31-1-221. Licensing of sales finance companies required. - Montana Statutes

     31-1-221. Licensing of sales finance companies required. (1) A person may not engage in the business of a sales finance company, including the purchase of retail installment contracts that are entered into in this state, without a license as provided in this part, except that a bank, trust company, or savings and loan association authorized to do business in this state is not required to obtain a license under this part but shall comply with all of the other provisions of this part.
     (2) The application for a license must be in writing, under oath, and in the form prescribed by the department. The application must contain:
     (a) the name of the applicant;
     (b) the date of incorporation, if incorporated;
     (c) the address where the business is or is to be conducted and similar information with regard to any branch office of the applicant;
     (d) the name and resident address of the owner or partners or, if a corporation or association, of the directors, trustees, and principal officers; and
     (e) other pertinent information as the department may require.
     (3) The license fee for each calendar year or part of a year is $100 for each place of business of the licensee in this state.
     (4) Each license must specify the location of the office or branch and must be conspicuously displayed there. If the location is changed, the department shall endorse the change of location of the license without charge.
     (5) Upon the filing of a license application and the payment of the license fee, the department shall issue a license to the applicant to engage in the business of a sales finance company in accordance with the provisions of this part for a period that expires December 31 following the date of the license's issuance. The license is not transferable or assignable. A licensee may not transact any business provided for by this part under any other name.
     (6) Fees collected under this chapter must be deposited in the state special revenue fund for the use of the department in its supervision function.

     History: En. Sec. 3, Ch. 282, L. 1959; amd. Sec. 170, Ch. 431, L. 1975; R.C.M. 1947, 74-603; amd. Sec. 8, Ch. 600, L. 1985; amd. Sec. 1, Ch. 9, L. 2003.