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STATE OF MONTANA
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Is a license required? |
Yes. 32-9-102 states that “(1) A person or entity may not act as a residential mortgage broker or loan originator unless licensed under the provisions of this part. (2) A mortgage banker who provides services for a fee as an intermediary between a borrower and a lender in obtaining financing for a borrower that is to be secured by a residential dwelling for between one and four families is acting as a mortgage broker and must be licensed as a mortgage broker.” |
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State
specific loan modification law? |
None. |
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Advantages
of becoming a licensed Mortgage Broker? |
Mandatory, there is no alternative. |
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Penalties
for operating in the state without a license: |
32-9-133 allows for a civil penalty “not to exceed $5,000 for the first violation and not to exceed $10,000 for each subsequent violation.” It is also a misdemeanor. |
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Is an
advanced fee permitted? |
There is no specific prohibition on advance fees. |
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Is a
written agreement required? |
Yes. 32-9-124-2 requires a specific disclosure of certain sorts of information to the client which essentially seems to be a written agreement. |
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Other
noteworthy information? |
None. |
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Montana
Statutes |
Title 32, Chapter 29: Ctrl + Click Here License application: Ctrl + Click Here |