32-9-165. Types of licenses.
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/mt/title-32/chapter-9/part-1/32-9-165·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-9-165 . Types of licenses.
(1)The four types of licenses under this part are mortgage broker licenses, mortgage lender licenses, mortgage servicer licenses, and mortgage loan originator licenses.
(2)A mortgage broker license may be issued to an entity that meets the requirements of 32-9-112 , 32-9-113 , 32-9-116 , 32-9-117 , 32-9-122 , and 32-9-123 and employs at least one Montana-licensed mortgage loan originator.
(3)A mortgage lender license may be issued to an entity that meets the requirements of 32-9-112 , 32-9-113 , 32-9-116 , 32-9-117 , 32-9-122 , and 32-9-123 and employs at least one Montana-licensed mortgage loan originator.
(4)A mortgage servicer license may be issued to an entity that meets the requirements of 32-9-112 , 32-9-113 , 32-9-117 , and 32-9-123 .
(5)A mortgage loan originator license may be issued to an individual who meets the requirements of 32-9-107 , 32-9-109 , 32-9-110 , 32-9-112 , 32-9-116 , and 32-9-117 and is sponsored by a Montana-licensed mortgage broker or mortgage lender.
(6)A de novo inactive license may be issued to a mortgage loan originator that has met all the requirements for licensure except sponsorship.
(7)A de novo inactive license may be issued to an entity that has met all the requirements for licensure except employment of at least one Montana-licensed mortgage loan originator.
(8)Business may not be conducted under a de novo inactive license.
(9)A Montana-licensed entity may have one or more branch offices if the entity meets the requirements of 32-9-122 and has paid the fee required under 32-9-117 .
(10)Licenses under this part may not be assigned or transferred.