Recent Legislation (2007 Regular Session)

The following five bills were brought forward by the Division of Banking and Financial Institutions during the 2007 Regular Sesssion of the Montana State Legislature. These bills have all been passed and signed into law.

Mortgage Lender: First and second lien residential mortgage lenders doing business in Montana are required to be licensed by the Division of Banking and Financial Institutions (Division) as of October 1, 2008. This new licensing requirement was created by the Montana Residential Mortgage Lender Licensing Act (Act) that was signed into law by Governor Brian Schweitzer on May 3, 2007 as part of House Bill 69 (HB 69). Additional information related to this Act, including administrative rule notices and application forms will be posted by the Division on its mortgage lender webpage as they become available. This licensing will be required for residential mortgage lenders regardless of whether they exceed the usury as set forth by Section 31-1-107, MCA . Effective Dates: October 1, 2007. Persuant to Section 2, licensing of residential mortgage lenders doing business in Montana is not required until October 1, 2008 .

Mortgage Broker: The Montana Mortgage Broker and Loan Originator Licensing Act (Act) was revised by Senate Bill 92 (SB 92) during the 2007 regular legislative session. Governor Brian Schweitzer signed this bill into law on May 16, 2007. Amendments to the Act. Effective Date: October 1, 2007.

Consumer Loan: The Montana Consumer Loan Act (Act) was revised by House Bill 141 (HB 141) during the 2007 regular legislative session. Governor Brian Schweitzer signed this bill into law on May 3, 2007. Amendments to the Act. Effective Dates: October 1, 2008. Sections 3 and 5, which increase licensing fees are effective on October 1, 2007.

Deferred Deposit Loan: The Montana Deferred Deposit Loan Act (Act) was revised by Senate Bill 165 (SB 165) during the 2007 regular legislative session. Governor Brian Schweitzer signed this bill into law on May 8, 2007. Amendments to the Act. Effective Date: October 1, 2007.

Title Loan: The Montana Title Loan Act (Act) was revised by Senate Bill 74 (SB 74) during the 2007 regular legislative session. Governor Brian Schweitzer signed this bill into law on May 16, 2007. Amendments to the Act. Effective Date: October 1, 2007.

The following bill was assigned to the Division of Banking and Financial Institutions during the 2007 Regular Sesssion of the Montana State Legislature. This bill has been passed and signed into law.

Business and Industrial Development Corporation (BIDCO): The Business and Industrial Development Corporation Act (Act) provides for the creation and function of business and industrial development corporations. The Act was signed into law by Governor Brian Schweitzer on May 3, 2007 as part of Senate Bill 321 (SB 321). Effective Date: October 1, 2007.

Questions?

Division of Banking and Financial Institutions
301 South Park, Suite 316, PO Box 200546, Helena, MT 59620
Phone: (406) 841-2920 Fax: (406) 841-2930