Tag Archive: "Montana"
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Montana Amends Provisions Regarding Revised Uniform Law on Notarial Acts
The state of Montana amended provisions relating to its Revised Uniform Law on Notarial Acts that include electronic records, remote notarization and the use of electronic notarization systems and communicating technology. These provisions are effective on October 1, 2019.
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Montana Amends Provisions Regarding Mortgage Act and Reporting Requirements for Escrow Businesses
The state of Montana amended its provisions relating to its Mortgage Act.
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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.
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Montana Revises Definition of “Alter” Pertaining to Mortgage Loan Documents
The state of Montana has updated the definition of “alter” as used in MCA 32-9-124(1)(l).
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Montana Amends Multiple Mortgage Lending Licensing Provisions
The Montana Department of Administration amended its rules relating to surety bond, table funding, application of financial standards, and reporting forms for mortgage servicers. These provisions became effective July 8, 2017.
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Montana Amends Provisions Concerning Erroneous References and Digital Assets Act
Montana amended its provisions to correct erroneous references in material that include updates regarding notaries, taxation, and mortgage servicer prohibitions. These provisions are effective on October 1, 2017. Other updates include provisions regarding disabled veterans, invoices of distributors and aviation fuel dealers, accreditation of schools, language programs, firearms, and license plates. Additionally, Montana enacted provisions concerning its Revised Uniform Fiduciary Access to Digital Assets Act. These provisions are effective on October 1, 2017.
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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).
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Montana Implements Provisions Concerning Renewal Fees and Licensing Definition
The Montana Department of Administration amended its provisions by reducing its licensing renewal fees for 2017 by 50%. This temporary rule is set to expire on March 1, 2017. In addition, the Department also adopted a new rule pertaining to the clarification of the definition of “regularly engage.” The provision regarding this new rule is effective on October 15, 2016.
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Montana Surety Bond Requirements for Mortgage Brokers and Lenders
Effective June 18, 2016, entities applying for a mortgage broker or mortgage lender license for the first time in Montana, with no prior business history or a business history of less than one year at the time of application, are now required to purchase a surety bond in the amount of $25,000.00. Previous to this […]
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Montana Revises Record Keeping and Reporting Requirements
By Margaret Wright, J.D.January 14, 2016 Effective December 24, 2015 the Montana Department of Administration adopted the November proposed amendments concerning record keeping requirements for mortgage brokers and mortgage lenders and reporting forms for mortgage servicers. The requirements of ARM 2.59.1710 and 2.59.1724 regarding maintenance of records and ARM 2.59.1743 regarding servicer reporting forms have […]