Montana mining operators are affected by new legislation. The new law, which is named, HB 533, authorizes the Board of Land Commissioners to decide whether or not a surety bond will be required of mining operators to guarantee the payment of royalties to the Board. The previous law always required the surety bond.
Mortgage servicers in Montana State now must obtain surety bonds in order to operate legally. The new law is titled HB 90 and requires mortgage servicers to acquire a $100,000 bond. HB 90 also states that separate bonds are needed for mortgage lender, mortgage broker and mortgage servicer licenses.
Commodity dealers in the state of Montana must follow new surety bond requirements. The new bill is titled SB 74 and requires supplementary bonds in order to get a commodities dealer’s license. The additional bond amount is $2,000 for each $1,000 that the dealer’s equity is less than $50,000 or $2,000 for each $1,000 that the dealer’s current liabilities surpass their assets. SB 74 became effective July 1, 2011.
Mortgage lenders and servicers in the State of Montana are affected by a new law that was recently enacted named the Montana Mortgage Act. The new law will be in effect on October 1, 2011 and now requires Montana services to acquire a $100,000 surety bond. The law also removes the option which allowed mortgage professionals to meet a specific net worth requirement in place of obtaining a bond. (more…)
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.
In Montana State, a new law was introduced affecting underground sequestration wells. The new law is labeled SB 498 and controls the storage of carbon dioxide in underground sequestration wells. SB 498 allows the Environmental Review Board to implement rules for the operators of these wells, as well as provisions for the requirement of a surety bond. The surety bond is conditioned on the fulfillment of the new law and the regulations adopted to apply it. The surety bond must be adequate enough to guarantee the efficiency of the well and the site, and to cover the expenses to counterbalance emissions ensuing from failure of a well to enclose the carbon dioxide. The new law also states that the surety bond will be terminated for failures to appropriately supervise and operate a well, reservoir, and stored carbon dioxide or to plug a well. Additionally, SB 498 prohibits the surety bond from being terminated or absolved. The new authorizing law for the said wells became active upon enactment. The substantive requirements, including bonding, will not become active until the U.S. Environmental Protection Agency permits the Montana Board of Oil and Gas Conservation primacy to administer procedures at carbon dioxide sequestration wells.