(1) Each application for a license to offer and sell living trusts in this state must be made on Form LT-1, available from the state auditor.

(2) (a) A license granted under 30-10-904, MCA, to an investment advisor entitles an investment advisor representative affiliated with the investment advisor and registered in this state to act under that license pursuant to (b) .

(b) An investment advisor licensed under 30-10-904, MCA, shall provide the state auditor with the names of each investment advisor representative who will offer or sell living trusts in this state under that license by completing Schedule A to Form LT-1, and paying the fees required by 30-10-904, MCA.

(3) Each applicant shall notify the state auditor of any change in the information in the applicant's application within 30 days after the change occurs by filing an amended Form LT-1 or Schedule A.

(4) A license issued between October 1, 1997, and December 31, 1997, is effective until December 31, 1998, unless the license is suspended or revoked.