Montana Deferred Deposit Loan Licensing

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Licensing

A deferred deposit loan license is needed to engage in business as defined in the Montana Deferred Deposit Loan Act (Section 31-1-701, MCA). The Montana Deferred Deposit Loan Act was passed by the Montana State Legislature through House Bill 526 during the 1999 Regular Session. House Bill 526 provided for the licensure, examination and regulation of deferred deposit loan businesses operating in Montana.

**MEMORANDUM:  LICENSE RENEWAL AND BALLOT INITIATIVE NO. 164**

The Montana Division of Banking and Financial Institutions (Division) does all of its licensing through the Nationwide Mortgage Licensing System (NMLS).

For instructions on how to use NMLS please go to the following links on the NMLS website:

NMLS Navigation

For help with a company account

For help with an individual account

Montana State Licensing Requirements

Forms

  • Find the full list of deferred deposit forms here.

NMLS Transition

NEW FINANCIAL SERVICE RELATED LICENSES:

Montana will begin managing Consumer Loan Licenses, Deferred Deposit Lender Licenses, Escrow Business Licenses and Sales Finance Company Licenses on the NMLS on July 1, 2014. Companies who hold these licenses should review the Transition Plan for complete information:

A free webinar related to the transition of these license types to the NMLS will be held on Thursday, July 10, 2014 from 2-4 p.m. (EST).  Link to registration.

Statute

Administrative Rules

Rule Notices

MAR Notice Number
Topics Addressed in Notice
Date

2-59-553

Notice of Amendment:  Definitions - Standardized Forms and Procedures - Annual Reporting Form for Deferred Deposit Lending.

12/24/16

2-59-553

Notice of Proposed Amendment:  Definitions - Standardized Forms and Procedures - Annual Reporting Form for Deferred Deposit Lending

10/29/16

2-59-519

Notice of Adoption and Repeal:  Annual Report by Deferred Deposit Loan Licensees

11/21/14

2-59-519

Notice of Proposed Adoption and Repeal:  Annual Report by Deferred Deposit Loan Licensees

09/19/14

2-59-517

Corrected Notice of Adoption:  Requiring Deferred Deposit Loan Applicants to Use the Nationwide Multistate Licensing System for All Future Licensing

04/06/15

2-59-517

Notice of Adoption:  Requiring Deferred Deposit Loan Applicants to Use the Nationwide Multistate Licensing System for All Future Licensing

10/09/14

2-59-517

Notice of Proposed Adoption:  Requiring Deferred Deposit Loan Applicants to Use the Nationwide Multistate Licensing System for All Future Licensing

08/08/14

2-59-454

Notice of Adoption and Amendment:  Department Approval of Loan Agreement Form; Examination of Deferred Deposit Lenders

07/28/11

2-59-454

Notice of Proposed Adoption and Amendment:  Department Approval of Loan Agreement Form; Examination of Deferred Deposit Lenders

05/12/11

 

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