5, 2024
(1) All licensees
				shall maintain and preserve financial records concerning business operations,
				transactions with customers, and escrow account transactions.
(2) Any books, accounts, or records required
				to be maintained by the department may be maintained in paper, electronic, or
				digital format approved by the department provided the records shall be made
				available to the department as required by the statutes and rules, and at the
				request of the department, the records shall be printed or transferred to a
				format that is usable by the department.
(3) A mortgage lender shall create and
				maintain the following records:
(a) copies of
				all disclosures required by
				32-9-148, MCA;
(b) copies of all payroll records, including
				federal and state withholding tax forms, W-2s, and 1099 forms filed with the
				Internal Revenue Service by the licensee or its agent on behalf of individuals
				employed by the licensee or on behalf of individuals acting as independent
				contractors in the mortgage lending business;
(c) a general ledger and subsidiary records
				sufficient to produce, when requested by the department, an accurate monthly
				statement of assets and liabilities, and a cumulative profit and loss statement
				for the current operating year;
(d)
				all checkbooks, bank statements, deposit slips, and cancelled checks that
				pertain to the mortgage lending business of the licensee;
(e) supporting documentation for all expenses
				and fees paid by the mortgage lender on behalf of the customer; and
(f) copies of all credit report bills
				received from all credit reporting agencies for the most recent five-year
				period.