SENATE BILL NO. 485

INTRODUCED BY K. MESAROS

A BILL FOR AN ACT ENTITLED: "AN ACT SUBMITTING THE MORTGAGE LENDER BIENNIAL RENEWAL 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 renewal -- fee. (1) A license issued prior to January 1, 2000, is renewable biennially each January 1. A license issued after January 1, 2000, is renewable biennially beginning with the second anniversary of the date of the issuance of the original license. The license renewal fee is $500. A properly completed renewal application form and the renewal fee must be received by the department 60 days prior to the renewal date. If the department receives a properly completed renewal application form and the renewal fee for a licensee at least 60 days prior to the renewal date, the licensee may operate in the interim pending receipt of official notification of renewal.

(2) It is the responsibility of each licensee to accomplish the renewal of the licensee's license. The failure of a licensee to receive a renewal form absent a request sent by certified mail for the form does not waive the licensee's responsibility. Failure by a licensee to submit a properly completed renewal application form and the renewal fee in a timely fashion, absent a written extension from the department, may result in the assessment of a civil fine.

(3) A licensee ceasing an activity or activities regulated by [sections 1 through 25 of LC 1322] and desiring to no longer be licensed shall inform the department in writing and, at the same time, convey the license and all other symbols or official indicators of licensure to the department. The licensee shall include a plan for the withdrawal from regulated business, including a timetable for the disposition of the business. Upon receipt of written notice, the department shall issue a certified statement canceling the license.

(4) An application for the renewal of an existing license must contain the information specified in [section 7 of LC 1322]. However, only the requested information that has changed from the most recent prior application need be submitted.

NEW SECTION. Section 2. Submission to electorate. This act 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 renewal fee of $500.

[]	AGAINST imposing a mortgage lender license renewal 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. This act is effective July 1, 1999.

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