2.59.2036    LOAN PRODUCTION OFFICE ACTIVITIES

(1) A loan production office may conduct any of the following activities, which shall not, individually or collectively, cause the loan production office to be considered a branch: 

(a)  solicit loans on behalf of the mutual association or a branch of the mutual association;

(b)  assemble credit information;

(c)  make property inspections and appraisals;

(d)  secure title information;

(e)  prepare applications for loans, including making recommendations with respect to action; and

(f)  solicit investors to purchase loans from the mutual association and to contract with the mutual association for servicing of such loans.

(2)  A mutual association shall not accept deposits or loan payments, originate deposits or savings or checking accounts, approve loans, or disburse loan funds at a loan production office established pursuant to this rule.

History: 32-2-701, 32-2-704, 32-2-830, MCA; IMP, 32-2-701, 32-2-704, 32-2-830, MCA; NEW, 2022 MAR p. 230, Eff. 2/12/22.