Montana Code 30-10-904. Licensure — exemption
30-10-904. Licensure — exemption. (1) A person may not offer or sell a living trust in this state unless the person:
Terms Used In Montana Code 30-10-904
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Living trust: means either an irrevocable or a revocable inter vivos trust. See Montana Code 30-10-903
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Person: means an individual, corporation, partnership, association, joint-stock company, or unincorporated organization. See Montana Code 30-10-903
- Sale: includes each contract of sale, contract to sell, or disposition of a living trust for value. See Montana Code 30-10-903
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Willfully: when applied to the intent with which an act is done or omitted, means a purpose or willingness to commit the act or make the omission referred to. See Montana Code 1-1-204
(a)is registered as an investment adviser or investment adviser representative under 30-10-201; and
(b)has applied for and been granted a license under this section.
(2)Subsection (1) does not apply to the preparation, acceptance, or discussion of a living trust for an individual client, when the preparation of the living trust is based upon the client’s particular financial circumstance, by:
(a)an attorney licensed to practice law in this state;
(b)an employee of a state or national bank with trust powers or a trust corporation; or
(c)a person on behalf of an educational, charitable, or religious institution, when done in conjunction with an attorney licensed to practice law in this state.
(3)In any proceeding under this part, the burden of proving that a person preparing a living trust is excluded from the license requirement is on the person claiming the exclusion.
(4)A person may apply for a license to offer and sell living trusts by filing an application in the form that the state auditor prescribes and paying the fee required in subsection (5).
(5)The state auditor shall issue a license to offer or sell a living trust to a person who:
(a)is registered as an investment adviser or investment adviser representative under 30-10-201;
(b)correctly files an application for the license with the state auditor; and
(c)pays an application fee in the same amount as the amount paid by the person for original registration as an investment adviser or investment adviser representative.
(6)The state auditor may issue an order denying, suspending, or revoking the effectiveness of any pending application or approved license if any provision of this part or any rule, order, or condition imposed by this part has been willfully violated in connection with the offer or sale of a living trust by a person involved in the assembling, drafting, executing, offering, or selling of the living trust.
(7)The license is effective until December 31 following issuance of the license or until another date that the state auditor establishes by rule unless the license is suspended or revoked.
(8)A person may renew a license annually, prior to the termination date of the license, if the person:
(a)is registered as an investment adviser or investment adviser representative under 30-10-201; and
(b)pays a renewal fee in the same amount as the amount paid by the person for annual renewal as an investment adviser or investment adviser representative.