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Rule: 2.59.1747 Prev     Up     Next    
Rule Title: RESPONSIBLE PARTY FOR RECORDS
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Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Mortgage Broker and Loan Originator Licensing
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.1747    RESPONSIBLE PARTY FOR RECORDS

(1)  If a licensed entity is actively engaged in the business of residential mortgage loans, the entity's designated manager is responsible for proper retention, maintenance, safeguarding, and disposal of records for the whole entity.  The designated manager of each branch is responsible for proper retention, maintenance, safeguarding, and disposal of records for the branch managed.

(2)  If a licensed entity ceases doing business in Montana, the entity's designated manager, as of the entity's last day of operation as designated on the NMLS Company Form, is responsible for proper retention, maintenance, safeguarding, and disposal of records as set forth in ARM 2.59.1746.  The designated manager's failure to properly fulfill this duty may result in revocation or suspension of their license or civil penalties.  

History: 32-9-121, 32-9-130, MCA; IMP, 32-9-121, MCA; NEW, 2012 MAR p. 1762, Eff. 9/7/12.


 

 
MAR Notices Effective From Effective To History Notes
2-59-462 9/7/2012 Current History: 32-9-121, 32-9-130, MCA; IMP, 32-9-121, MCA; NEW, 2012 MAR p. 1762, Eff. 9/7/12.
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