Division of Banking & Financial Institutions

1. The original copy of the deferred deposit loan license is to be displayed at the licensed location in Montana.
2. Each location conducting deferred deposit loan business must be licensed.
3. If a licensee changes location the Division of Banking and Financial Institutions must be promptly notified in writing. The original license must be surrendered and a new license with the proper address will be issued.
4. Licenses expire at the end of the calendar year in which they are issued. Licensees will receive a renewal packet in October or early November, which is to be returned to the Division of Banking and Financial Institutions by December 1.
5. Licenses are non-transferable and non-assignable. If more than twenty-five percent (25%) of the ownership interest in a licensee is transferred to a new owner, the licensee must apply for a new license.
6. Statutory and operational benefits conferred by a license apply only to business activity after the date of licensure. Business conducted prior to the date of licensure is not ratified or validated by obtaining a license.
7. Montana law requires each licensee to maintain books, accounts and records that will allow the Division of Banking and Financial Institutions to determine if the licensee is complying with the provisions of the Deferred Deposit Loan Act.
8. Each licensee is also required to file an annual report using a form provided by the Division of Banking & Financial Institutions. Report forms are mailed to each licensee near the beginning of each calendar year.
9. New Licensees: Please notify us as soon as possible when you commence making deferred deposit loans, as it is the practice of the Division of Banking and Financial Institutions to conduct an initial examination of a new licensee within the first few weeks of operation.

• 2.59.1501 Definitions
• 2.59.1502 Application Procedure Required to Engage in Deposit Lending
• 2.59.1503 Unencumbered Assets as Additional Surety
• 2.59.1504 Ownership Change in the Deferred Deposit Lender
• 2.59.1505 Examination of Deferred Deposit Lenders
• 2.59.1506 Procedural Rules for Hearing and Discovery
• 2.59.1507 Reports
• 2.59.1508 Schedule of Charges
• 2.59.1510 Employees' Character and Fitness
• 2.59.1512 Electronic Deductions
• 2.59.1513 Income Verification