BEFORE THE DEPARTMENT OF ADMINISTRATION

OF THE STATE OF MONTANA

 

In the matter of the adoption of New Rules I through IV pertaining to the definition of origination of a mortgage loan, certificate of bona fide not-for-profit entity, state-specific prelicensing education, and when an application is deemed abandoned, the amendment of ARM 2.59.1701, 2.59.1702, 2.59.1728, 2.59.1731, and 2.59.1743 pertaining to definitions, proof of experience, standardized forms, reinstatement of licenses, and reporting forms for mortgage servicers, and the repeal of ARM 2.59.1725, 2.59.1727, and 2.59.1749 pertaining to licensing exemptions, mortgage loan originator testing, and written exemption form

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NOTICE OF ADOPTION, AMENDMENT, AND REPEAL

 

TO: All Concerned Persons

 

1. On October 31, 2013, the Department of Administration published MAR Notice No. 2-59-500 pertaining to the public hearing on the proposed adoption, amendment, and repeal of the above-stated rules at page 1866 of the 2013 Montana Administrative Register, Issue Number 20.

 

2. The department has adopted New Rule I (ARM 2.59.1750), New Rule II (ARM 2.59.1751), and New Rule IV (ARM 2.59.1753) exactly as proposed.

 

3. The department has amended ARM 2.59.1701, 2.59.1702, 2.59.1728, 2.59.1731, and 2.59.1743 exactly as proposed.

 

4. The department has repealed ARM 2.59.1725, 2.59.1727, and 2.59.1749 exactly as proposed.

 

5. The department has adopted the following rule as proposed, but with the following changes from the original proposal, new matter underlined, deleted matter interlined:

 

NEW RULE III (2.59.1752) STATE-SPECIFIC PRELICENSING EDUCATION  (1) remains as proposed.

(2) This rule will become effective on March 1, 2014.

 

AUTH: 32-9-107, MCA

IMP: 32-9-107, MCA

 

6. The department has thoroughly considered the comment and testimony received. A summary of the comment received and the department's response follow:

 

COMMENT 1: The department received one comment from Bryon Smith of Bryon Smith Mortgage, LLC. He stated that while he agrees it is appropriate for new licensees to take Montana-specific prelicensing education, there is none currently available.  He states that he currently uses Training Pro for his continuing education provider, and it would take some time for it to have a Montana course available. He asks that the department consider delaying New Rule III until Montana-specific courses are available from a few online companies.

 

RESPONSE 1:  The department thanks Mr. Smith for his astute comment. Mr. Smith is correct, and the department agrees with his statements. In light of this comment, the department will delay the effective date of New Rule III until March 1, 2014.

 

 

 

By:   /s/ Sheila Hogan                                       By:   /s/ Michael P. Manion              

Sheila Hogan, Director                                      Michael P. Manion, Rule Reviewer

Department of Administration                             Department of Administration

 

Certified to the Secretary of State December 16, 2013.