32-7-109. Application for license -- bond -- issuance. (1) A person must be licensed pursuant to this part before engaging in an escrow business.

(2) An application for a license must be in the form and submitted in the manner prescribed by the department.

(3) At the time of submitting an application for a license, the applicant shall file with the department a bond in an amount to be set by the department by rule. The bond must be issued by a surety company holding a certificate of authority from the Montana state auditor. The bond must be conditioned on the applicant conducting the escrow business in accordance with the requirements of law. All bonds must be renewed annually.

(4) The department shall grant and issue an escrow business license if:

(a) the department has received the bond and application; and

(b) the applicant has complied with all the application requirements of this part, including any protocols of a nationwide licensing system in which the department participates, and any rules promulgated under this part.

(5) An escrow business shall immediately notify the department of any material change in the information contained in the application.