Montana Code 32-9-107. Prelicensing education requirements for mortgage loan originators
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:
Terms Used In Montana Code 32-9-107
- Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-103
- Fraud: Intentional deception resulting in injury to another.
- Individual: means a natural person. See Montana Code 32-9-103
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage: means a consensual interest in real property located in Montana, including improvements, securing a debt evidenced by a mortgage, trust indenture, deed of trust, or other lien on real property. See Montana Code 32-9-103
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- NMLS: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the registration and licensing of persons providing nondepository financial services. See Montana Code 32-9-103
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(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.)