(b) ahead of sale or project of the tiny buck loan agreement held by the little buck loan provider as a consequence of a tiny buck loan, the lending company shall put a notice regarding the little buck loan agreement in at the least twelve-point type that reads:
SMALL DOLLAR LOAN
No licensee may pledge, negotiate, offer, or designate a tiny buck loan, except to some other licensee or even to a bank, savings bank, trust business, cost savings and loan or building and loan relationship, or credit union arranged underneath the guidelines of Hawaii or even the rules associated with united states of america.”
-17 Maintenance of publications and documents. (a) Every small buck loan provider shall retain in a safe and safe spot those publications and documents that straight relate genuinely to any tiny buck loan made inside this State, along with other publications and records since can be required for the commissioner to make sure complete conformity using the laws and regulations with this State.
(b) All publications advance payday loans online Montana and documents can be maintained as originals or photocopies, on microfilm or microfiche, on computer disks or tapes, or forms that are similar so long as the publications and documents are readily available and can even be effortlessly analyzed.
(c) All documents, statements, and reports needed or authorized by this chapter will be manufactured in writing when you look at the English language.
(d) Every loan provider shall protect every one of its records for no less than six years and for a greater or smaller period since the commissioner may recommend by guideline used pursuant to chapter 91.
Role II. LICENSING
-31 permit required. No individual, unless exempt under this chapter, shall work as a dollar that is small in this State unless certified to take action by the commissioner.
-32 Exemptions. This chapter shall maybe maybe maybe not connect with the immediate following:
(1) a standard bank;
(2) A nondepository service loan company that is financial
(3) An “open end credit plan”, as defined into the Truth in Lending Act, 15 usa Code part 1602(j); or
(4) an income tax reimbursement expectation loan.
-33 L icense; application; issuance. (a) The commissioner shall require all licensees to join up with NMLS.
(b) Applicants for the permit shall use in an application as recommended by NMLS or by the commissioner. The program shall include, at the very least, the information that is following
(1) The name that is legal trade names, and company target for the applicant and, in the event that applicant is a partnership, association, restricted liability business, restricted liability partnership, or firm, of any user, officer, principal, or director thereof;
(2) The place that is principal of;
(3) The complete address of every other branch workplaces of which the applicant currently proposes to participate in making dollar that is small; and
(4) O ther data, economic statements, and relevant information as the commissioner may necessitate with regards to the applicant or, if a job candidate just isn’t a person, all the applicant’s control people, executive officers, directors, basic lovers, and handling people.
(c) To match the purposes for this chapter, the commissioner may get into agreements or agreements with NMLS or other entities to utilize NMLS to get and continue maintaining records and procedure deal charges or any other costs associated with licensees or any other people at the mercy of this chapter.
(d) with the objective and also to the level required to take part in NMLS, the commissioner may waive or alter, in entire or in component, by guideline or purchase, any or most of the needs with this chapter and establish requirements that are new fairly required to take part in NMLS.
( ag ag e) associated with a software for a permit under this chapter, the applicant, at least, shall furnish to NMLS information or product regarding the applicant’s identification, including:
(1) Fingerprints associated with applicant or, if a job candidate just isn’t a person, all the applicant’s control people, executive officers, directors, basic lovers, and handling people for submission to your Federal Bureau of research and any government agency or entity authorized to get the fingerprints for a situation, nationwide, and worldwide criminal record background check, associated with the relevant cost charged by the entities performing the criminal background background check; and
(2) individual history and connection with the applicant or, if a job candidate is certainly not a person, each one of the applicant’s control people, executive officers, directors, basic lovers, and managing users in an application recommended by NMLS, such as the distribution of authorization for NMLS additionally the commissioner to get:
(A) an unbiased credit history obtained from a customer reporting agency described in part 603(p) regarding the Fair credit rating Act, name 15 united states of america Code part 1681a(p); and
(B) Information associated with any administrative, civil, or unlawful findings by any jurisdiction that is governmental
so long as the commissioner could use any information acquired pursuant to the subsection or through NMLS to ascertain a job candidate’s demonstrated economic duty, character, and general physical fitness for licensure.
(f) The commissioner can use NMLS as a realtor for requesting information from and dispersing information into the united states of america Department of Justice or any agency that is governmental.
(g) The commissioner can use NMLS as a real estate agent for requesting and distributing information to and from any supply directed because of the commissioner.
(h) a job candidate for the license as being a little dollar lender will probably be registered with all the company enrollment unit for the division to complete company in this State before a permit pursuant for this chapter will probably be awarded.