Montana Revises Escrow Business Licensing Provisions
The state of Montana has revised certain provisions relating to escrow business licensing to align with the 2014 requirement that escrow business license applications be processed through the Nationwide Multistate Licensing System (NMLS).
The impacted sections are as below:
2.59.701 Application Procedure for authorization to engage in the escrow business
Section 2.59.701 has been revised to strike current sections 1 and 2 which outlined the escrow business licensing procedure prior to use of the NMLS. The remaining sections are substantively the same with some revision to former section 3, now section 1, to read as follows: “In addition to the statutory qualifications found in Title 32, chapter 7, MCA, officers and managers of proposed escrow businesses shall demonstrate the character and fitness to operate their proposed escrow business in compliance with all applicable state and local laws.”
2.59.705 Adoption of Standardized Forms and Procedures of the Nationwide Multistate Licensing System (NMLS)
Section 2.59.705 has been revised to reflect updated date references for the Montana escrow business company licensing checklists and updated web address for NMLS required standardized forms. Additionally, the reference to the Montana escrow business company transition checklist has been removed as the transition period is now complete.
2.59.706 Transition
Section 2.59.706 has been repealed as all escrow business company licensees have completed the transition to the NMLS and new license applicants will now apply directly through the NMLS. Previously this section required Montana escrow business companies to submit a transition request through the NMLS by September 30, 2014.
View the complete changes via the below link:
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
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