DocMagic's Compliance Department has revised its Montana Mortgage Loan Origination Disclosure to comply with Senate Bill 92, which becomes effective October 1, 2008. SB 92 revises the Montana Residential Mortgage Lender Licensing Act ("Act"). Among other statutes, SB 92 amends Montana Code Annotated § 32-9-124 by requiring a mortgage loan origination disclosure to provide:

". . . the address of the department's division of banking and financial institutions, the division's phone number and website, and a statement informing borrowers that the division can provide information about whether a mortgage broker or loan originator is licensed as well as other legally available information." (Montana Code Annotated § 32-9-124(3).)

Accordingly, a new Section 3 has been added to the Disclosure to provide the above information and statement. A licensed mortgage broker in Montana must provide the disclosure prior to providing mortgage broker services to a borrower and at the time of application. If you have any questions concerning this Disclosure, please contact DocMagic's Compliance Department.