For purposes of the Montana Mortgage Act and this subchapter, the following definitions apply:
(1) "Another person involved in the transaction" means a licensee, the borrower's employer, the lender, the real estate agent, or other persons or entities allowed by the lender guidelines.
(2) "Employing" means the entity for whom the individual works is liable for withholding payroll taxes pursuant to Title 26 of the United States Code.
(3) "Extant" means currently or actually existing; still existing; not destroyed or lost.
(4) "Initiation of an investigation" means any administrative, civil, or criminal proceeding initiated by a state, municipal or federal governmental entity, the Federal Home Loan Mortgage Corporation or the Federal National Mortgage Agency and such proceeding is evidenced by a written formal complaint or charge filed by the investigating agency.
(5) "Material change" means:
(a) a change in the physical location of the principal location and/or branch office;
(b) a change in the phone number;
(c) a change in the nature of the business;
(d) a change in the board of directors or the principal officers;
(e) a change in the share ownership of the company of 10% or more;
(f) the acquisition or disposition of another company; or
(g) any change which would have authorized the department not to issue a license, if it had occurred before licensure.
(6) "Personal information" means: an individual's name, signature, address, or telephone number, in combination with one or more additional pieces of information about the individual, consisting of the individual's passport number, driver's license, or state identification number, insurance policy number, bank account number, credit card number, debit card number, password, or personal identification number required to obtain access to the individual's finances. A social security number, in and of itself, constitutes personal information.
(7) "Restitution" may include, but is not limited to, refunds of any or all the fees paid directly or indirectly by the borrower.
(8) "Safeguard" means to prevent unauthorized access, use, disclosure, or dissemination.
(9) "Table funding" means the closing of a loan naming a mortgage broker, a mortgage broker's business entity or a loan originator as the lender on the mortgage loan note, which note is then sold within three business days of closing to another party.
(10) "Termination" means separation from employment for any reason. The term includes the circumstance of a loan originator when the employing entity's Montana license is suspended, revoked, or surrendered even though the loan originator may continue to be employed by the entity in another capacity or in another state.
(11) "Work in a related field" or "in a related field" means:
(a) for a designated manager, three years:
(i) as a mortgage broker, or a branch office manager of a mortgage broker business;
(ii) as a mortgage banker, or responsible individual or branch manager of a mortgage banking business;
(iii) as a mortgage loan officer;
(iv) as a branch manager of a mortgage broker or lender;
(v) as a mortgage loan originator;
(vi) as a state or federal regulator who examines compliance of residential mortgages of state or federally chartered financial institutions; or
(vii) as a mortgage loan originator licensee in another state where the licensing standards are substantially similar to those in this state, as determined by the department; and
(b) for a mortgage loan originator, six months:
(i) as a loan originator in a mortgage broker business;
(ii) as a loan originator in a mortgage banking business;
(iii) as a mortgage loan officer;
(iv) as a mortgage loan originator licensee in another state where the licensing standards are substantially similar to those in this state, as determined by the department;
(v) as a mortgage loan processor;
(vi) as a mortgage loan closing agent; or
(vii) as a state or federal regulator who examines compliance of residential mortgages of state or federally chartered financial institutions.
History: 32-9-125, 32-9-130, MCA; IMP, 32-9-109, 32-9-116, 32-9-117, 32-9-122, 32-9-123, 32-9-125, 32-9-133, MCA; NEW, 2004 MAR p. 1133, Eff. 5/7/04; AMD, 2005 MAR p. 320, Eff. 2/25/05; AMD, 2008 MAR p. 2034, Eff. 9/26/08; AMD, 2010 MAR p. 307, Eff. 2/12/10; AMD, 2010 MAR p. 1480, Eff. 6/25/10.