Montana Adopts Provisions Regarding Renewal Fees
The Montana Department of Administration amended multiple provisions that include reducing its licensing renewal fees for 2019. These provisions are effective immediately.
The amendment approved and adopted the following standardized NMLS forms relating to consumer loan licensing:
- ”The NMLS company form dated September 12, 2015;”
- “The NMLS individual form dated September 12, 2016.”
The amendment also approved and adopted the following state-specific forms on the NMLS:
- “The Montana consumer loan license new application checklist dated October 7, 2016;”
- “The Montana consumer loan license surrender checklist dated September 8, 2016.”
As per the amendment, “an entity holding a consumer loan license for any period during a calendar year reporting period shall complete and file by February 15 of the following calendar year an annual report.”
The amendment further states that “the annual report must be filed whether any loans were originated during the reporting period and whether the licensee renewed its license at the end of the reporting period or held a license when the report came due the following February 15.”
The amendment stipulates that “a completed annual report must be emailed to mortgagelicensing@mt.gov and that the January 25, 2018, edition, of the annual report is available on the division’s website at banking.mt.gov.”
The amendment approved and adopted the following standardized NMLS forms relating to escrow business licensing:
- “The NMLS company form dated September 12, 2015;”
- “The NMLS individual form dated September 12, 2016.”
Additionally, the amendment also approved and adopted the following state-specific forms on the NMLS:
- “The Montana escrow business company new application checklist dated January 23, 2017;”
- “The Montana escrow business company amendment checklist dated January 23, 2017.”
The amendment included definitions for “breach of trust” and “dishonesty.”
“Breach of trust” is defined as:
- “A wrongful act, use, misappropriation, or omission with respect to any property or fund that has been committed to a person in a fiduciary or official capacity” or
- “The misuse of a person’s official or fiduciary position to engage in a wrongful act, use, misappropriation, or omission.”
“Dishonesty” means:
- “To cheat or defraud directly or indirectly;”
- “To cheat or defraud for monetary gain or its equivalent;” or
- “To wrongfully take property belonging to another in violation of any criminal statute.”
- “Dishonesty includes acts involving want of integrity, lack of probity, or a disposition to distort, cheat, or act deceitfully or fraudulently, and may include crimes which federal, state, or local laws define as dishonest.”
The amendment reduced the licensing renewal fees for 2019 by 75 percent. This section of amendment expires in March 2019 and pertains to a mortgage broker who is both an individual mortgage loan originator licensee and the owner of a mortgage broker entity.
Rhona Kyeyune, LLM, is a regulatory compliance consultant with CLA. She is a graduate of Makerere University and earned her master of laws at Boston University School of Law.
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