32-7-103. Exemptions.
32-7-103. Exemptions. (1) The provisions of this part do not apply to the following:
(a) a person licensed by this state pursuant to Title 37, chapter 61, as an attorney at law who is not actively engaged in the escrow business;
(b) a person licensed by this state pursuant to Title 37, chapter 50, as a public accountant who is not actively engaged in the escrow business;
(c) a person whose principal business is that of preparing abstracts or making searches of title that are used as a basis for the issuance of any title insurance policy by a company doing business under the laws of this state relating to insurance companies and the person is regulated by the commissioner of insurance;
(d) a financial institution, as defined in 32-6-103, that has its escrow accounts regularly audited or examined. The financial institution shall supply a copy of the most recently prepared audit or examination to the director upon the director's request.
(e) except as provided in subsection (2), any broker licensed by the Montana board of realty regulation if the broker is performing an act:
(i) in the course of or incidental to a single real estate transaction; and
(ii) for which a real estate license is required; and
(f) any person furnishing escrow services under the order of a court.
(2) A trust account of a broker licensed by the Montana board of realty regulation is not an escrow account within the meaning of this part.
History: En. Sec. 3, Ch. 651, L. 1989; amd. Sec. 1057, Ch. 56, L. 2009.