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This is an obsolete version of the rule. Please click on the rule number to view the current version.

2.59.1707    REVOCATION, SUSPENSION, OR SURRENDER OF LICENSE

(1) The department may suspend or revoke a license for a violation of the Montana Mortgage Act, this subchapter, or for any other violation of state or federal law pertaining to licensees or residential mortgage loans.

(2) A licensee may offer to surrender a license by submitting an offer of surrender or withdrawal of a license through the NMLS. An offer of surrender or accepted surrender does not affect the licensee's civil or criminal liability for acts initiated or committed while licensed.

(3) A licensee who surrenders a license while not in compliance with a conditional agreement cannot reinstate the license or obtain a new license for a period of three years after the surrender, unless the conditions that led to the conditional license have been fully resolved.

(4) A revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and any person, including a borrower.

(5) In the event of a revoked, suspended, or surrendered mortgage broker, mortgage lender, or loan originator license, no fees will be refunded by the department.

 

History: 32-9-130, MCA; IMP, 32-9-126, 32-9-130, MCA; NEW, 2004 MAR p. 1133, Eff. 5/7/04; AMD, 2010 MAR p. 307, Eff. 2/12/10; AMD, 2012 MAR p. 1762, Eff. 9/7/12; AMD, 2021 MAR p. 715, Eff. 6/12/21; AMD, 2022 MAR p. 228, Eff. 2/12/22.

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