Montana mortgage broker and lenders now have a new rule to follow in order to stay legal with the state. A new bill was enacted named HB 90 and requires mortgage servicers to acquire a $100,000 surety bond. HB 90 states that mortgage lenders and mortgage brokers must obtain a bond whether they’re a company or an individual. The new bill also includes a cancellation provision which requires a 30-day notification to the Division.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.