2.59.701    APPLICATION PROCEDURE FOR AUTHORIZATION TO ENGAGE IN THE ESCROW BUSINESS

(1) Pursuant to and in compliance with Title 32, chapter 7, MCA, "The Regulation of Escrow Business Act," all existing or proposed escrow businesses, as defined by the act, shall file with the department of administration applications for licenses to engage in the escrow business.

(2) Said applications must be in writing, verified by oath, and in the form prescribed by the director. Application forms may be obtained from the Commissioner of Banking and Financial Institutions, Department of Administration, 301 South Park, Suite 316, P.O. Box 200546, Helena, MT 59620-0546.

(3) In addition to statutory qualifications, officers and managers of proposed escrow businesses must demonstrate through past record and present status as purveyors of escrow services and as business persons and citizens, that they are likely to operate their proposed escrow businesses in compliance with all applicable laws of the state and local governments.

(4) The director, the commissioner of banking and financial institutions, and examining personnel of the banking and financial institutions division may gather all available information relative to applications and conduct such investigations as they may determine are warranted to verify the qualifications of the applicant.

(5) An application fee of $350 shall be paid to the state of Montana at the time of application, and thereafter shall not be refundable either in whole or in part.

History: Sec. 32-7-108, MCA; IMP, Sec. 32-7-109, MCA; NEW, 1990 MAR p. 929, Eff. 5/18/90; TRANS, from Commerce, 2001 MAR p. 1181.