ANNUAL LICENSE RENEWAL

All Montana licenses must be renewed annually between November 1st and December 31st through the Nationwide Multistate Licensing System (NMLS). All completed renewal requests submitted by November 30th are guaranteed to be processed and renewed by January 1st. All requests submitted after November 30th will be processed on a first come, first served basis, however, the Division cannot assure that the renewal will be processed before the expiration of the license on December 31st. Renewal fees are paid through the NMLS. Licensees will pay an additional annual processing fee, per license, to NMLS (Company-$100, Branch-$20, Individual-$30).

The Division will not renew any licensee with outstanding license items.

REINSTATEMENT

License renewals not submitted by December 31st will be subject to a $250 reinstatement fee, paid through NMLS. The reinstatement period is January 1st to February 28th (or February 29th during a leap year). Any license not renewed by that date will be terminated.

NEW LICENSES APPROVED DURING RENEWAL PERIOD

Renewals are prioritized between November 1st and December 31st. New license applications submitted during that time will be given second priority. Any initial licenses approved during the renewal period must renew and pay renewal fees for the next calendar year. These licensees will have to complete a paper renewal outside the NMLS system and remit renewal fees to the Division through NMLS. Paper renewal forms: MLO; Mortgage Company/branch; Consumer Finance Company/branch

Applications received during renewal period are automatically placed on hold until January. Submit the paper renewal form to the Division if you would like your application approved during renewal.

SPECIFIC INFORMATION REGARDING EACH LICENSE TYPE

Mortgage Loan Originators

Renewal Fee: $100

MLOs must complete 8 hours of Continuing Education (CE) in order to renew their license. There is no Montana-specific education requirement for CE. Those who completed Pre-Licensure Education (PE) that same year do not need to complete CE. A new Federal Background Check (FBC) is not required to renew an MLO license for 2020. A new Credit Report is required (additional fees may apply). A Credit Report that was authorized within the last 30 days is acceptable.

Mortgage Brokers and Lenders

Broker Renewal Fee: $125

Lender Renewal Fee: $750

The Qualified Individual must apply for renewal and meet Montana's Designated Manager requirements at or by the time the company requests license renewal for the entity license.

Mortgage Broker and Lender Branches

Renewal Fee: $62.50

The Branch Manager must apply for renewal and meet Montana's Designated Branch Manager requirements at or by the time the company requests license renewal for the entity license. Branch licenses cannot be approved for renewal before an entity license is approved for renewal.

Mortgage Servicers

Renewal Fee: $750

Servicers must submit a Schedule of the Range of Costs of Fees. Montana does not have a form for this document. Please include all fees currently charged to the borrower for servicing-related activities. Please upload this into NMLS under "Business Plan".

Mortgage Servicer Branches

Renewal Fee: $62.50

Branch licenses cannot be approved for renewal before an entity license is approved for renewal.

Consumer Loan

Renewal Fee: $500

Consumer Loan licensees must submit updated Disclosure Statements, as required by ARM 2.59.302. The disclosure statements must comply with ARM 2.59.302(1)(a). Please upload this into NMLS under "Document Samples".

Consumer Loan Branches

Renewal Fee: $500

Branch licenses cannot be approved for renewal before an entity license is approved for renewal.

Escrow Business License

Renewal Fee: $100

Sales Finance and Sales Finance Branch Licenses

Renewal Fee: $100

Branch licenses cannot be approved for renewal before an entity license is approved for renewal.