{"data":{"id":"us-mt/32-9-172","jurisdiction":"us-mt","citation":"32-9-172","heading":"Mortgage lender net worth requirement.","body":"(1) A mortgage lender shall continuously maintain the minimum net worth required by this section.\n(2) A mortgage lender must have a minimum net worth of $250,000 and submit evidence that establishes compliance with this section. Evidence of net worth must include submission of recent financial statements accompanied by a written statement by an independent certified public accountant attesting that the accountant has reviewed the financial statements in accordance with generally accepted accounting principles.\n(3) If the net worth of a mortgage lender falls below the minimum net worth set forth in subsection (2), the licensee shall provide a plan, subject to approval of the department, to increase the licensee's net worth to an amount in conformance with this section. Submission of a plan under this section must be made within 30 business days of service of a notice from the department that the licensee is not in compliance with subsection (2). A plan that is not timely submitted or that is not approved by the department may result in denial of the application, issuance of a cease and desist order, license suspension, or license revocation.\n(4) Maintenance of the minimum net worth specified under this section is a requirement for continued licensure. Failure to meet or maintain the minimum net worth standards under this part may constitute grounds for the denial of an application, issuance of a cease and desist order, license suspension, or license revocation.","path":["TITLE 32. FINANCIAL INSTITUTIONS","CHAPTER 9. RESIDENTIAL MORTGAGE BROKERS, LENDERS, SERVICERS, AND LOAN ORIGINATORS","Part 1. Montana Mortgage Act"],"source_url":"https://mca.legmt.gov/bills/mca/title_0320/chapter_0090/part_0010/section_0720/0320-0090-0010-0720.html","current_through":"Montana Code Annotated 2025","vintage":"","retrieved_at":"2026-09-14T04:52:05Z","sha256":"29a53a18e48236b3ee126e0724bd00765b1d7465abc864644be36911f39621aa","source_id":"us-mt","stale":false,"prev":"us-mt/32-9-171","next":"us-mt/32-9-173"},"notice":"GroundRules: Original legal text. Not legal advice."}