Montana Code 32-9-149. Use of name — advertising
32-9-149. Use of name — advertising. (1) A licensee engaged in a business regulated by this part may not operate under a name other than the name licensed by the department.
Terms Used In Montana Code 32-9-149
- Advertising: means a commercial message in any medium, including social media and software, that promotes, either directly or indirectly, a residential mortgage loan transaction. 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
- Individual: means a natural person. See Montana Code 32-9-103
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Licensee: means a person authorized pursuant to this part to engage in activities regulated by this part. 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
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:
(i)takes a residential mortgage loan application; or
(ii)offers or negotiates terms of a residential mortgage loan. See Montana Code 32-9-103
- Unique identifier: means a number or other identifier assigned by protocols established by the NMLS. See Montana Code 32-9-103
(2)A licensee may not:
(a)advertise that an applicant has unqualified access to credit without disclosing that material limitations on the availability of credit may exist, such as the percentage required as a down payment, that a higher interest rate or points could be required, or that restrictions as to the maximum principal amount of the mortgage loan offered could apply;
(b)advertise a mortgage loan with a prevailing interest rate indicated in the advertisement unless the advertisement specifically states that the interest rate could change or not be available at the time of commitment or closing;
(c)advertise mortgage loans, including interest rates, margins, discounts, points, fees, commissions, or other material information, including material limitations on the mortgage loans, unless the licensee is able to make or broker the offered mortgage loans to a reasonable number of qualified applicants;
(d)engage in false, deceptive, or misleading advertising; or
(e)falsely advertise or misuse names in violation of 18 U.S.C. § 709.
(3)The department may adopt rules to define false, deceptive, or misleading advertising.
(4)In any printed, published, e-mail, or internet advertisement for the provision of services, the following information must be included:
(a)a name and unique identifier for a mortgage loan originator advertising as an individual; or
(b)the name and unique identifier only of the licensed entity when the licensed entity is advertising on its own behalf or as an entity with one or more mortgage loan originators listed.
(5)The department may adopt rules to establish requirements for licensee advertising using the internet or any electronic format.