Montana Mortgage Act
Montana · Financial Institutions · §§ 32-9-101 to 32-9-173 · 60 sections
Overview
The act establishes a licensing and regulatory framework for the mortgage industry, reaching mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators, along with the loan processors and underwriters working under them. It conditions doing business on holding a license — subject to enumerated exemptions — and sets the terms of that license: prelicensing and continuing education, examination and experience requirements, applications and renewals filed through a nationwide multistate mortgage licensing system, surety bonds, branch office and designated manager requirements, escrow fund and recordkeeping obligations, and disclosure duties paired with prohibited practices. Administration and enforcement rest with a state department authorized to make rules, investigate and subpoena witnesses and evidence, deny, condition, suspend, or revoke licenses, issue cease and desist orders, seek injunctions and receivers, and impose penalties and restitution.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Mont. Code Ann. § 32-9-101Short title and purpose
- Mont. Code Ann. § 32-9-102License requirement -- registration
- Mont. Code Ann. § 32-9-103Definitions
- Mont. Code Ann. § 32-9-104Exemptions -- proof of exemption
- Mont. Code Ann. § 32-9-105Nationwide mortgage licensing system for mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators
- Mont. Code Ann. § 32-9-106Simultaneous licensure
- Mont. Code Ann. § 32-9-107Prelicensing education requirements for mortgage loan originators
- Mont. Code Ann. § 32-9-108Repealed
- Mont. Code Ann. § 32-9-109Experience requirements
- Mont. Code Ann. § 32-9-110Examination requirements for mortgage loan originators
- Mont. Code Ann. § 32-9-111Repealed
- Mont. Code Ann. § 32-9-112Application for mortgage broker, mortgage lender, mortgage servicer, and mortgage loan originator license -- renewals
- Mont. Code Ann. § 32-9-113Control persons -- application for license -- renewal
- Mont. Code Ann. § 32-9-114Repealed
- Mont. Code Ann. § 32-9-115Repealed
- Mont. Code Ann. § 32-9-116Employment of mortgage loan originator
- Mont. Code Ann. § 32-9-117Fees -- disposition of fees -- rulemaking
- Mont. Code Ann. § 32-9-118Continuing education requirements for mortgage loan originators
- Mont. Code Ann. § 32-9-119Repealed
- Mont. Code Ann. § 32-9-120Denial of mortgage broker, mortgage lender, mortgage servicer, or mortgage loan originator license application or license renewal
- Mont. Code Ann. § 32-9-121Records maintenance
- Mont. Code Ann. § 32-9-122Designated manager and branch office license requirements
- Mont. Code Ann. § 32-9-123Surety bond requirement -- notice of legal action
- Mont. Code Ann. § 32-9-124Prohibitions -- required disclosure
- Mont. Code Ann. § 32-9-125Repealed
- Mont. Code Ann. § 32-9-126Revocation, suspension, conditioning, and reinstatement of licenses
- Mont. Code Ann. § 32-9-127Repealed
- Mont. Code Ann. § 32-9-128Registration and registered agent of foreign entities -- service of process -- venue
- Mont. Code Ann. § 32-9-129Loan processors and underwriters
- Mont. Code Ann. § 32-9-130Department authority -- rulemaking
- Mont. Code Ann. § 32-9-131Repealed
- Mont. Code Ann. § 32-9-132Injunctions -- receivers
- Mont. Code Ann. § 32-9-133Penalties -- restitution
- Mont. Code Ann. § 32-9-134License renewal -- rulemaking
- Mont. Code Ann. § 32-9-135Independent contractor entity -- responsible individual -- loan processor or underwriter
- Mont. Code Ann. § 32-9-136through 32-9-140 reserved
- Mont. Code Ann. § 32-9-141Investigations by department -- subpoenas -- oaths -- examination of witnesses and evidence
- Mont. Code Ann. § 32-9-142Cease and desist orders
- Mont. Code Ann. § 32-9-143and 32-9-144 reserved
- Mont. Code Ann. § 32-9-145Escrow fund
- Mont. Code Ann. § 32-9-146and 32-9-147 reserved
- Mont. Code Ann. § 32-9-148Disclosure of mortgage costs by mortgage lender
- Mont. Code Ann. § 32-9-149Use of name -- advertising
- Mont. Code Ann. § 32-9-150Unique identifier for mortgage brokers, mortgage lenders, mortgage servicers, mortgage loan originators, and registered mortgage loan originators
- Mont. Code Ann. § 32-9-151Mortgage call reports
- Mont. Code Ann. § 32-9-152Electronic record as original document
- Mont. Code Ann. § 32-9-153and 32-9-154 reserved
- Mont. Code Ann. § 32-9-155Nationwide mortgage licensing system information challenge process
- Mont. Code Ann. § 32-9-156through 32-9-159 reserved
- Mont. Code Ann. § 32-9-160Confidentiality
- Mont. Code Ann. § 32-9-161through 32-9-164 reserved
- Mont. Code Ann. § 32-9-165Types of licenses
- Mont. Code Ann. § 32-9-166Reports
- Mont. Code Ann. § 32-9-167Change of control
- Mont. Code Ann. § 32-9-168Mortgage lender prohibitions
- Mont. Code Ann. § 32-9-169Mortgage servicer prohibitions
- Mont. Code Ann. § 32-9-170Mortgage servicer duties
- Mont. Code Ann. § 32-9-171Repealed
- Mont. Code Ann. § 32-9-172Mortgage lender net worth requirement
- Mont. Code Ann. § 32-9-173Requirements for remote work
Enacted in other states
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