BANKING & FINANCIAL INSTITUTIONS

Regulating Financial Services, Protecting Montanans

SALES FINANCE LICENSING ("RETAIL INSTALLMENT SALES CONTRACTS")

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 Multistate 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

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

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.

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

2-59-552

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 Multistate 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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