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

New Legislation

Statute and Administrative Rules

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

Legal Opinion: Usury - Retail Installment Sales - 01/30/24
Legal Opinion: Delinquency Charge 31-1-235, MCA - 04/10/12
Memorandum: License Renewal and Ballot Initiative No. 164 - 11/03/10

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
2-59-552	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

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.

SALES FINANCE LICENSING ("RETAIL INSTALLMENT SALES CONTRACTS")

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