32-9-135. Independent contractor entity -- responsible individual -- loan processor or underwriter. (1) An independent contractor entity may not offer or engage in clerical or support duties with respect to any dwelling or residential real estate in this state unless the independent contractor entity obtains and maintains a valid mortgage broker license through the NMLS.
(2) An independent contractor entity shall apply for a mortgage broker license through the NMLS for its main office and for every branch office where clerical or support duties are conducted.
(3) An independent contractor entity shall designate a responsible individual for each main office and each branch office. The responsible individual must be an employee of the independent contractor entity.
(4) The responsible individual is responsible for the operation of the business at the responsible individual's place of employment under the responsible individual's full charge, supervision, and control.
(5) An independent contractor entity is responsible for the conduct and omissions of its employees, agents, and independent contractors, including for violations of federal or state laws, rules, or regulations.
(6) A responsible individual is responsible for conduct that violates federal or state laws, rules, or regulations. The responsible individual's responsibility includes conduct by the responsible individual and each employee and agent of the independent contractor entity at the location that the responsible individual manages.
(7) If the responsible individual ceases to act in that capacity, the independent contractor entity shall within 15 days designate as responsible individual another individual who is a licensed or registered mortgage loan originator and shall submit information to the NMLS establishing that the subsequent responsible individual is in compliance with the provisions of this part.
(8) If the employment of a responsible individual is terminated, the independent contractor entity shall remove the sponsorship of the responsible individual on the NMLS within 5 business days of the termination.
(9) An individual who is employed by an independent contractor entity and who performs only clerical or support duties and does so at the direction of and subject to the supervision and instruction of a responsible individual is not required to be licensed under this part.
History: En. Sec. 12, 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