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SENATE BILL NO. 484
INTRODUCED BY K. MESAROS
A BILL FOR AN ACT ENTITLED: "AN ACT SUBMITTING THE EXAMINATION FEE FOR MORTGAGE LENDING LICENSEES 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. Examination. (1) As often as the department considers necessary and proper, but at least once every 24 months, the department shall examine the affairs of each licensee for compliance with [sections 1 through 25 of LC 1322]. The department shall appoint a suitable person to perform the examination. The department and the department's appointee shall examine the entire books, records, documents, and operations of each licensee and may examine under oath any of the licensee's officers, directors, employees, and agents. The department may, at the department's discretion, accept the core examination report performed and produced by any other state.
(2) The department shall communicate a statement of findings as a result of the examination, issue a copy of the statement to each licensee's principals, officers, or directors, and take appropriate steps to ensure correction of violations of [sections 1 through 25 of LC 1322].
(3) Affiliates of a licensee are subject to examination by the department on the same terms as the licensee, but only when reports from or examination of a licensee provide documented evidence of unlawful activity between a licensee and an affiliate benefiting, affecting, or deriving from the activities regulated by [sections 1 through 25 of LC 1322].
(4) The expenses of any examination of the licensee and affiliates are $300 a day for each examiner and must be paid by the licensee and assessed by the department as established by rule.
(5) The statement of the findings of any examination belong to the department and may not be disclosed to anyone other than the licensee, law enforcement officials, and other department agencies for further investigation and enforcement when appropriate. Reports required of licensees by the department and results of examinations performed by the department are the property of the department.
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 an examination fee for licensed mortgage lenders in the amount of $300 a day for each examiner.
 AGAINST an examination fee for licensed mortgage lenders in the amount of $300 a day for each examiner.
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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Latest Version of SB 484 (SB0484.01)
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