Administrative Rules of Montana
Department 2 - ADMINISTRATION
Chapter 2.59 - BANKING AND FINANCIAL INSTITUTIONS
Subchapter 2.59.4 - Credit Unions
Rule 2.59.410 - REFUNDS OF FEES UPON TERMINATION OR PREPAYMENT OF COVERED LOAN
Current through Register Vol. 18, September 20, 2024
(1) If a debt cancellation contract or debt suspension agreement is terminated, including, for example, when the member prepays the covered loan, a credit union shall refund to the member any unearned fees paid for the contract unless the contract provides otherwise.
(2) A credit union may offer a member a contract that does not provide for a refund only if the credit union also offers that member a bona fide option to purchase a comparable contract that provides for a refund.
(3) A credit union shall calculate the amount of a refund using a method at least as favorable to the member as the actuarial method.
32-3-201, MCA; IMP, 32-3-609, MCA;
