Montana Code 32-9-117. Fees — disposition of fees — rulemaking
32-9-117. Fees — disposition of fees — rulemaking. (1) (a) Application fees are:
Terms Used In Montana Code 32-9-117
- Application: means a request, in any form, for an offer of residential mortgage loan terms or a response to a solicitation of an offer of residential mortgage loan terms and includes the information about the borrower that is customary or necessary in a decision on whether to make such an offer. See Montana Code 32-9-103
- 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
- Entity: means a business organization, including a sole proprietorship. 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 broker: means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration or holds itself out as being able to assist a person in obtaining a mortgage loan. 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
(i)mortgage broker, $500;
(ii)mortgage broker branch, $250;
(iii)mortgage lender or mortgage servicer, $750;
(iv)mortgage lender branch or mortgage servicer branch, $250; and
(v)mortgage loan originator, $400.
(b)A mortgage broker entity owned by a Montana-licensed mortgage loan originator shall pay a license application fee of $100.
(2)All application fees must be paid through the NMLS and are not refundable.
(3)The department shall by rule establish the fees for renewal applications and reinstatement of expired licenses. The fees set by the department must be commensurate with the costs of the program.
(4)The department’s portion of the fees collected under this section must be deposited in the department’s state special revenue fund to be used by the department in administering the provisions of this part. (See part compiler’s comment regarding contingent suspension.)