32-9-107. Prelicensing education requirements for mortgage loan originators. (1) An individual seeking a mortgage loan originator's license shall complete at least 20 hours of approved education courses, which must include at least:
(a) 3 hours of training on federal law and regulations;
(b) 3 hours of training in ethics, including instruction on fraud, consumer protection, and fair lending issues; and
(c) 2 hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) In addition to the training required in subsections (1)(a), (1)(b), and (1)(c), the department may require by rule that applicants complete additional hours of training that are specific to Montana residential mortgage statutes and rules.
(3) The prelicensing education courses that comply with the requirements of subsection (1) and that are approved by the NMLS for any other state must be accepted with respect to the completion of prelicensing education requirements in Montana. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 8, Ch. 321, L. 2009; amd. Sec. 11, Ch. 317, L. 2011; amd. Sec. 6, Ch. 125, L. 2013; amd. Sec. 5, Ch. 24, L. 2015.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 9. Residential Mortgage Brokers, Lenders, Servicers, and Loan Originators
32-9-101. Short title and purpose
32-9-102. License requirement -- registration
32-9-104. Exemptions -- proof of exemption
32-9-106. Simultaneous licensure
32-9-107. Prelicensing education requirements for mortgage loan originators
32-9-109. Experience requirements
32-9-110. Examination requirements for mortgage loan originators
32-9-113. Control persons -- application for license -- renewal
32-9-116. Employment of mortgage loan originator
32-9-117. Fees -- disposition of fees -- rulemaking
32-9-118. Continuing education requirements for mortgage loan originators
32-9-122. Designated manager and branch office license requirements
32-9-123. Surety bond requirement -- notice of legal action
32-9-124. Prohibitions -- required disclosure
32-9-126. Revocation, suspension, conditioning, and reinstatement of licenses
32-9-128. Registration and registered agent of foreign entities -- service of process -- venue
32-9-129. Loan processors and underwriters
32-9-130. Department authority -- rulemaking
32-9-132. Injunctions -- receivers
32-9-133. Penalties -- restitution
32-9-134. License renewal -- rulemaking
32-9-135. Independent contractor entity -- responsible individual -- loan processor or underwriter
32-9-136. through 32-9-140 reserved
32-9-142. Cease and desist orders
32-9-143. and 32-9-144 reserved
32-9-146. and 32-9-147 reserved
32-9-148. Disclosure of mortgage costs by mortgage lender
32-9-149. Use of name -- advertising
32-9-151. Mortgage call reports
32-9-152. Electronic record as original document
32-9-153. and 32-9-154 reserved
32-9-155. Nationwide mortgage licensing system information challenge process
32-9-156. through 32-9-159 reserved
32-9-161. through 32-9-164 reserved
32-9-168. Mortgage lender prohibitions
32-9-169. Mortgage servicer prohibitions
32-9-170. Mortgage servicer duties