(1) An individual who does not hold a valid license as a Montana residential mortgage loan originator or mortgage broker as of July 1, 2009, may apply for a temporary license as provided in this rule on a form prescribed by the department.

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

(a) the granting of an unconditionally approved license status by Montana to the mortgage loan originator through the NMLS; or

(b) April 1, 2010.

(3) The nonrefundable fee for a temporary mortgage loan originator license is $300.

(4) To be granted a temporary license, a mortgage loan originator applicant shall meet the requirements in 32-9-120(1)(a), (b), (c), (d), and (g), MCA.

(5) An applicant for a temporary mortgage loan originator license shall submit the information and documentation required by 32-9-127(1)(a), (b), and (c), MCA, to the department rather than to the NMLS.

(6) If an applicant for a temporary mortgage loan originator license does not maintain a physical office in Montana, the applicant shall comply with 32-9-128, MCA.