reglab/statecodes huggingface dataset:
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 2.59.1725 - LICENSING EXEMPTIONS AND VOLUNTARY REGISTRATION BY EXEMPT ENTITIES WITH THE NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS) (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-104,
					 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 2.59.1726 - REQUEST FOR CORRECTION OR AMENDMENT OF DEPARTMENT-GENERATED RECORD IN THE NMLS

Current through Register Vol. 13, July 5, 2024
(1) For purposes of
				accuracy or completeness, a person about whom the department has generated a
				record in the NMLS may make a written request to the department that it correct
				or amend the record. The written request must not exceed one side of an 8x11
				sheet of paper in length and must concisely set out the basis for the person's
				contention that the record is either inaccurate or incomplete. At the time of
				making the written request for correction or amendment, the person shall
				provide a copy of any documentation that the person wishes the department to
				consider supporting the contention that the department's record is inaccurate
				or incomplete.
(2) As promptly as
				required by the circumstances after receiving a request as provided in (1), the
				department shall:
(a) make the requested
				correction or amendment; or
(b)
				inform the person in writing of the department's refusal to correct or amend
				the record and the reason for the refusal.
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- Mortgage Broker and Loan Originator Licensing › Rule 2.59.1727 - MORTGAGE LOAN ORIGINATOR LICENSING EXAM RETAKES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-110,
					 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 2.59.1728

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-9-130, MCA; IMP:
					 32-9-105,
					 32-9-110,
					 32-9-112,
					 32-9-130,
					 32-9-134,
					 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 2.59.1729 - TRANSITION AND INITIAL LICENSE APPLICATION THROUGH NMLS - LICENSE RENEWALS - FEES (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-117,
					 32-9-130, MCA; IMP,
					 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 2.59.1730 - CONFIDENTIALITY - AGREEMENTS AND SHARING ARRANGEMENTS

Current through Register Vol. 13, July 5, 2024
(1) In addition to the trade associations
				specifically named in
				32-9-160(3),
				MCA, the department may enter into agreements or sharing arrangements allowing
				the sharing of information and material with the following governmental
				agencies and associations representing governmental agencies:
(a) State Regulatory Registry, LLC;
(b) Multi-State Mortgage Committee;
(c) Federal Housing
				Administration;
(d) Consumer
				Financial Protection Bureau ;
(e)
				United States Department of Housing and Urban Development;
(f) Federal Trade Commission; and
(g) Financial Crimes Enforcement Network
				(FinCEN).
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 2.59.1731 - REINSTATEMENT OF EXPIRED OR SUSPENDED LICENSES

Current through Register Vol. 13, July 5, 2024
(1) Upon expiration of a license under
				32-9-134,
				MCA, due to nonrenewal by the renewal date, the licensee shall immediately
				cease from engaging in the activities for which the license was issued. Except
				as provided in (3), the department may reinstate an expired license, provided
				that by the last day of February following expiration of the license, the
				following are submitted:
(a) a properly
				completed license renewal application through NMLS;
(b) the renewal fee;
(c) the NMLS fee;
(d) a late renewal fee of $250;
(e) proof that the licensee continues to meet
				standards for licensure under
				32-9-120,
				MCA; and
(f) proof of continuing
				education compliance.
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 2.59.1732 - MORTGAGE CALL REPORTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-151,
					 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 2.59.1733 - EXPUNGEMENT OF FELONY RECORD

Current through Register Vol. 13, July 5, 2024
(1) An
				individual is ineligible for a mortgage loan originator license or license
				renewal, even if the record of the individual's felony conviction of the type
				referred to in
				32-9-120, MCA, has been
				expunged.
(2) Ineligibility for
				licensure is triggered by the conviction and not by an extant record of the
				conviction.
32-9-130, MCA; IMP,
					 32-9-120,
					 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 2.59.1734 - AVAILABILITY OF EXEMPTIONS TO ENTITIES AND INDIVIDUALS

Current through Register Vol. 13, July 5, 2024
(1) The exemptions in
				32-9-104, MCA, addressing entities
				are available and apply only to business organizations, including sole
				proprietorships. An individual is not an entity for purposes of
				32-9-104, MCA.
32-9-130, MCA; IMP,
					 32-9-103,
					 32-9-104,
					 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 2.59.1735 - DETERMINING THE AMOUNT OF SURETY BOND FOR A NEW MORTGAGE BROKER OR MORTGAGE LENDER

Current through Register Vol. 13, July 5, 2024
(1) An entity
				applying for a license as a mortgage broker or mortgage lender for the first
				time in Montana shall submit with its application the total combined annual
				loan production volume for the year preceding the year of application as
				required by
				32-9-123(2)(b),
				MCA.
(2) An entity having no prior
				business history, or a business history of less than one year at the time of
				application, shall purchase a surety bond in the amount of $25,000.
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 2.59.1736 - DEADLINE FOR CONDITIONALLY LICENSED MORTGAGE LOAN ORIGINATORS TO COMPLETE THE MONTANA EXAM (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-114,
					 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 2.59.1737 - MONTANA MORTGAGE LOAN ORIGINATION DISCLOSURE FORM

Current through Register Vol. 13, July 5, 2024
(1) Licensees shall use a form that is
				substantially similar to the Mortgage Loan Origination Disclosure form dated
				September 23, 2011, which is available on the department's website at
				banking.mt.gov. Licensees may customize the form to meet their individual
				needs.
(2) The disclosure must
				include the address, phone number, facsimile number, e-mail address, and
				website of the department.
(3) The
				disclosure must include the unique identifier issued by the NMLS for the
				employing entity and mortgage loan originator.
(4) The disclosure must be signed by the
				borrower and co-borrower, if any, and the mortgage loan originator.
AUTH:
					 32-9-124,
					 32-9-130,
					 MCA; IMP:
					 32-9-124,
					 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 2.59.1738 - RENEWAL FEES

Current through Register Vol. 13, July 5, 2024
(1) Licenses issued
				under Title 32, chapter 9, part 1, MCA, expire December 31. 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. The renewal fees for the license period after January 1, 2022, are:
(a) Mortgage Broker Entity,
				$125.00;
(b) Mortgage Broker
				Branch, $62.50;
(c) Mortgage Lender
				Entity, $750.00;
(d) Mortgage
				Lender Branch, $62.50;
(e) Mortgage
				Loan Originator, $100.00;
(f)
				Mortgage Servicer Entity, $750.00;
(g) Mortgage Servicer Branch,
				$62.50.
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 2.59.1739 - APPLICATION OF FINANCIAL STANDARDS

Current through Register Vol. 13, July 5, 2024
(1) Section
				32-9-120(1)(c)
				and 32-9-113, MCA, require mortgage
				loan originators, as well as ultimate equity owners and control persons of
				entities, to meet financial responsibility standards. These persons are
				referenced in ARM
				2.59.1739 through
				2.59.1742 as "individuals."
(2) Financial responsibility,
				character, and general fitness are continuing requirements for individuals and
				must be met at all times including upon initial licensure and
				renewal.
AUTH:
					 32-9-130, MCA; IMP:
					 32-9-113,
					 32-9-117,
					 32-9-120,
					 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 2.59.1740 - STANDARDS FOR DETERMINING FINANCIAL RESPONSIBILITY

Current through Register Vol. 13, July 5, 2024
(1) The department shall find an individual
				lacks the required financial responsibility if a pattern of disregard is shown
				regarding the management of the individual's personal financial
				affairs.
(2) In determining whether
				an individual has shown a pattern of disregard regarding their own personal
				financial affairs, the department shall consider the following factors:
(a) the existence of outstanding judgment(s),
				excluding judgments resulting solely from medical expenses;
(b) the existence of outstanding tax liens or
				other government liens or filings;
(c) a pattern of delinquency in child support
				or student loan payments;
(d) the
				existence of outstanding collection actions against the individual unless
				solely as a result of medical expenses;
(e) the existence of outstanding charged-off
				accounts with a remaining past due balance owed unless solely as a result of
				medical expenses;
(f) the existence
				of three or more accounts currently 90 days or more past due; and
(g) a foreclosure within the past three
				years.
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 2.59.1741 - PROCEDURES FOR DETERMINING FINANCIAL RESPONSIBILITY

Current through Register Vol. 13, July 5, 2024
(1) If an
				individual's credit report or response to any application disclosure question
				contains adverse information, the department shall:
(a) notify the individual in writing of the
				specific items that must be addressed; and
(b) specify the documentation that must be
				provided for the department's consideration and review.
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 2.59.1742 - REVIEWING ADVERSE CREDIT HISTORY AND OTHER INFORMATION

Current through Register Vol. 13, July 5, 2024
(1) In making a determination whether an
				applicant has demonstrated financial responsibility, character, and general
				fitness, the department shall consider the following:
(a) the individual's credit history reflected
				in a credit report;
(b)
				supplemental information and documentation requested from and provided by the
				individual as determined necessary by the department;
(c) responses and information contained in
				the individual's application filings;
(d) previous and current license history with
				the department, to include any regulatory actions that have occurred;
(e) other information that reflects upon the
				financial responsibility, character, and general fitness, whether favorably or
				adversely;
(f) the timing and
				context of the information reviewed;
(g) patterns of conduct; and
(h) factors indicating that financially
				adverse information may be the result of the involuntary loss of job or income,
				divorce, or health issues. Under such circumstances, the individual shall
				provide documents showing attempted workout arrangements with creditors or
				other factors indicating the individual has made an attempt to correct his or
				her financial difficulties.
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 2.59.1743 - REPORTING FORMS FOR MORTGAGE SERVICERS

Current through Register Vol. 13, July 5, 2024
(1)
				A mortgage servicer licensee shall compile and submit a report to the
				department 45 days after the end of each quarter. The quarter end dates are
				March 31, June 30, September 30, and December 31.
(2) At the servicer's election, each servicer
				shall submit either the expanded mortgage call report through the NMLS or the
				Quarterly Statement for Mortgage Servicing Activity dated May 31, 2016, for
				every quarter during which it held a license.
(3) The Quarterly Statement for Mortgage
				Servicing Activity dated May 31, 2016, which is adopted and incorporated by
				reference, is available on the division's web site at
http://banking.mt.gov/Home/Forms#164912243-loan-servicers
.
(4) The deadline for submitting
				the reports listed in (1) is extended by 30 days to allow reports to be
				submitted within a total of 75 days after the end of each quarter for the
				quarters ending June 30, 2020, September 30, 2020, December 31, 2020, and March
				31, 2021. This section sunsets on June 1, 2021.
AUTH:
					 32-9-130,
					 MCA; IMP:
					 32-9-170,
					 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 2.59.1744 - RECORDS TO BE MAINTAINED BY MORTGAGE SERVICERS

Current through Register Vol. 13, July 5, 2024
(1) A mortgage servicer shall create and
				retain a file for each Montana residential mortgage loan which it services. The
				file must contain, if applicable:
(a) the
				borrower (or borrowers) name(s);
(b) a copy of the original note and deed of
				trust or mortgage;
(c) a copy of
				any disclosures or notifications provided to the borrower required by state or
				federal law or rule or regulation;
(d) a copy of all written requests for
				information received from the borrower and the mortgage servicer's response to
				such requests as required by state or federal law;
(e) a record of all payments received from
				the borrower containing all information required to be provided to a borrower
				upon request under
				32-9-169(1),
				MCA;
(f) a copy of any bankruptcy
				plan approved in a proceeding filed by the borrower or a co-owner of the
				property subject to the mortgage;
(g) a communications log documenting all
				verbal communication with the borrower or the borrower's
				representative;
(h) a record of all
				efforts by the mortgage servicer to comply with the duties required under
				32-9-170(7), MCA,
				including all information utilized in the mortgage servicer's determination
				regarding loss-mitigation proposals offered to the borrower;
(i) a copy of all notices sent to the
				borrower related to any foreclosure proceeding filed against the encumbered
				property;
(j) records regarding the
				final disposition of the loan including a copy of any collateral-release
				document, records of servicing transfers, charge-off information, or real
				estate owned (REO) disposition; and
(k) copies of all contracts, agreements, and
				escrow instructions to or with any depository institution, any mortgage lender,
				mortgage servicer, or mortgage broker, any warehouse lender or other funding
				facility, any servicer of mortgage loans, and any investor, for a period of not
				less than five years after expiration of any such contract or
				agreement.
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 2.59.1745 - DEADLINE FOR RENEWAL APPLICATIONS

Current through Register Vol. 13, July 5, 2024
(1)
				Applications for renewal of licenses may be submitted to the department through
				the NMLS during the annual renewal period from November 1 to December
				31.
(2) The department shall
				process all completed renewal applications submitted to it in the order
				received.
(3) The holder of an
				expired license may not conduct any business in Montana until becoming properly
				licensed.
32-9-130, MCA; IMP,
					 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 2.59.1746 - RECORD MAINTENANCE, STORAGE, TRANSFER, AND DESTRUCTION

Current through Register Vol. 13, July 5, 2024
(1) Records may be maintained electronically
				if the storage system complies with the Fair and Accurate Credit Transactions
				Act of 2003 ( 15 USC
				1681 et seq.), the Gramm-Leach-Bliley Act (
				15 USC
				6801 et seq.), and the regulations adopted
				thereunder ( 16 CFR 314 ).
(2) A
				licensed entity shall make all records available to the department in a usable
				format pursuant to
				32-9-121 and
				32-9-130, MCA.
(3) An individual who terminates sponsorship
				with an entity shall relinquish to the entity any records in the individual's
				possession at the time of termination.
(4) A person who disposes of records at the
				end of the retention period shall destroy personal information by shredding,
				burning, erasing, or otherwise making the information indecipherable as
				required by
				30-14-1703, MCA, the Fair and
				Accurate Credit Transactions Act of 2003 (
				15 USC
				1681 et seq.), and the regulations adopted
				thereunder ( 16 CFR 682 ).
(5) A
				licensed entity that becomes aware of an instance of unauthorized access to
				customer information shall comply with
				30-14-1704, MCA.
32-9-121,
					 32-9-130, MCA; IMP,
					 32-9-121,
					 32-9-124,
					 30-14-1703,
					 30-14-1704,
					 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 2.59.1747 - RESPONSIBLE PARTY FOR RECORDS

Current through Register Vol. 13, July 5, 2024
(1) If a
				licensed entity is actively engaged in the business of residential mortgage
				loans, the entity's designated manager is responsible for proper retention,
				maintenance, safeguarding, and disposal of records for the whole entity. The
				designated manager of each branch is responsible for proper retention,
				maintenance, safeguarding, and disposal of records for the branch
				managed.
(2) If a licensed entity
				ceases doing business in Montana, the entity's designated manager, as of the
				entity's last day of operation as designated on the NMLS Company Form, is
				responsible for proper retention, maintenance, safeguarding, and disposal of
				records as set forth in ARM
				2.59.1746. The designated manager's
				failure to properly fulfill this duty may result in revocation or suspension of
				their license or civil penalties.
32-9-121,
					 32-9-130, MCA; IMP,
					 32-9-121,
					 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 2.59.1748 - MONTANA-SPECIFIC ESCROW FUND

Current through Register Vol. 13, July 5, 2024
(1) A mortgage
				servicer or lender shall:
(a) establish an
				escrow fund specifically for Montana residential mortgage loans being serviced.
				The escrow fund must contain only money related to Montana residential mortgage
				loans; or
(b) elect to provide to
				the department loan account histories of the residential mortgage loans located
				in Montana along with the escrow account statements or reports showing how,
				when, and where those payments were held, applied, and distributed for the
				period the servicer has serviced the loan.
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 2.59.1749 - WRITTEN EXEMPTION FORM FOR REQUESTING A MORTGAGE LICENSING EXEMPTION (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-9-130, MCA; IMP,
					 32-9-104,
					 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 2.59.1750

Current through Register Vol. 13, July 5, 2024
AUTH:
					 32-9-130, MCA IMP:
					 32-9-103(26),
					 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 2.59.1751 - CERTIFICATE OF BONA FIDE NOT-FOR-PROFIT ENTITY

Current through Register Vol. 13, July 5, 2024
(1) A bona fide not-for-profit entity shall
				certify that it meets the exemption in
				32-9-104(1)(f),
				MCA, and shall file with the department the Bona Fide Not-For-Profit "BNFP"
				Certification form , to make its certification both initially and annually.
(2) The Bona Fide Not-For-Profit
				"BNFP" Certification form dated December 4, 2020, is adopted and incorporated
				by reference and available on the department's website at
				banking.mt.gov.
AUTH:
					 32-9-104,
					 MCA; IMP:
					 32-9-103,
					 32-9-104,
					 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 2.59.1752 - STATE-SPECIFIC PRELICENSING EDUCATION

Current through Register Vol. 13, July 5, 2024
(1) An
				individual seeking a mortgage loan originator's license shall complete two
				hours of prelicensing education specific to Montana residential mortgage
				statutes and rules.
(2) This rule
				will become effective on March 1, 2014.
32-9-107, MCA; IMP,
					 32-9-107,
					 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 2.59.1753 - APPLICATIONS FOR INITIAL LICENSE NEAR YEAR-END; WHEN APPLICATION FOR INITIAL LICENSE MAY BE DEEMED ABANDONED

Current through Register Vol. 13, July 5, 2024
(1) An
				application for initial license submitted to the department through NMLS during
				the period of November 1 through December 31 is deemed an application for
				licensure for the next calendar year unless the following conditions are met:
(a) the applicant requests expedited
				processing of the application and issuance of a license for the remainder of
				the calendar year in which the application is submitted;
(b) the application is complete and contains
				no deficiencies; and
(c) the
				department has sufficient time and staff resources to accommodate the
				applicant's request during the period November 1 through December 31, which
				coincides with the renewal period for current licensees. Current licensees'
				renewal applications are given administrative priority over applications for
				initial licensure.
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 2.59.1754 - CLARIFICATION OF DEFINITION OF "REGULARLY ENGAGE"

Current through Register Vol. 13, July 5, 2024
(1) A person who
				advertises in any manner is holding themselves out to the public as being able
				to act as a mortgage loan originator, mortgage broker, mortgage lender, or
				mortgage servicer in Montana. By so doing, the person expects to engage in the
				business of a mortgage loan originator, mortgage broker, mortgage lender, or
				mortgage servicer in Montana within the meaning of
				32-9-103(39),
				MCA.
(2) If a person licensed
				through the NMLS as a mortgage loan originator, mortgage broker, mortgage
				lender, mortgage servicer, or similar person in another state acts as a
				mortgage loan originator, mortgage broker, mortgage lender, or mortgage
				servicer in Montana, they are regularly engaging in business in Montana within
				the meaning of
				32-9-103(39),
				MCA.
AUTH:
					 32-9-130, MCA; IMP:
					 32-9-103(39),
					 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 2.59.1755 - DEFINITION OF "ALTER" FOR MORTGAGE LICENSEES

Current through Register Vol. 13, July 5, 2024
(1) The word
				"alter" as used in
				32-9-124(1)(l),
				MCA, means that loan documents may not be revised by:
(a) using correction fluid, correction tape,
				or any other means of changing or covering over a date or signature not on the
				original;
(b) inserting a signature
				or date not on the original; or
(c)
				making any other change to a document.
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 2.59.1756 - GOVERNMENT SPONSORED ENTERPRISES

Current through Register Vol. 13, July 5, 2024
(1) The
				government-sponsored enterprises for the mortgage servicer capital requirements
				in the Montana Mortgage Act are:
(a) Federal
				Home Loan Mortgage Corporation (Freddie Mac);
(b) Federal National Mortgage Association
				(Fannie Mae); or
(c) Federal Home
				Loan Banks (FHLBs).
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 2.59.1757 - DESIGNATED MANAGER SUPERVISORY REQUIREMENTS

Current through Register Vol. 13, July 5, 2024
(1) If a designated manager supervises more
				than one location, a mortgage broker or mortgage lender must have a written
				policy which addresses supervision of multiple licensed locations.
(2) The policy must include the frequency of:
(a) communication between the designated
				manager and employees in remote locations;
(b) onsite visits by the designated manager
				to other licensed locations; and
(c) review of employee performance and of
				work performed.
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 2.59.1758 - FALSE, DECEPTIVE, OR MISLEADING ADVERTISING

Current through Register Vol. 13, July 5, 2024
(1) False, deceptive, or misleading
				advertising includes but is not limited to advertising or marketing that:
(a) is defined by this rule as false,
				deceptive, or misleading;
(b)
				violates
				32-9-149,
				MCA, or this rule;
(c) violates any
				applicable state or federal unfair, deceptive, or abusive acts or practices
				laws or other laws applicable to advertising services authorized by or
				conducted under the Montana Mortgage Act.
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 2.59.1759 - INTERNET OR ELECTRONIC ADVERTISING

Current through Register Vol. 13, July 5, 2024
(1) For
				the purpose of this rule, "Internet" means the Internet, the World Wide Web, or
				Internet-based electronic information distribution networks, and any derivative
				delivery systems or evolutions of such delivery systems that may be connected
				to individual computers, terminals, and other consumer electronic interface
				devices through which information is delivered via computer servers connected
				via phone lines or other cable, wire, fiber, wireless, or other analogous
				linkages to a computer, computer network or networks including, but not limited
				to, websites, e-mail, text messaging, multimedia advertising, social media,
				and/or banner advertisements.
(2)
				Licensees who engage in any form of Internet or electronic advertising shall
				comply with the requirements of this rule. This rule does not apply to
				traditional forms of advertising or promotion, such as newspaper, television,
				or radio advertisements, or direct mailings.
(3) A licensee must provide the following in
				any Internet or electronic advertising:
(a)
				the licensee's name as entered into NMLS and NMLS unique identifier;
				and
(b) if loan originators are
				named, their NMLS unique identifier must closely follow the names.
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 2.59.1760 - EXAMINATION FEES

Current through Register Vol. 13, July 5, 2024
(1) A mortgage
				lender, broker, or servicer shall pay to the department the actual cost of any
				examination or investigation which must include expenses for necessary travel
				for the purposes of conducting the examination or investigation.
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 2.59.1761 - ACTIVITIES REQUIRING A LICENSE

Current through Register Vol. 13, July 5, 2024
(1) For
				purposes of
				32-9-124(1)(h),
				MCA, the department adopts by reference Appendices A through D of 12 CFR 1008
				(Regulation H) (July 1, 2022). The appendices may be found on the department's
				website at banking.mt.gov.
AUTH:
					 32-9-130
					 MCA; IMP:
					 32-9-124,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.18 - Mortgage Lending › Rule 2.59.1801 - MORTGAGE LENDER SURETY BOND (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-10-303,
					 32-10-502, MCA; IMP,
					 32-10-203,
					 32-10-208,
					 32-10-303,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.18 - Mortgage Lending › Rule 2.59.1802 - BRANCH OFFICE LICENSING (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-10-203,
					 32-10-502, MCA; IMP,
					 32-10-202,
					 32-10-203,
					 32-10-208,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.18 - Mortgage Lending › Rule 2.59.1803 - SUPERVISION OF OFFICES AND LOAN OFFICERS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-10-502, MCA; IMP,
					 32-10-202,
					 32-10-203,
					 32-10-208,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.18 - Mortgage Lending › Rule 2.59.1804 - RESPONSIBILITY FOR ACTS OF AGENTS (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-10-502, MCA; IMP,
					 32-10-207,
					 32-10-501,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.18 - Mortgage Lending › Rule 2.59.1805 - WAIVER OF IN-STATE OFFICE REQUIREMENT (REPEALED)

Current through Register Vol. 13, July 5, 2024
32-10-309,
					 32-10-502, MCA; IMP,
					 32-10-309,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.19 - Business and Industrial Development Corporations › Rule 2.59.1901 - EXAMINATION FEES

Current through Register Vol. 13, July 5, 2024
(1) A business and
				industrial development corporation (BIDCO) licensee shall pay the Division of
				Banking and Financial Institutions a fee for the cost of conducting the
				examination of a BIDCO licensee, an affiliate, or subsidiary of the licensee as
				well as the cost of preparing the examination report. This fee shall be equal
				to $50 per hour per examiner, plus out-of-pocket costs for travel, lodging, and
				meals while away from the examiner's place of employment.
32-11-105, MCA; IMP,
					 32-11-203,
					 MCA;
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2001 - APPLICATION PROCEDURE FOR A CERTIFICATE OF AUTHORIZATION FOR A STATE-CHARTERED MUTUAL ASSOCIATION

Current through Register Vol. 13, July 5, 2024
(1) One or more
				individual incorporators desiring to organize a mutual association shall file
				with the department, an application for a certificate of authorization for a
				state-chartered mutual association. The department adopts and incorporates by
				reference:
(a) the Interagency Charter and
				Federal Deposit Insurance Application dated July 2021, as the form that shall
				be completed when applying for a certificate of authorization; and
(b) the Interagency Biographical and
				Financial Report dated August 2021, for use by individuals in conjunction with
				the Interagency Charter and Federal Deposit Insurance Application. The
				application and biographical and financial report are available at the
				department's website at banking.mt.gov.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2002 - PERSUASIVE SHOWING OF REASONABLE PUBLIC NECESSITY AND DEMAND

Current through Register Vol. 13, July 5, 2024
(1) In determining whether a reasonable
				public necessity and demand is established in any case, the department requires
				that these words be given a meaning which will promote the public interest of
				the community as a whole in having a sound banking structure, reasonably
				competitive and adequate for the needs of the community.
(2) In making this determination the
				following are among the factors which the department may consider:
(a) the number of mutual associations already
				serving the area in which the proposed mutual association would
				locate;
(b) the size of the
				area;
(c) the population of the
				area;
(d) the wealth of residents
				of the area;
(e) the commercial and
				industrial development of the area;
(f) the socioeconomic trends of the
				area;
(g) the adequacy of the
				services being provided by existing mutual associations compared to the needs
				of residents and the services to be offered by the proposed mutual association,
				including a detailed list of banking services that will be offered the
				community to be served by the new mutual association;
(h) the capability of existing mutual
				associations to handle potential growth of the area;
(i) the convenience of the location of
				existing mutual associations to residents of the area as compared to
				convenience of the proposed mutual association;
(j) the size of financial institutions in the
				area;
(k) the history of financial
				institutions in the area;
(l) an
				indication of the support the proposed mutual association could reasonably
				expect to receive from representative segments of the businesses and residents
				of the area; and
(m) the
				probability of the success of the proposed mutual association.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2003 - MANAGEMENT OF PROPOSED MUTUAL ASSOCIATION

Current through Register Vol. 13, July 5, 2024
(1)
				To establish reasonable assurance that the mutual association will be safely
				and soundly operated as required by 32-2-801, MCA, and recognizing that the
				ultimate responsibility for management of a mutual association reposes in its
				board of directors, the department will not issue a certificate of authority to
				a proposed mutual association if the department finds that any one or more of
				the proposed directors of the new mutual association has questionable moral
				character or lack of financial integrity and, therefore, does not command the
				confidence of the community in which the proposed mutual association is to be
				located.
(2) In the event that the
				application for a state mutual association charter does not include the name
				and qualifications of the proposed managing officer, the department will direct
				that if a charter is to be issued for the proposed mutual association it shall
				be conditioned upon the submission of the name and qualifications of a proposed
				managing officer to the department at least 60 days prior to the opening of the
				mutual association and that the department find the proposed managing officer
				unobjectionable.
AUTH: 32-2-801, MCA; IMP 32-2-801,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2004 - CAPITAL ADEQUACY OF PROPOSED NEW MUTUAL ASSOCIATIONS

Current through Register Vol. 13, July 5, 2024
(1) The applicant must provide a reasonable
				assurance that the proposed new mutual association will have adequate initial
				paid-in capital sufficient to:
(a) absorb
				initial operating losses under foreseeable business conditions;
(b) permit the proposed investment in
				building, land, furniture, and fixtures within the limitation of 100% of
				capital and surplus as imposed by 32-2-933, MCA;
(c) provide protection for depositors' funds
				to the same extent that the average of all insured mutual associations in the
				proposed mutual association's peer group provides capital protection, measured
				by the most current peer group data available on total capital accounts as a
				percentage of total assets. The proposed mutual association's reasonably
				estimated total assets at the end of its first three years of operation shall
				be the basis upon which this standard shall be projected; and
(d) enable the mutual association to furnish
				competitive services that will ensure an amount of business sufficient to
				assure its success.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2005 - MUTUAL ASSOCIATIONS - FDIC INSURANCE REQUIRED

Current through Register Vol. 13, July 5, 2024
(1) To comply with 32-2-801 and 32-2-809,
				MCA, it has been determined by the department that it is in the public interest
				to require all mutual associations to be accepted by the Federal Deposit
				Insurance Corporation (FDIC) for the insurance of deposits. The department will
				not issue a certificate of authorization to a proposed new mutual association
				unless:
(a) the department has received
				official notice that the proposed mutual association has been accepted for
				insurance of deposits; or
(b) the
				department has received satisfactory assurance from the FDIC that the proposed
				mutual association will be accepted for insurance when the proponents comply
				with certain stated minor requirements imposed by the FDIC. Such "minor
				requirements" must be of a type and character which the department determines
				can be promptly complied with by the proponents without serious
				difficulty.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2006 - PRO FORMA STATEMENT

Current through Register Vol. 13, July 5, 2024
(1) An operational
				projection shall be submitted as part of the application for new mutual
				association charters, in order to show that the new mutual association will
				remain solvent while meeting the requirements set forth in ARM 2.59.2004. The
				pro forma statement will include, at a minimum:
(a) a projected three-year comparative
				balance sheet and income projection;
(b) information on start-up costs, including
				legal fees, and other costs that may be amortized; and
(c) costs associated with fixed assets and
				their maintenance.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2009 - CONVERSION OF A NATIONAL MUTUAL ASSOCIATION TO A STATE MUTUAL ASSOCIATION

Current through Register Vol. 13, July 5, 2024
(1) Upon conversion:
(a) the resulting state mutual association
				succeeds, without other transfer, to all the rights and property of the
				converted mutual association and is subject to all the debts and liabilities of
				the converted mutual association in the same manner as if the resulting state
				mutual association itself had incurred them;
(b) all rights of creditors of the converted
				mutual association and all liens upon the converted mutual association's
				property are unimpaired by the transfer, provided that the liens are limited to
				the affected property immediately prior to the time when the conversion became
				effective;
(c) title to all real,
				personal, and mixed property owned by the converted mutual association is
				vested in the resulting state mutual association without reversion or
				impairment and without the necessity of any instrument of transfer;
(d) the resulting state mutual association
				has all the liabilities, duties, and obligations of the converted mutual
				association, including obligations as fiduciary, personal representative,
				administrator, trustee, or guardian; and
(e) any pending action or other judicial
				proceeding to which the converted mutual association was a party may continue
				to be prosecuted to final judgment, order, or decree as if the conversion had
				not occurred, or the resulting mutual association may be substituted as a party
				to the action or proceeding.
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2010 - FEE FOR CONVERSION OF A NATIONAL MUTUAL ASSOCIATION TO A STATE MUTUAL ASSOCIATION

Current through Register Vol. 13, July 5, 2024
(1) The fee for
				conversion of a federal mutual savings association to a state mutual savings
				association is $1,500.00.
AUTH: 32-2-704, MCA; IMP: 32-2-816,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2013 - SEMIANNUAL ASSESSMENT

Current through Register Vol. 13, July 5, 2024
(1) The department
				invoices mutual associations for semiannual assessments every June and
				December. The assessment is based on each institution's total assets provided
				in its previous March and September call reports.
(2) The fee is calculated based on the total
				assets of the mutual association multiplied by .0000375, plus the flat fee
				listed below.
Total Assets
Flat Fee ($)
$0 to $50 million
$0
Over $50 to $100 million
$3,000
Over $100 to $250 million
$5,000
Over $250 million to $1 billion
$7,500
Over $1 billion
$15,000
Example: Mutual association A reports total assets of
				  $58,873,000 x .0000375 plus $3,000 equals $5,207.74.
(3) The assessment is due 30 days after each
				invoice date, or July 31 and January 31, whichever is later.
(4) The fee shall not exceed $300,000 for
				each semiannual assessment.
(5) In
				the event of a merger between Montana state-chartered mutual associations
				during the second or fourth quarter of the year, the assessment fee for the
				acquired institution must be paid by the surviving institution.
AUTH: 32-2-702, 32-2-704, MCA; IMP: 32-2-702, 32-2-704,
					 MCA
Administrative Rules of Montana › Department 2 - ADMINISTRATION › Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS › Subchapter 2.59.20 - Mutual Savings and Loan Associations › Rule 2.59.2014 - ADOPTION OF EXAMINATION PROCEDURE

Current through Register Vol. 13, July 5, 2024
(1) The
				department adopts the revised Uniform Financial Institution Rating System as
				one of its examination procedures. The edition adopted is the December 19,
				1996, edition as published in the Federal Register at 61 Fed. Reg. 67021. It
				may be viewed at fdic.gov/news/news/financial/1996/fil96105.pdf.
AUTH: 32-2-704, MCA; IMP: 32-2-701,
					 MCA