• Montana has revised the Montana Mortgage Act to amend numerous licensing requirements. The modifications include:
• Clarifying licensing requirements
• Removing exempt company registration
• Clarifying certain education and experience requirements
• Clarifying control persons who must meet licensing requirements
• Clarifying the responsibilities of designated managers
• Allowing reports and notices to be filed and delivered through the NMLS
• Adopting NMLS forms and policies

Notably, among the state mortgage law changes made, the terms "mortgage lender," "mortgage broker," "mortgage servicer," and "mortgage loan originator" were amended to include entities that hold themselves out to the public as being able to perform their respective services. In addition, the term “responsible individual” was defined to mean a Montana-licensed mortgage loan originator with at least 1½ years of experience as a mortgage loan originator or registered mortgage loan originator who is designated by an independent contractor entity (i.e., an entity that offers or provides clerical or support duties for another person) as the individual responsible for the operation of a particular location that is under the responsible individual’s full management, supervision, and control.

The new provisions are effective on October 1, 2015.

Nebraska Amends Mortgage Banker License Application Procedures

Nebraska has amended provisions relating to the Residential Mortgage Licensing Act related to the issuance of a mortgage banker license and duties of licensees. The revised Act now states that if an applicant does not complete a license application and fails to respond to a notice from the Department of Banking and Finance to correct any deficiencies within 120 days, the Department will deem the application abandoned and issue a notice of abandonment to the applicant instead of denying the application.

The amendment is effective on September 5, 2015 (or three months following adjournment of the legislative session).