BEFORE THE BOARD OF HOUSING
DEPARTMENT OF COMMERCE
OF THE STATE OF MONTANA
In the matter of the adoption of New Rules I through VII, regarding the Montana Veterans' Home Loan Program
NOTICE OF ADOPTION
TO: All Concerned Persons
1. On July 14, 2011, the Department of Commerce published MAR Notice No. 8-111-93 pertaining to the public hearing on the proposed adoption of the above-stated rules at page 1236 of the 2011 Montana Administrative Register, Issue Number 13.
2. The department has adopted the following rules as proposed: New Rule I (8.111.701), II (8.111.702), III (8.111.703), IV (8.lll.704), V (8.111.705), VI (8.111.706).
3. The department has adopted the following rule as proposed, but with the following changes from the original proposal, new matter underlined, deleted matter interlined:
NEW RULE VII [ARM 8.111.707] LOAN TERMS AND CONDITIONS
(1) through (3) remain as proposed.
(4) Loans must meet FHA, VA, RD, or HUD 184 underwriting standards as specified by the board and must be guaranteed by FHA, VA, RD, or HUD 184. Loans guaranteed by VA must have full guarantee only with no prior entitlements used and not restored.
(5) through (9) remain as proposed.
4. The department has thoroughly considered the comments and testimony received. A summary of the comments received and the department's responses are as follows:
COMMENT #1: The department received one comment in favor of adopting the rules as proposed.
RESPONSE #1: The department appreciates the interest in this rulemaking process.
COMMENT #2: The department received one comment noting that the board requires the full VA entitlement be available for the loan guarantee, but this was not noted as an integral part of the rules.
RESPONSE #2: The department has added language to include this provision in the rules.
/s/ G. MARTIN TUTTLE /s/ DORE SCHWINDEN
G. MARTIN TUTTLE DORE SCHWINDEN
Rule Reviewer Director
Department of Commerce
Certified to the Secretary of State September 12, 2011.