The Montana Department of Administration recently amended its regulations relating to licensing renewal fees for all mortgage industry license types to reduce the renewal fees by two-thirds for the 2021 renewal period due to the pandemic's impact on the mortgage industry.
Licensees are required to submit their renewal applications by December 1 each year to ensure issuance of the license to qualified renewal applicants. In the notice of proposed amendment, the Department states that the amount was chosen to balance the need to offer short-term relief to those affected by the pandemic with the Department's long-term need to generate sufficient revenue to cover the cost of its administration.
The amendments are effective immediately.
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