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WBK Industry News - State Regulatory Developments

Montana Amends Reporting Requirement Provisions for Escrow Businesses

On February 28, 2019, the Montana legislature passed HB-108, which revised the Regulation of Escrow Businesses Act (the Act) language applicable to the “maintenance of records” and “hearings – penalties.”  Specifically, the bill (i) requires annual financial reports of escrow businesses to be reviewed by a certified public accountant every odd-numbered year, and (ii) allows Montana’s Department of Administration to complete service of process in a judicial action, suit, or proceeding by “sending by common courier with tracking capabilities any notice” required under the Act.  HB-108 will be effective October 1, 2019.