MONEY TRANSMITTERS

MONTANA DOES NOT REGULATE MONEY TRANSMITTERS

The Montana Division of Banking and Financial Institutions (Division) does not regulate money transmitters.  However, this does not mean that your company – a money transmitter – doesn’t need any licenses in Montana unless the only thing you are doing is money transmission.  Which, inconveniently, is not defined under Montana law. 

Montana does, however, license consumer finance companies and anyone who collects on a consumer loan.  Montana also licenses escrow companies.  Montana charters banks and credit unions.  Montana licenses retail sales finance companies and all sorts of mortgage entities.  Please reference the information found at NMLS to determine, hopefully with the assistance of your own legal counsel as the Division cannot act as private legal counsel, what licenses you may need and then apply for any such license using the NMLS.  

Division News Article - The Challenge of Being the Only State Not Regulating Money Transmitters