Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS
Subchapter 2.59.3 - Consumer Loan Licensees
Rule 2.59.315 - LICENSE SURRENDER
Universal Citation: MT Admin Rules 2.59.315
Current through Register Vol. 18, September 20, 2024
(1) The department may decline to accept a licensee's offer to surrender a license under the following circumstances:
(a) the licensee has
not fully complied with ARM
2.59.319;
(b) the licensee has not made a succession
plan that adequately protects consumers related to the continued servicing of
the licensee's active loan files;
(c) the licensee has not fully complied with a final order issued
by the department in an enforcement action even though compliance is not yet
due;
(d) the department has an
outstanding complaint or a pending enforcement action against the licensee;
or
(e) the licensee has not
submitted an annual report covering the final calendar year or partial year
that the licensee was in business irrespective of whether the licensee had any
Montana loan activity during that reporting period.
(2) Once the department accepts an offer to surrender a license, the license may not be reinstated but the former licensee may reapply for a new license at any time.
AUTH: 32-5-205, 32-5-209, MCA; IMP: 32-5-205, 32-5-209, MCA
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