32-9-130. Department authority -- rulemaking. (1) The department shall adopt rules necessary to carry out the intent and purposes of this part. The rules adopted are binding on all licensees and enforceable through the power of suspension or revocation of licenses.
     (2) The rules must address:
     (a) revocation or suspension of licenses for cause;
     (b) investigation of applicants, licensees, and unlicensed persons alleged to have violated a provision of this part and handling of complaints made by any person in connection with any business transacted by a licensee;
     (c) holding contested case hearings pursuant to the Montana Administrative Procedure Act and issuing cease and desist orders, orders of restitution, and orders for the recovery of administrative costs;
     (d) prescribing forms for applications;
     (e) developing or approving tests to be given as a prerequisite for licensure;
     (f) approval of programs for continuing education; and
     (g) establishing fees for testing, continuing education programs, and license renewals.
     (3) The department may seek a writ or order restraining or enjoining, temporarily or permanently, any act or practice violating any provision of this part.
     (4) (a) The department may at any time examine any mortgage broker transaction and may examine the residential mortgage loan files, trust account records, and other information related to mortgage loan transactions of a licensee.
     (b) When conducting a financial examination or an audit of a licensee, the department may require the licensee to pay a fee of $300 per day for each examiner performing the financial examination or audit.
     (c) If any examination fees are not paid within 30 days of the department's mailing of an invoice, the license of the mortgage broker or designated manager for the mortgage broker entity may be suspended or revoked.
     (5) (a) The department may:
     (i) exchange information with federal and state regulatory agencies, the attorney general, the consumer protection office of the department, and the legislative auditor;
     (ii) exchange information other than confidential information with the mortgage asset research institute, inc., and other similar organizations; and
     (iii) refer any matter to the appropriate law enforcement agency for prosecution of a violation of this part.
     (b) Except as provided in subsection (5)(a)(i), the department shall treat all confidential criminal justice information as confidential unless otherwise required by law.
     (6) The department shall prepare, at least once each calendar year, a roster listing the name and locations for each mortgage broker and a roster of all loan originators and designated managers and the name of their employing brokers. The roster must be available to interested persons and to the general public.

     History: En. Sec. 19, Ch. 516, L. 2003; amd. Sec. 4, Ch. 136, L. 2005; amd. Sec. 16, Ch. 498, L. 2007.