Montana Code 32-9-173. Requirements for remote work
32-9-173. Requirements for remote work. (1) Mortgage business may be conducted at a remote work location if:
Terms Used In Montana Code 32-9-173
- Advertising: means a commercial message in any medium, including social media and software, that promotes, either directly or indirectly, a residential mortgage loan transaction. See Montana Code 32-9-103
- Department: means the department of administration provided for in 2-15-1001, acting through its division of banking and financial institutions. See Montana Code 32-9-103
- Designated manager: means a mortgage loan originator with at least 3 years of experience as a mortgage loan originator or registered mortgage loan originator who is designated by an entity as the individual responsible for the operation of a particular location that is under the designated manager's full management, supervision, and control. See Montana Code 32-9-103
- Entity: means a business organization, including a sole proprietorship. See Montana Code 32-9-103
- Licensee: means a person authorized pursuant to this part to engage in activities regulated by this part. 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 loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Mortgage loan originator: means an individual who for compensation or gain or in the expectation of compensation or gain:
(i)takes a residential mortgage loan application; or
(ii)offers or negotiates terms of a residential mortgage loan. See Montana Code 32-9-103
- 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
- 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
- Writing: includes printing. See Montana Code 1-1-203
(a)the licensed mortgage entity‘s employees and independent contractors do not meet with the public at an unlicensed personal residence;
(b)no physical or electronic business records are maintained at the remote location;
(c)the licensed mortgage entity has written policies and procedures for working remotely and the entity supervises and enforces the policies and procedures;
(d)no signage or advertising of the entity or the mortgage loan originator is displayed at any remote work location;
(e)the licensed mortgage entity maintains the computer system and customer information in accordance with the entity’s information technology security plan and all state and federal laws;
(f)any device used to engage in mortgage business has appropriate security, encryption, and device management controls to ensure the security and confidentiality of customer information as required by rules and regulations adopted by the department;
(g)the licensed mortgage entity’s employees and independent contractors take reasonable precautions to protect confidential information in accordance with state and federal laws;
(h)the NMLS record of a mortgage loan originator that works remotely designates a properly licensed location as the mortgage loan originator’s official workstation and a designated manager as a supervisor; and
(i)the licensed mortgage entity annually reviews and certifies that the employees and independent contractors engaged in mortgage business at a remote location meet the requirements of this section. Upon request, a licensee shall provide written documentation of the licensee’s review to the department.
(2)If the commissioner determines that the licensee does not provide reasonable and adequate supervision of the employee, the commissioner shall notify the licensee in writing and within 5 business days of receiving the notice the licensee shall terminate the employee’s eligibility to work remotely as provided under this section.
(3)The department shall adopt rules to implement this section.