2.59.910    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, as defined in 32-1-109, MCA:

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

(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 bank and to contract with the bank for servicing of such loans.

(2) A bank 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: 32-1-211, 32-1-218, 32-1-222, MCA; IMP, 32-1-109, 32-1-222, MCA; NEW, 2021 MAR p. 328, Eff. 3/27/21.