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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Consumer Loan License This license is required for any person that engages, directly or indirectly, in the business of making consumer loans in any amount. Montana limits interest on consumer loans to 36% per year, exclusive of the fees authorized by Mont. Code Ann. 32-5-301(3) and (4). A consumer loan means credit offered or extended to an individual primarily for personal, family, or household purposes, including loans for personal, family, or household purposes that are not primarily secured by a mortgage, deed of trust, trust indenture, or other security interest in real estate. Any loan made or collected in violation of Mont. Code Ann. § 32-5-103(1) by a person other than a licensee or a person exempt under Mont. Code Ann. § 32-5-103(5) is void, and the person does not have the right to collect, receive, or retain any principal, interest, fees, or other charges. (More Details)
Deferred Deposit Lender License This license is required for any person engaged in the business of making deferred deposit loans and any persons who facilitate, enable, or act as a conduit for persons making deferred deposit loans. A license may be granted to a person located within the state or to a person located outside of the state who uses the internet, facsimiles, or third persons to conduct transactions with consumers in this state. "Deferred deposit loan" means an arrangement, including all representations made by the deferred deposit lender whether express or implied, in which: (a) a person accepts a check dated on the date on which the check is written and agrees to hold the check for a period of days prior to deposit or presentment; (b) a person accepts a check dated subsequent to the date on which the check is written and agrees to hold the check for deposit or presentment until the date written on the check; or (c) a person accepts written authorization from a consumer to electronically deduct from the consumer's account on a specific date the amount of the loan and fees that are authorized under the Montana Deferred Deposit Loan Act. A licensee may not charge a fee for making or carrying each deferred deposit loan authorized by this part that exceeds 36% per annum, exclusive of the insufficient funds fees authorized in Mont. Code Ann. § 32-1-722 (3) and (4). (More Details)
Escrow Business License This license is required for any person engaged in a commercial activity characterized by the regular and continuous carrying on of escrow transactions. Escrow transaction means any transaction in which one person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person or for the purpose of making payments under any encumbrance of the property, delivers any written instrument, money, evidence, title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence, title, or thing of value is to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, or bailor or to any agents or employees pursuant to the written escrow instructions. (More Details)
Independent Contractor Entity License This license is required of any company or sole proprietorship that offers or engages in clerical or support duties as an independent contractor for another person.
Mortgage Broker License This license is required of any company or sole proprietorship that obtains, attempts to obtain, or assists in obtaining a mortgage loan for a borrower from a lender in return for, or in anticipation of, consideration. (More Details)
Mortgage Lender License This license is required for any company or sole proprietorship that closes a residential mortgage loan, advances funds, offers to advance funds, or commits to advance funds for a mortgage loan. (More Details)
Mortgage Servicer License This license is required for any entity that engages, for compensation or gain from another or on its own behalf, in the business of receiving any scheduled periodic payment from a borrower pursuant to the terms of a residential mortgage loan, residential mortgage servicing documents, or a residential mortgage servicing contract; or meets the definition of servicer in 12 U.S.C. 2605(i)(2). (More Details)
Sales Finance Company License This license is required for any person engaged in the business of a sales finance company, including the purchase of retail installment contracts that are entered into in Montana. A sales finance company means a person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more sellers. The term includes but is not limited to a bank, trust company, investment company, credit union, or savings and loan association, if engaged in purchasing retail installment contracts. The term does not include a person who makes only isolated purchases of retail installment contracts that are not being made in the course of repeated and successive purchases of retail installment contracts from the same seller. The finance charge included in a retail installment contract must be at a rate agreed upon by the retail seller and the buyer, but the finance charge may not exceed 36% per annum. The finance charge included in a retail charge account agreement must be at a rate agreed upon by the retail seller and the buyer, but the finance charge may not exceed 36% per annum. (More Details)
Branch Licenses Description Requirements Checklist
Consumer Loan Branch License This license is required for each business location at which credit is offered or extended to an individual primarily for personal, family, or household purposes, including loans for personal, family, or household purposes that are not primarily secured by a mortgage, deed of trust, trust indenture, or other security interest in real estate. (More Details)
Deferred Deposit Lender Branch License This license is required for any location, other than the main office, within the state, outside of the state, over the internet, through facsimile, or through third persons that offers or engages in deferred deposit transactions with consumers in this state. (More Details)
Independent Contractor Entity Branch License This license is required for any location, other than the main office, where an independent contractor conducts clerical or support duties.
Mortgage Broker Branch License This license is required for any location, other than the principal place of business, located in Montana or any other state, where a mortgage broker offers or assists in obtaining a mortgage loan secured by property in Montana. (More Details)
Mortgage Lender Branch License This license is required for any location, other than the principal place of business, located in Montana or any other state, where a lender originates a residential mortgage loan secured by property in Montana. (More Details)
Mortgage Servicer Branch License Any entity that meets the definition of a mortgage servicer in Montana must license every location, including the main office and any other location at which business is conducted. This license is required for every office location other than the main office. (More Details)
Sales Finance Branch License This license is required for any location, other than the main office, that purchases retail installment contracts that are entered into in Montana. (More Details)
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This license is required of any individual, who for compensation or gain, or in the expectation of compensation or gain, takes a residential mortgage loan application or offers or negotiates the terms of a residential mortgage loan, for any dwelling, or residential real estate, located in Montana.
 

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