Pratt's State Regulation of Second Mortgages and Home Equity Loans - Western § 5.08 “Credit Line/Revolving Credit Loans” states:
“No Montana statutes or regulations specifically govern credit lines or revolving credit second mortgage loans.”
Consequently, we have updated the language in the “LOAN” paragraph of Cx3027 “HELOC Deed of Trust – MT”:
- from “‘draw period’ of five (5) years and a subsequent repayment period of fifteen (15) years” which was previously hardcoded
- to “‘draw period’ of [FI 6574 - Home Equity – Draw Period] ([FI 6575 - Home Equity – Type of Draw Period]) months/years and a subsequent repayment period of [FI 22130 - Repayment Period] ([FI 22131 - Type of Repayment Periods]) months/years” which now populates with the applicable field data.
These changes are available for testing on Stage & Stage 2 servers and will take effect on September 2, 2026. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
LEG-4021
DR-231031
The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.