32-9-116. Employment of mortgage loan originator. (1) A mortgage loan originator may transact business for only one employing mortgage broker or one employing mortgage lender licensed in accordance with the provisions of this part.
(2) If the employment of a mortgage loan originator is terminated, the sponsoring mortgage broker or mortgage lender shall remove sponsorship of the mortgage loan originator on the NMLS within 5 business days of the termination. The mortgage loan originator's license must be placed in "Approved-Inactive" status until the license is sponsored by a mortgage broker or mortgage lender. If at the end of the next renewal period the license is not sponsored by a mortgage broker or mortgage lender, it must be automatically placed in "Terminated-Expired" status for failure to renew. The removal of sponsorship of the license of any mortgage loan originator extinguishes the right of the mortgage loan originator to engage in any residential mortgage loan origination activity until NMLS procedures have been followed to sponsor the license. (See part compiler's comment regarding contingent suspension.)
History: En. Sec. 10, Ch. 516, L. 2003; amd. Sec. 13, Ch. 321, L. 2009; amd. Sec. 14, Ch. 317, L. 2011; amd. Sec. 10, Ch. 125, L. 2013.
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