The Montana Deferred Deposit Loan Licensee Bond is required by the State of Montana, Department of Administration, and has a required bond amount of $10,000. The bond ensures that the bondholder will not cause a violation of the Montana Deferred Deposit Loan Act.
As defined in the Montana Code, a deferred deposit loan lender or licensee is someone engaged in the business of arrangement in which;
- 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;
- 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
- 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 this part.
All who wish to be in this business must be licensed.
The application may be done through the NMLS system and the following must be submitted:
- Payment of $500 for the fees
- Bank account information
- Credit report for each employee
- Financial statements
- Business plan
- Certificate of Authority/Good Standing Certificate
- Document samples
- Formation document
- Management chart
- Organizational chart
- Trust account authorization
- Criminal background check
- Surety bond – $10,000
Where can I get a Montana Deferred Deposit Loan Licensee Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.