Montana Code 32-9-106. Simultaneous licensure
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32-9-106. Simultaneous licensure. An entity may be simultaneously licensed as a mortgage lender, a mortgage servicer, and a mortgage broker if the entity meets all requirements for licensure for each license type. (See part compiler’s comment regarding contingent suspension.)
Terms Used In Montana Code 32-9-106
- Entity: means a business organization, including a sole proprietorship. See Montana Code 32-9-103
- 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 broker: means an entity that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a mortgage lender in return for consideration or in anticipation of consideration or holds itself out as being able to assist a person in obtaining a mortgage loan. See Montana Code 32-9-103