32-9-121. In-state office requirement -- records maintenance -- advertising requirement. (1) A person or entity licensed as a mortgage broker shall maintain at least one physical office located in this state either on its own accord or in conjunction with another licensed mortgage broker or regulated lender located in this state. Licensees shall maintain copies of residential mortgage loan files and trust account records at the Montana office location where services are provided. Each office location must have at least one phone line. Licensees shall pay state income tax on all income earned in Montana.
     (2) A mortgage broker shall maintain a residential mortgage file for a minimum of 5 years from the date of the last activity pertaining to the file. A mortgage broker shall maintain trust account records for a minimum of 5 years.
     (3) A licensee or licensed entity shall disclose in any printed, published, televised, e-mail, or internet advertisement for the provision of services the name and address of the licensee and the number designated on the license issued to the licensee or licensed entity by the department.

     History: En. Sec. 13, Ch. 516, L. 2003.