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| Montana Administrative Register Notice 2-59-554 | No. 9 05/12/2017 | |
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BEFORE THE DEPARTMENT OF ADMINISTRATION OF THE STATE OF MONTANA
TO: All Concerned Persons
1. On June 19, 2017, the Department of Administration proposes to amend and repeal the above-stated rules.
2. The Department of Administration will make reasonable accommodations for persons with disabilities who wish to participate in this rulemaking process or need an alternative accessible format of this notice. If you require an accommodation, contact the Department of Administration no later than 5:00 p.m. on June 5, 2017, to advise us of the nature of the accommodation that you need. Please contact Wayne Johnston, Division of Banking and Financial Institutions, P.O. Box 200546, Helena, Montana 59620-0546; telephone (406) 841-2918; TDD (406) 841-2974; facsimile (406) 841-2930; or e-mail [email protected].
3. The rules as proposed to be amended provide as follows, new matter underlined, deleted matter interlined:
2.59.1706 SURETY BOND (1) The surety bond (2) remains the same.
AUTH: 32-9-130, MCA IMP: 32-9-123, MCA
GENERAL STATEMENT OF REASONABLE NECESSITY: As part of its required biennial review of rules, the Department of Administration has identified necessary changes identified in these proposed amendments.
STATEMENT OF REASONABLE NECESSITY: This rule is being amended to reflect the change in the method in which the division reviews and tracks the surety bond. Surety bonds are no longer mailed to the division; instead, they are uploaded into the licensee's NMLS record. Division-authorized users may view the uploaded surety bond in the licensee's NMLS record to verify compliance. The remaining proposed changes are to improve readability and follow drafting convention.
2.59.1708 TABLE FUNDING REQUIRES LICENSURE (1) remains the same.
AUTH: 32-9-130, MCA
STATEMENT OF REASONABLE NECESSITY: This rule is being amended to replace the implementation statute 32-9-108, MCA, because it was repealed in 2009. This rule now implements 32-9-102, MCA.
2.59.1739 APPLICATION OF FINANCIAL STANDARDS (1) and (2) remain the same.
AUTH: 32-9-130, MCA IMP: 32-9-113, 32-9-117, 32-9-120,
STATEMENT OF REASONABLE NECESSITY: This rule is being amended to remove the implementation statute 32-9-166, MCA, because the statute was stated in error and does not apply to the application of financial standards.
2.59.1743 REPORTING FORMS FOR MORTGAGE SERVICERS (1) remains the same. (2) At the servicer's election, each servicer shall submit either the expanded mortgage call report (3) The Quarterly Statement for Mortgage Servicing Activity dated
AUTH: 32-9-130, MCA IMP: 32-9-170, MCA
STATEMENT OF REASONABLE NECESSITY: This rule is being amended to reflect the current edition date of the Quarterly Statement for Mortgage Servicing Activity. The division forms must be updated to reflect the current reporting standards as directed by the NMLS. The remaining proposed change is to improve readability and follow drafting convention.
4. The department proposes to repeal the following rules:
2.59.1728 ADOPTION OF STANDARDIZED FORMS AND PROCEDURES OF THE NMLS, found on ARM page 2-6165.
AUTH: 32-9-130, MCA IMP: 32-9-105, 32-9-110, 32-9-112, 32-9-130, 32-9-134, MCA
STATEMENT OF REASONABLE NECESSITY: This rule is being repealed because the adoption of standardized forms and procedures of the NMLS is now required by 32-9-105 and 32-9-112, MCA.
2.59.1750 CLARIFICATION OF DEFINITION, found on ARM page 2-6177.
AUTH: 32-9-130, MCA IMP: 32-9-103(26), MCA
STATEMENT OF REASONABLE NECESSITY: When this rule was adopted in 2013, Montana did not have a definition of clerical or support duties. This meant all loan processors or underwriters had to be licensed as mortgage loan originators. That was not the intent of the SAFE Act or the Montana Mortgage Act. The division therefore adopted this rule to clarify that loan processors or underwriters need not be licensed. In 2015, the Montana legislature added a definition of clerical or support duties at 32-9-103(10), MCA, so this rule is no longer needed.
5. Concerned persons may present their data, views, or arguments concerning the proposed action to Kelly O'Sullivan, Legal Counsel, Division of Banking and Financial Institutions, P.O. Box 200546, Helena, Montana 59620-0546; faxed to the office at (406) 841-2930; or e-mailed to [email protected]; and must be received no later than 5:00 p.m., June 12, 2017.
6. If persons who are directly affected by the proposed action wish to express their data, views, or arguments orally or in writing at a public hearing, they must make written request for a hearing and submit this request along with any written comments to the person listed in 5 above no later than 5:00 p.m., June 12, 2017.
7. If the Division of Banking and Financial Institutions receives requests for a public hearing on the proposed action from either 10 percent or 25, whichever is less, of the persons directly affected by the proposed action; from the appropriate administrative rule review committee of the Legislature; from a governmental subdivision or agency; or from an association having not less than 25 members who will be directly affected, a hearing will be held at a later date. Notice of the hearing will be published in the Montana Administrative Register. Ten percent of those directly affected has been determined to be 375 persons based on the 3,749 existing mortgage licensees.
8. An electronic copy of this proposal notice is available through the department's web site at http://doa.mt.gov/administrativerules. The department strives to make the electronic copy of the notice conform to the official version of the notice, as printed in the Montana Administrative Register, but advises all concerned persons that if a discrepancy exists between the official printed text of the notice and the electronic version of the notice, only the official printed text will be considered. In addition, although the department works to keep its web site accessible at all times, concerned persons should be aware that the web site may be unavailable during some periods, due to system maintenance or technical problems.
9. The Division of Banking and Financial Institutions maintains a list of interested persons who wish to receive notices of rulemaking actions proposed by this division. Persons who wish to have their name added to the mailing list shall make a written request that includes the name, mailing address, and e-mail address of the person to receive notices and specifies that the person wishes to receive notices regarding division rulemaking actions. Notices will be sent by e-mail unless a mailing preference is noted in the request. Such written requests may be mailed or delivered to Wayne Johnston, Division of Banking and Financial Institutions, 301 S. Park, Ste. 316, P.O. Box 200546, Helena, Montana 59620-0546; faxed to the office at (406) 841-2930; e-mailed to [email protected]; or may be made by completing a request form at any rules hearing held by the department.
10. The bill sponsor contact requirements of 2-4-302, MCA, do not apply.
11. The department has determined that under 2-4-111, MCA, the proposed rule amendments and rule repeals will not significantly and directly affect small businesses.
By: /s/ John Lewis By: /s/ Michael P. Manion John Lewis, Director Michael P. Manion, Rule Reviewer Department of Administration Department of Administration
Certified to the Secretary of State May 1, 2017. |
A directory of state agencies is available online at http://www.mt.gov/govt/agencylisting.asp.
For questions about the organization of the ARM or this web site, contact [email protected].
