32-9-101. Short title and purpose. (1) This part may be cited as the “Montana Mortgage Act”.

Terms Used In Montana Code 32-9-101

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage: means a consensual interest in real property located in Montana, including improvements, securing a debt evidenced by a mortgage, trust indenture, deed of trust, or other lien on real property. See Montana Code 32-9-103
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • NMLS: means a licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the registration and licensing of persons providing nondepository financial services. See Montana Code 32-9-103

(2)The legislature recognizes that buying or financing a home is one of the largest, most complicated, and vitally important decisions facing consumers in Montana. Therefore, the legislature finds it desirable to license certain persons in the residential mortgage industry that are outside of the traditional banking industry and that have a direct involvement in consumers’ financial welfare, including mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators, to promote honesty, education, and professionalism, to ensure the availability and diversity of residential mortgage funding, and to protect Montana consumers and the stability of Montana’s economy.

(3)The legislature finds that it is necessary to implement the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 and, together with the residential mortgage industry, recognizes the importance of statewide participation in the NMLS. (See part compiler’s comment regarding contingent suspension.)