(1) A mortgage lender who held a valid license as a Montana residential mortgage lender as of July 1, 2009, and who applies for renewal of the license is eligible for a temporary license as provided in this rule.

(2) The term of the temporary license issued to a mortgage lender is from the date of issuance of the license until the earlier of:

(a) the granting of an unconditionally approved license status to the lender by Montana through the National Mortgage Licensing System (NMLS); or

(b) April 1, 2010.

(3) Mortgage lender applications for a temporary license must be submitted to the department by September 1, 2009, in order to assure the issuance of a temporary license to qualified renewal applicants before their current licenses expire on September 30, 2009. An application may be submitted after September 1, 2009, but if it cannot be processed in time for issuance of a temporary license by September 30, the renewal applicant's authority to engage in the business of mortgage lending expires on September 30 and incidences of unlicensed mortgage lender activity will be prosecuted by the department.

(4) An application for a temporary license must be submitted on a form prescribed by the department. Each mortgage lender shall license at least one main office and all branch offices at which Montana residential mortgage loans are originated. Each office must have a designated manager.

(5) The nonrefundable fee for a temporary mortgage lender license is $375 for the main office and $125 for each branch office.

(6) For each entity seeking temporary licensure as a mortgage lender, each of the persons listed in 32-9-113, MCA, shall submit an affidavit in a form prescribed by the department swearing or affirming that they meet the requirements of 32-9-120(1)(a), (b), (c), and (g), MCA, as of the date of application.

(7) If an applicant for a temporary license does not maintain a physical office in Montana, the applicant must comply with 32-9-128, MCA.