Banking and Financial Institutions Division

Division Mission: To protect Montana citizens by regulating state-chartered and licensed financial institutions under its supervision.

Goal: Protect Montanans who enter into consumer and residential mortgage loans with non-depository lenders from abuses that may occur in the credit marketplace.

Objectives:

• Examine non-depository lenders, brokers and servicers to ensure compliance with Montana and federal law.
• Continue to provide Montana citizens with an efficient and effective consumer complaint process involving any licensed entity that violates the law.
• Consider what role the Division should have in financial condition exams and enforcement in the non-depository space - primarily servicers.

Goal: Raise the regulator standards for financial services regulation in Montana.

Objectives:

• Maintain mortgage accreditation from CSBS/AARMR.
• Maintain CSBS banking accreditation.

Goal: Provide Montana citizens with a safe and sound system of state-chartered financial institutions.

Objectives:

• Examine state-chartered financial institutions to assure their operations are in accordance with law and sound financial practices.
• Coordinate the supervision of financial institutions with federal regulatory agencies.
• Perform offsite monitoring of depository institutions between regulatory examinations to ensure emerging risks are identified and addressed in a timely manner.

Goal: Promote the dual regulatory system that allows state and federal governments to act independently to charter, regulate, and supervise financial institutions for the good of Montanans.

Objectives:

• Reduce regulatory burden and create new efficiencies for mortgage companies.

Goal: Improve the distribution of information and services through web-based tools.

Objectives:

• Use the website to more efficiently distribute press releases, consumer alerts, names of regulated financial institutions, and forms.
• Continue to provide electronic information, forms, or documents to financial institutions and consumers whenever possible.
• Promote Montana financial education efforts, available resources, and current issues.
• Expand supervision tools to allow Division management access to more timely data (goal of real time data).

Goal: Create and maintain a highly qualified, professional, diverse, and responsive workforce.

Objectives:

• Promote professional growth and development opportunities through improved employee recruitment, selection, retention, and training.

Access information and resources for Montana state‑chartered banks and trust companies. The Banks page links to main office and branch listings, applications and forms, laws and rules, guidance, and contact information for regulated institutions and the public.

Bank Information

Additional Bank Resources:

• Bank Branches and Loan Production Offices
• Bank & Trust Company Administrative Rules

Find information and resources related to Montana state‑chartered credit unions. The Credit Unions page links to the list of state‑chartered credit unions, applicable statutes and administrative rules, forms and applications, and research tools for consumers and industry.

Credit Unions

Additional Information:

• Credit Union Administrative Rule Notices

1. Are you struggling with how to grow your credit union?
2. Is it difficult to find adequate training for your employees and directors?
3. Do you want OSCUI's available resources for your credit union in one spot?

If you answered "yes" to any or these questions, we have the solution. OSCUI recently launched a new Learning Management Service designed with the needs of credit unions like yours in mind. Select the image below to learn about the new service.
For more information, visit the NCUA Learning Management System.

Find tools and resources to help you stay informed and safe when dealing with financial institutions in Montana. The Consumer Information page links to consumer assistance, financial education, foreclosure prevention resources, ways to research financial institutions, and contacts for questions or presentations.

Access information and resources for entities and individuals involved in mortgage lending, brokering, servicing, and consumer loan businesses in Montana. The Mortgage & Consumer Finance page links to licensing requirements, guides for maintaining licenses, reporting obligations, FAQs, examination materials, and contacts for assistance.

Mortgage & Consumer Finance Page

Additional Information:

• Mortgage Loan Originator Information
• Guides
  • Mortgage Examination Guide
  • Mortgage Broker License Guide
  • Mortgage Lender License Guide
  • Mortgage Servicer License Guide
  • Independent Contractor Entity License Guide
• Mortgage Reporting Requirements
• Frequently Asked Questions
• Administrative Rule Notices

Montana Does Not Regulate Money Transmitters

The Montana Division of Banking and Financial Institutions (Division) does not regulate money transmitters. However, this does not mean that your company – a money transmitter – doesn’t need any licenses in Montana unless the only thing you are doing is money transmission. Which, inconveniently, is not defined under Montana law.

Montana does, however, license consumer finance companies and anyone who collects on a consumer loan. Montana also licenses escrow companies. Montana charters banks and credit unions. Montana licenses retail sales finance companies and all sorts of mortgage entities. Please reference the information found at NMLS to determine, hopefully with the assistance of your own legal counsel as the Division cannot act as private legal counsel, what licenses you may need and then apply for any such license using the NMLS.

Article: The Challenge of Being the Only State Not Regulating Money Transmitters

Non Depository News - April 12, 2023

The Montana Division of Banking does not regulate money transmitters.  BUT, in case you read that sentence and breathed a great sigh of relief, that absolutely does not mean that your company – a money transmitter – doesn’t need any licenses in Montana unless the only thing you are doing is money transmission.  Which, inconveniently, is not defined under Montana law. 

Montana does, however, license consumer finance companies and anyone who collects on a consumer loan.  Montana also licenses escrow companies.  Montana charters banks and credit unions.  Montana licenses retail sales finance companies and all sorts of mortgage entities. 

Montana recently put out a notice on its website requesting that money transmitters submit detailed business plans and money flow charts because we get SO MANY requests wanting to know whether companies need a license to do what they are doing, and if so, which license.  The reality is that without a detailed business plan and a money flow chart, we really can’t answer that question and so our licensing team was trying to be proactive by requesting this information, but our legal team recognizes that we don’t really have authority to request much of anything from a company that isn’t licensed so we have withdrawn that request.  Going forward, please reference the information found at NMLS to determine, hopefully with the assistance of your own legal counsel as the Division cannot act as private legal counsel, what licenses you may need and then apply for any such license using the NMLS.

Find information about renewing licenses regulated by the Montana Division of Banking and Financial Institutions. The Renewal page explains who must renew, when the annual renewal and reinstatement periods occur, how to submit renewals (including through NMLS), and where to find renewal forms and guidance documents.