Montana Deferred Deposit Loan Licensing

MONTANA DEFERRED DEPOSIT LOAN LICENSING

There are currently no licensed payday lenders in the State of Montana.

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. According to Montana statute, a deferred deposit lender may not charge an annual interest rate that exceeds 36%.

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.

STATUTE

Montana Deferred Deposit Loan Act

ADMINISTRATIVE RULES

Deferred Deposit Loan Administrative Rules

ADMINISTRATIVE RULE NOTICES

MAR Notice Number	Topics Addressed in Notice	Date
2-59-612	Notice of Amendment and Repeal pertaining to: standardized forms and procedures of the NMLS for consumer loan licenses, escrow business licenses, sales finance company licenses, and deferred deposit lender licenses; consumer loan license surrender; definitions for mortgage licensees; revocation, suspension, or surrender of mortgage licenses; initial applications through NMLS for consumer loan licenses, escrow business licenses, sales finance company licenses, and deferred deposit lender licenses; consumer loan license amendments and fees; escrow business license amendments, surrender, and fees sales finance company license amendments, surrender, and fees deferred deposit lender license amendments, surrender, and fees; and table funding requiring licensure for mortgage licensees.	2/11/22
2-59-612	Notice of Proposed Amendment and Repeal pertaining to: standardized forms and procedures of the NMLS for consumer loan licenses, escrow business licenses, sales finance company licenses, and deferred deposit lender licenses; consumer loan license surrender; definitions for mortgage licensees; revocation, suspension, or surrender of mortgage licenses; initial applications through NMLS for consumer loan licenses, escrow business licenses, sales finance company licenses, and deferred deposit lender licenses; consumer loan license amendments and fees; escrow business license amendments, surrender, and fees sales finance company license amendments, surrender, and fees deferred deposit lender license amendments, surrender, and fees; and table funding requiring licensure for mortgage licensees.	12/23/21
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

The Montana Division of Banking and Financial Institutions does not provide no-action or opinion letters regarding licensing. We ask individuals to consult with their own legal counsel to determine if a license or charter is needed.