ARM 2.59.1703. TRANSFER OF LOAN ORIGINATOR LICENSE

(1) To transfer a loan originator license, a loan originator shall obtain a relocation application from the department. The completed relocation application must be accompanied by a processing fee of $50. (a) If a license is not transferred within six months and has been canceled, a complete new application with all required information must be submitted along with the appropriate new application fees and supporting documentation. (b) If the lapse in employment occurs over a renewal period, the loan originator license must be renewed as required by 32-9-117 , MCA, to qualify for a transfer of the license. The relocation six-month time frame would remain in effect and would be from the date of termination. (2) If a loan originator is terminated by a mortgage broker, and within six months is re-employed by the same mortgage broker, a request for reinstatement form must be filed with the department. The form will be available from the department. There will be a $10 processing fee for reinstatement. If the break in employment occurs over a renewal period, the loan originator license must be renewed as required by 32-9-117 , MCA, to qualify for reinstatement. The six-month time frame would remain in effect and would be from the date of termination.