Residential Mortgage Lender Licensing Available Online
Wednesday, December 17, 2008 2:06:14 PM Montana Residential Mortgage Lender Licensing Act effective October 1, 2008
HELENA, MONTANA - The Montana Division of Banking and Financial Institutions has announced that the residential mortgage lender entity and branch applications are available online. The applications can be accessed through the Division's mortgage lender webpage at http://banking.mt.gov/mortgagelender.mcpx.
This new licensing requirement was created by the Montana Residential Mortgage Lender Licensing Act (Act), which was signed into law by Governor Brian Schweitzer on May 3, 2007 as part of House Bill 69. The Act requires persons or business entities engaged in the business of making Montana residential mortgage loans to be licensed effective October 1, 2008.
The Act requires the licensing of business entities as well as any branch offices that will be engaged in making Montana residential mortgage loans. Licenses will be renewed annually and will expire on September 30. A complete list of all required application materials is available online at the Division's website at http://banking.mt.gov/mortgagelenderlicensing.mcpx.
"This Act serves to protect Montana borrowers who engage in residential real estate transactions," said Annie M. Goodwin, Commissioner of the Montana Division of Banking and Financial Institutions. "It provides for the licensing and regulation of residential mortgage lenders at a time when this oversight is necessary to ensure the stability of the lenders doing business in Montana." More Info.
Consumer Information Protection Guidance (June 15, 2007) - The Division has issued this guidance relative to the protection of consumer information. This guidance addresses what information must be provided to customers that may have had their personal information compromised. In addition, it also sets forth the reporting of discovered or suspected losses of personal consumer information. Also attached is a form that should be used when notifying the Division of a theft within a licensee's business.
