BANKING & FINANCIAL INSTITUTIONS

Regulating Financial Services, Protecting Montanans

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

  • Find the full list of deferred deposit forms here.
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
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