32-7-109. Application for license -- bond -- issuance. (1) A person must be licensed pursuant to this part before engaging in an escrow business.
(2) An application for a license must be in the form and submitted in the manner prescribed by the department.
(3) At the time of submitting an application for a license, the applicant shall file with the department a bond in an amount to be set by the department by rule. The bond must be issued by a surety company holding a certificate of authority from the Montana state auditor. The bond must be conditioned on the applicant conducting the escrow business in accordance with the requirements of law. All bonds must be renewed annually.
(4) The department shall grant and issue an escrow business license if:
(a) the department has received the bond and application; and
(b) the applicant has complied with all the application requirements of this part, including any protocols of a nationwide licensing system in which the department participates, and any rules promulgated under this part.
(5) An escrow business shall immediately notify the department of any material change in the information contained in the application.
History: En. Sec. 6, Ch. 651, L. 1989; amd. Sec. 1, Ch. 65, L. 2003; amd. Sec. 7, Ch. 96, L. 2013; amd. Sec. 4, Ch. 216, L. 2013.
Structure Montana Code Annotated
Title 32. Financial Institutions
Part 1. Regulation of Escrow Businesses
32-7-104. Exemption or exception -- burden of proof
32-7-105. through 32-7-107 reserved
32-7-108. Department -- powers and duties
32-7-109. Application for license -- bond -- issuance
32-7-113. and 32-7-114 reserved
32-7-115. Maintenance of records
32-7-116. Statement of account
32-7-117. Deposit of funds required -- disbursement
32-7-118. through 32-7-120 reserved
32-7-121. Unauthorized business practices -- penalty
32-7-122. Investigations by department -- desist order -- injunctions or other actions
32-7-123. Subpoenas -- oaths -- examinations of witness and evidence