32-10-202. License application -- investigation -- fees. (1) The department shall issue a license to an applicant upon:
     (a) the applicant filing a complete application for a residential mortgage lender license;
     (b) the applicant filing a listing of material judgments entered against and bankruptcy petitions by the applicant for the preceding 5 years and the disposition of those actions;
     (c) the applicant paying nonrefundable investigation and application fees for licensure as a mortgage lender in the amount of $750 and an application fee for any branch location of $250; and
     (d) the department completing an investigation to ensure the fitness of the applicant to transact business pursuant to this chapter.
     (2) (a) The department shall conduct an investigation that is sufficient to allow the department to make findings pertaining to the financial responsibility and criminal records of the applicant or, if the applicant is other than an individual, pertaining to the financial responsibility and criminal records of the principal officers, directors, managers, or members of the entity making the application. The findings may be verified by an examination of experience, character, general fitness, and criminal records. The department may not issue a license to an applicant unless the department concludes after completing the investigation that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter.
     (b) (i) As a prerequisite to the issuance of a license, the department shall require the applicant to submit fingerprints for the purpose of fingerprint checks by the Montana department of justice and the federal bureau of investigation.
     (ii) The applicant shall sign a release of information to the department and is responsible to the department of justice for the payment of all fees associated with the criminal background check.
     (iii) Upon completion of the criminal background check, the department of justice shall forward all criminal justice information, as defined in 44-5-103, concerning the applicant that involves the conviction of a criminal offense in any jurisdiction to the department, as authorized in 44-5-303.
     (iv) At the conclusion of any background check required by this section, the department must receive the criminal background check report but may not receive the fingerprint card of the applicant. Upon receipt of the criminal background check report, the department of justice shall promptly destroy the fingerprint card of the applicant.
     (3) All fees collected under this section must be deposited in the department's state special revenue account to be used by the department in administering the provisions of this chapter.
     (4) Licenses issued pursuant to this chapter are nontransferable and nonassignable.
     (5) A mortgage broker and its branches licensed under Title 32, chapter 9, are exempt from licensing fees under this chapter. A licensed mortgage broker that engages in mortgage lending shall comply with the provisions of this chapter.

     History: En. Sec. 5, Ch. 369, L. 2007.