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Rule Title: STANDARDS FOR DETERMINING FINANCIAL RESPONSIBILITY
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Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Mortgage Broker and Loan Originator Licensing
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.1740    STANDARDS FOR DETERMINING FINANCIAL RESPONSIBILITY

(1) The department shall find an individual lacks the required financial responsibility if a pattern of disregard is shown regarding the management of the individual's personal financial affairs.

(2) In determining whether an individual has shown a pattern of disregard regarding their own personal financial affairs, the department shall consider the following factors:

(a) the existence of outstanding judgment(s), excluding judgments resulting solely from medical expenses;

(b) the existence of outstanding tax liens or other government liens or filings;

(c) a pattern of delinquency in child support or student loan payments;

(d) the existence of outstanding collection actions against the individual unless solely as a result of medical expenses;

(e) the existence of outstanding charged-off accounts with a remaining past due balance owed unless solely as a result of medical expenses;

(f) the existence of three or more accounts currently 90 days or more past due; and

(g) a foreclosure within the past three years.

(3) The department may not consider a bankruptcy as the sole basis for a finding that an individual lacks the required financial responsibility; however, the department may consider the factors that lead to the bankruptcy.

History: 32-9-130, MCA; IMP, 32-9-113, 32-9-117, 32-9-120, MCA; NEW, 2012 MAR p. 183, Eff. 1/27/12.


 

 
MAR Notices Effective From Effective To History Notes
2-59-458 1/27/2012 Current History: 32-9-130, MCA; IMP, 32-9-113, 32-9-117, 32-9-120, MCA; NEW, 2012 MAR p. 183, Eff. 1/27/12.
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