Montana Statutes
§ 32-9-116 — Employment Of Mortgage Loan Originator
Montana·Title 32 FINANCIAL INSTITUTIONS·Ch. 9 RESIDENTIAL MORTGAGE BROKERS, LENDERS, SERVICERS, AND LOAN ORIGINATORS·Part 1 Montana Mortgage Act
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 fail
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Legislative 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.
Nearby Sections
15
§ 32-9-101
Short Title And Purpose§ 32-9-102
License Requirement -- Registration§ 32-9-103
Definitions§ 32-9-104
Exemptions -- Proof Of Exemption§ 32-9-106
Simultaneous Licensure§ 32-9-108
Repealed§ 32-9-109
Experience Requirements§ 32-9-111
Repealed§ 32-9-114
Repealed§ 32-9-115
Repealed