(1) An entity that did not hold a valid license as a Montana residential mortgage lender or Montana mortgage broker as of July 1, 2009, may apply for a temporary license as provided in this rule on a form prescribed by the department.

(2) Each entity shall license at least one main office and all branch offices at which Montana residential mortgage loans are originated. Each office must have a designated manager.

(3) The term of the temporary entity license is from the date of issuance of the license until the earlier of:

(a) the granting of an unconditionally approved license status by Montana to the entity through the NMLS; or

(b) April 1, 2010.

(4) The nonrefundable fee for a temporary mortgage broker license is $375 for the main office and $187.50 for each branch office. The nonrefundable fee for a temporary mortgage lender license is $562.50 for the main office and $187.50 for each branch office.

(5) For each entity seeking temporary licensure as a mortgage lender or broker, each of the persons listed in 32-9-113, MCA, shall submit the information and documentation required by 32-9-127(1)(a), (b), and (c), MCA, to the department rather than to the NMLS.

(6) For each entity seeking temporary licensure as a mortgage lender or broker, each of the persons listed in 32-9-113, MCA, shall meet the requirements in 32-9-120(1)(a), (b), (c), and (g), MCA.

(7) Applicants shall submit proof of compliance with the requirements of 32-9-123, MCA.

(a) Entities that elect to purchase a surety bond shall purchase a surety bond for $50,000 in order to receive a temporary license.

(b) If an applicant qualifies for the net worth requirement in lieu of surety bond, the entity shall comply with ARM 2.59.1721 through 2.59.1723.

(8) If an applicant for a temporary license does not maintain a physical office in Montana, the applicant shall comply with 32-9-128, MCA.