Montana Adopts NMLS Standards for Licensing-Related Activities

The Montana Department of Administration (the Department) recently amended its administrative rules to formally adopt NMLS-approved forms and checklists for certain licensing-related activities in Montana.  The amended rules provide that the NMLS standardized forms and procedures must be used for consumer loan licenses, escrow business licenses, sales finance company licenses, and deferred deposit lender licenses.  Such forms and procedures must also be used to, among other things, surrender mortgage licenses under the Montana Mortgage Act.

The Department published a notice regarding the proposed amendments in December 2021, but it did not receive any comments.  As a result, the amendments were adopted as proposed.  Note the amendments became effective on February 12, 2022.