32-9-121. In-state office requirement -- records maintenance -- advertising requirement. (1) Except for an individual mortgage broker working as an employee of a licensed mortgage broker, a person or entity licensed as a mortgage broker shall maintain at least one physical office located in this state either on its own accord or in conjunction with another licensed mortgage broker or regulated lender located in this state. Licensees shall maintain books, accounts, records, and copies of residential mortgage loan files and trust account records that are necessary to enable the department to determine whether a licensee is in compliance with the applicable laws and rules. The required materials must be maintained at the Montana office location where services are provided, and the materials must be maintained in accordance with generally accepted accounting principles and good business practices. Each office location must have at least one phone line. Licensees shall pay state income tax on all income earned in Montana.
     (2) A mortgage broker shall maintain a residential mortgage file for a minimum of 5 years from the date of the last activity pertaining to the file. A mortgage broker shall maintain trust account records for a minimum of 5 years.
     (3) (a) In any printed, published, televised, e-mail, or internet advertisement for the provision of services, the following information must be included:
     (i) a name, address, and license number for each mortgage broker or loan originator advertising as an individual; or
     (ii) the name, address, and license number only of the licensed entity when the licensed entity is advertising on its own behalf or as an entity with one or more mortgage brokers or loan originators also listed.
     (b) For the purposes of this subsection (3), advertising does not include stationery or business forms but does include business cards. A business card must include a mortgage broker's or loan originator's license number but is not required to list the entity's license number if the entity's name is listed.

     History: En. Sec. 13, Ch. 516, L. 2003; amd. Sec. 3, Ch. 136, L. 2005; amd. Sec. 7, Ch. 498, L. 2007.