(1) A licensee who collects a fee to be paid to a public official for filing or recording any instrument used to secure a loan shall file or record the security instrument. A licensee who has filed or recorded a security instrument shall release the security instrument from the public record within ten business days after the obligation has been satisfied whether or not a fee was collected for the filing or recording of the security instrument in the first instance or for the filing or recording of the release.

(2) Licensees shall record on the borrower's ledger card or electronic payment record each amount collected as a fee for recording, filing, or releasing any instrument executed by a borrower to secure a loan. The electronic record must be capable of being reproduced in or converted to hard copy form.

(3) Licensees may not charge a fee to notarize any instrument tendered by a borrower as security for the consumer loan. The prohibition does not affect the authority of a licensee to finance the fee charged by a third party for notary services under 32-5-301(2), MCA.

History: 32-5-401, MCA; IMP, 32-5-301, MCA; Eff. 12/31/72; TRANS, from Commerce, 2001 MAR p. 1178; AMD, 2014 MAR p. 498, Eff. 3/14/14.