BEFORE THE Department of ADMINISTRATION

OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 2.59.1738 pertaining to renewal fees of mortgage brokers, mortgage lenders, mortgage servicers, and mortgage loan originators

) ) ) ) )

NOTICE OF AMENDMENT

 

TO:  All Concerned Persons

 

1.  On August 28, 2020, the Department of Administration published MAR Notice No. 2-59-606 pertaining to the proposed amendment of the above-stated rule at page 1547 of the 2020 Montana Administrative Register, Issue Number 16.

 

2. The department received two comments in response to the proposal. A summary of the comments and the department's response is set forth below:

 

COMMENT #1: The department received a comment in support of the proposal stating, "The fee reductions contained in the amendment of ARM 2.59.1738 are mindful of the variety of unanticipated impacts of the COVID-19 pandemic.  During the past six months, loan servicers have been obligated to advance funds on behalf of borrowers in forbearance, lenders are spending more time and resources to empower remote workers, and routine interactions in daily life have been disrupted.  The reduced licensing fees are a meaningful gesture from the department to its licensees."

 

RESPONSE #1: The department appreciates and agrees with the comment.

 

COMMENT #2: The department received a comment in support of the proposal stating, "The proposed reduction in renewal fees comes at a time when banks (lenders) face great uncertainty and profits are squeezed due to forbearances, delinquencies, and lower net interest margins.  The banks of Montana appreciate the Department of Administration's recognition of the challenges we face and the proposal to significantly reduce license renewal fees for the coming year."

 

RESPONSE #2: The department appreciates and agrees with the comment.

           

3.  The department has amended ARM 2.59.1738 exactly as proposed.

 

 

By:   /s/ John Lewis                                            By:   /s/ Don Harris                             

         John Lewis, Director                                          Don Harris, Rule Reviewer

         Department of Administration                            Department of Administration

 

 

Certified to the Secretary of State September 29, 2020.