Sales Finance Licensing ("Retail Installment Sales Contracts")

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Licensing

A sales finance license is needed to engage in business as defined in the Montana Retail Installment Sales Act(Section 31-1-201, MCA).

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:http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/NavGuides.aspx

For help with a company account:http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/CompanyQuickGuides.aspx

For help with an individual account:

http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/IndividualQuickGuides.aspx 

Montana State Licensing Requirements:http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=MT

New Legislation

Statute

NMLS Transition

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.

Memorandums and Legal Opinions

Administrative Rule Notices

MAR Notice Number Topics Addressed in Notice Date

2-59-552

Notice of Amendment and Repeal:  Standardized Forms and Procedures - Transition of Sales Finance Company Licensees to the NMLS

12/24/16

2-59-552

Notice of Proposed Amendment and Repeal:  Standardized Forms and Procedures - Transition of Sales Finance Company Licensees to the NMLS

10/29/16

2-59-214

Corrected Notice of Adoption:  Transitioning Existing Sales Finance Company Licenses to the Nationwide Mulitstate Licensing System and Use of the System for All Future Licensing

04/07/15

2-59-514

Notice of Adoption: Effective:  Transitioning Existing Sales Finance Company Licenses to the Nationwide Multistate Licensing System and Use of the System for All Future Licensing

10/10/14

2-59-514

Notice of Proposed Adoption: Transitioning Existing Sales Finance Company Licenses to the Nationwide Multistate Licensing System and Use of the System for All Future Licensing

08/08/14

 

 

 

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