HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
Rule: 2.59.1731 Prev     Up     Next    
Rule Title: REINSTATEMENT OF EXPIRED OR SUSPENDED LICENSES
Add to My Favorites
Add to Favorites
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):

Printer Friendly Version

2.59.1731    REINSTATEMENT OF EXPIRED OR SUSPENDED LICENSES

(1) Upon expiration of a license under 32-9-134, MCA, due to nonrenewal by the renewal date, the licensee shall immediately cease from engaging in the activities for which the license was issued. Except as provided in (3), the department may reinstate an expired license, provided that by the last day of February following expiration of the license, the following are submitted:

(a) a properly completed license renewal application through NMLS;

(b) the renewal fee;

(c) the NMLS fee;

(d) a late renewal fee of $250;

(e) proof that the licensee continues to meet standards for licensure under 32-9-120, MCA; and

(f) proof of continuing education compliance.

(2) An expired license that is not reinstated by the last day of February in accordance with (1) is "Terminated-Expired" and may not be reinstated except as provided in (3). The holder of a "Terminated-Expired" license may reapply as a new license applicant.

(3) If a "Terminated-Expired" status of the license of a military member or reservist was the result of the licensee being on active duty status at the time of renewal, the license may be reinstated, if within 30 days of the licensee's discharge from active duty status, the department receives through NMLS an acceptable sponsorship request from the licensee's employing mortgage broker or mortgage lender and it receives outside of the NMLS renewal process within that 30-day period, the following:

(a) a properly completed paper renewal application;

(b) a full year renewal fee;

(c) the NMLS fee;

(d) proof of completion of eight hours of approved continuing education;

(e) copies of the federal government orders by which the licensee was placed on active duty status and discharged from active duty status; and

(f) proof that the licensee continues to meet standards for licensure under 32-9-120, MCA.

(4) Upon suspension of a license under 32-9-126, MCA, the licensee shall immediately cease from engaging in the activities for which the license was issued. The department may lift the suspension and reinstate the license upon its determination that the suspended licensee has complied with the terms and conditions of the final order by which the license was suspended and there is no fact or condition then existing that disqualifies the suspended licensee from being licensed. The department on its own or at the suspended licensee's request may initiate a review of a suspended licensee's compliance with the terms and conditions of the order suspending the license.

History: 32-9-130, MCA; IMP, 32-9-120, 32-9-126, 32-9-134, MCA; NEW, 2010 MAR p. 1480, Eff. 6/25/10; AMD, 2012 MAR p. 1762, Eff. 9/7/12; AMD, 2013 MAR p. 2417, Eff. 12/27/13.


 

 
MAR Notices Effective From Effective To History Notes
2-59-500 12/27/2013 Current History: 32-9-130, MCA; IMP, 32-9-120, 32-9-126, 32-9-134, MCA; NEW, 2010 MAR p. 1480, Eff. 6/25/10; AMD, 2012 MAR p. 1762, Eff. 9/7/12; AMD, 2013 MAR p. 2417, Eff. 12/27/13.
2-59-462 9/7/2012 12/27/2013 History: 32-9-130, MCA; IMP, 32-9-117, 32-9-126, MCA; NEW, 2010 MAR p. 1480, Eff. 6/25/10; AMD, 2012 MAR p. 1762, Eff. 9/7/12.
2-59-431 6/25/2010 9/7/2012 History: 32-9-130, MCA; IMP, 32-9-117, 32-9-126, MCA; NEW, 2010 MAR p. 1480, Eff. 6/25/10.
Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security