Monthly Regulatory Compliance Change Management Summary

The September 2019 Regulatory Compliance Change Management Summary is  linked for your reference.

October’s Regulatory Compliance Change Management conference call will take place on Tuesday, October 29th at 3pm EST.

To register for the call, please email compliancechgmngt@cenlar.com. For your convenience, the session will be recorded and made available to clients who are unable to attend. If you registered for a call in the past, you will be automatically registered for this call and do not need to register again.

Any questions related to the monthly summary, overview process, or specific regulatory change items can be sent directly to compliancechgmngt@cenlar.com. The Compliance Department will respond within two business days of receipt (excluding weekends and holidays).

Noteworthy Items: 

Q5662 Montana SB 276 (Effective 10/1/19): Montana is amending their laws regarding condominiums and townhomes to allow for condos to be converted into townhomes. 

                o This legislation provides residents with the opportunity to convert their condominium into a townhome, if that condominium meets specific requirements. A unit owner must deliver notice, by certified mail, to at least one of the following addresses: to each lienholder or servicer at the address specified on the recorded trust or mortgage or to the address listed on the last recorded assignment and the address listed on the loan. This notice must include specific information and language substantially similar to what was included in the Montana bill. Within 120 days of mailing this notice, the lienholder may object by recording its objection with the Office of the County Clerk and mailing notice of the objection, by certified mail, to the unit owner. If an objection is not registered, then the lienholder is considered to have consented to the conversion.

Cenlar is aware of this Montana bill and its requirements. We have updated our process and procedures to forward to our clients any conversion notices received from unit owners so that our clients can review, decision, and respond to the county clerks and unit owners as applicable.

There are currently no items showing as ‘Out of Compliance’ (effective date as passed and we are beyond our standard implementation timeframe) on our September report.