SENATE BILL NO. 483

INTRODUCED BY K. MESAROS

A BILL FOR AN ACT ENTITLED: "AN ACT SUBMITTING THE INITIAL MORTGAGE LENDER LICENSE FEE TO THE ELECTORATE; PROVIDING A CONTINGENT VOIDNESS PROVISION; AND PROVIDING AN EFFECTIVE DATE."

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:

NEW SECTION. Section 1. License application process -- investigation -- fee. The department shall issue a license upon completion of the following:

(1) the filing of an application for a license;

(2) the filing with the department of a listing of material judgments entered against, and bankruptcy petitions by, the license applicant for the preceding 5 years and the disposition of the judgments and petitions;

(3) the payment of an application fee of $500 that includes the department's cost of investigation; and

(4) an investigation of the undertakings and representations required by [section 9 of LC 1322], which must allow the department to issue positive findings stating that the financial responsibility, criminal records that are verified by fingerprints, experience, character, and general fitness of the license applicant; the members and principal officers if the license applicant is a partnership or association; and the principal officers and directors if the license applicant is a corporation warrant the confidence of the community that the business will be operated honestly, fairly, and efficiently within the purposes of [sections 1 through 25 of LC 1322].

NEW SECTION. Section 2. Submission to electorate. This amendment shall be submitted to the qualified electors of Montana at the tax election to be held in 1999 by printing on the ballot the full title of this act and the following:

SHALL A NEW TAX, DESCRIBED AS FOLLOWS, BE IMPOSED?

[]	FOR imposing a mortgage lender license fee of $500.

[]	AGAINST imposing a mortgage lender license fee of $500.

NEW SECTION. Section 3. Contingent voidness. (1) If Constitutional Initiative No. 75, enacting Article VIII, section 17, of the Montana constitution, is declared invalid, then this act is void.

(2) If LC 1322 is not passed and approved, then this act is void.

NEW SECTION. Section 4. Effective date. If approved by the electorate, this act is effective July 1, 1999.

- END -