Division of Banking and Financial Institutions
Industry Information
- Banks
- Credit Unions
- Mortgage Brokers and Loan Originators
- Mortgage Lenders
- Consumer Loan Companies
- Sales Finance Companies ("Retail Installment Sales Contracts")
- Deferred Deposit Lenders ("Payday Lenders")
- Title Lenders
- Escrow Businesses
- Business and Industrial Development Corporations (BIDCO)
- Montana Foreign Capital Depositories
- Recent Legislation (2007 Regular Session)
- Statute, Administrative Rules, and Regulatory Guidance (Includes links to proposed administrative rule notices)
Consumer Information
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List of Licensees - Last Updated February 29, 2008
About the Division
News:
- CSBS/AARMR/NACCA Statement on Subprime Mortgage Origination -
The statement was developed by the Conference of State Bank Supervisors (CSBS), the American Association of Residential Mortgage Regulators (AARMR), and the National Association of Consumer Credit Administrators (NACCA) in response to the federal financial regulatory agencies' Statement on Subprime Mortgage Lending that was released on June 29, 2007. CSBS, AARMR, and NACCA developed the statement to apply to lenders not regulated by the federal financial regulatory agencies.
"We believe a coordinated effort among federal and state regulatory agencies is necessary to provide consistent and effective overall supervision of the mortgage industry,"stated Montana Banking Commissioner Annie Goodwin.
The CSBS/AARMR/NACCA guidance substantially mirrors the federal interagency statement agreed upon by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration, and supported by the Federal Financial Institutions Examination Council's State Liaison Committee.
More Info. CSBS/AARMR/NACCA Statement on Subprime Mortgage Origination
New Law Requires Licensing of Mortgage Lenders
- House Bill 69 requires licensure on October 1, 2008 -
(HELENA, MONTANA) The Montana Division of Banking and Financial Institutions has announced that a new law passed during the 2007 Regular Legislative Session will require the licensing and regulation of residential mortgage lenders.
This new licensing requirement was created by the Montana Residential Mortgage Lender Licensing Act (Act), which was signed into law by Governor Brian Schweitzer on May 3, 2007 as part of House Bill 69 (HB 69). The Act requires persons engaged in the business of making Montana residential mortgage loans to be licensed as of October 1, 2008.
"The purchase of a home is the single largest and most complex financial transaction that most Montanans will face during their lives," said Annie M. Goodwin, Commissioner of the Montana Division of Banking and Financial Institutions. "This new licensing law will afford greater protection to Montana consumers who may seek financing through a mortgage lender regulated under this Act."
The Act requires the licensing of business entities as well as any branch offices that will be engaged in making Montana residential mortgage loans. Licensing fees for the business entity will be $750.00 and each subsequent branch location will be $250.00. Licenses will be renewed annually and will expire on September 30. More Info.
Consumer Information Protection Guidance (June 15, 2007) - The Division has issued this guidance relative to the protection of consumer information. This guidance addresses what information must be provided to customers that may have had their personal information compromised. In addition, it also sets forth the reporting of discovered or suspected losses of personal consumer information. Also attached is a form that should be used when notifying the Division of a theft within a licensee's business.
