reglab/housing_qa huggingface dataset:
MT Code § 32-4-208 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 2. Organization|32-4-208. Stock ownership and limitations

  32-4-208. Stock ownership and limitations. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures:   (1) all persons, domestic corporations organized for the purpose of carrying on business within this state, including without implied limitation any public utility companies and insurance and casualty companies and foreign corporations licensed to do business in the state, and trusts are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by, or the shares of the capital stock of, the corporation and, while owners of said stock, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state;   (2) all financial institutions are hereby authorized to become members of the corporation by making loans to the corporation as provided herein;   (3) a financial institution which does not become a member of the corporation shall not be permitted to acquire any share of the capital stock of the corporation;   (4) each financial institution which becomes a member of the corporation is hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of any bonds, securities, or other evidences of indebtedness created by, or the shares of the capital stock of, the corporation and, while owners of said stock, to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state.   History: En. Sec. 9, Ch. 128, L. 1969; R.C.M. 1947, 15-2609; amd. Sec. 3, Ch. 91, L. 1987.
MT Code § 32-4-301 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 3. Operation and Regulation|32-4-301. Powers of stockholders

  32-4-301. Powers of stockholders. (1) The stockholders of the corporation have the following powers of the corporation:   (a) to determine the number of and elect directors as provided in 32-4-206;   (b) to make, amend, and repeal bylaws;   (c) to amend the articles of incorporation as provided in 32-4-205;   (d) to exercise other powers of the corporation as may be conferred on the stockholders by the bylaws.   (2) As to all matters requiring action by the stockholders of the corporation and except as otherwise provided in this chapter, the matters require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting are entitled.   (3) Each stockholder has one vote, in person or by proxy, for each share of capital stock held by the stockholder.   History: En. Sec. 7, Ch. 128, L. 1969; R.C.M. 1947, 15-2607; amd. Sec. 4, Ch. 91, L. 1987; amd. Sec. 1052, Ch. 56, L. 2009.
MT Code § 32-4-303 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 3. Operation and Regulation|32-4-303. Withdrawal of membership

  32-4-303. Withdrawal of membership. (1) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation 2 years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice.   (2) A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to the withdrawal of said member.   History: En. Sec. 11, Ch. 128, L. 1969; R.C.M. 1947, 15-2611.
MT Code § 32-4-304 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 3. Operation and Regulation|32-4-304. Surplus

  32-4-304. Surplus. Each year the corporation shall set apart as earned surplus not less than 10% of its net earnings for the preceding fiscal year until such surplus shall be equal in value to 50% of the amount paid in on the capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the directors' determination made in good faith shall be conclusive on all persons.   History: En. Sec. 12, Ch. 128, L. 1969; R.C.M. 1947, 15-2612; amd. Sec. 4, Ch. 320, L. 1983.
MT Code § 32-4-305 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 3. Operation and Regulation|32-4-305. Deposit of funds

  32-4-305. Deposit of funds. (1) The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated.   (2) The corporation shall not receive money on deposit.   History: En. Sec. 13, Ch. 128, L. 1969; R.C.M. 1947, 15-2613.
MT Code § 32-4-306 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 4. Development Corporation Act|Part 3. Operation and Regulation|32-4-306. Control -- supervision -- reports

  32-4-306. Control -- supervision -- reports. The corporation is subject to the examination of the department of administration and shall make reports of its condition not less than annually to the department. The department shall make copies of the reports available to the commissioner of insurance and to the governor. The corporation shall also file an annual statement required by Title 35.   History: En. Sec. 14, Ch. 128, L. 1969; amd. Sec. 87, Ch. 431, L. 1975; R.C.M. 1947, 15-2614; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 99, Ch. 483, L. 2001.
MT Code § 32-5-101 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 1. General Provisions|32-5-101. Short title

  32-5-101. Short title. This chapter may be cited as the "Montana Consumer Loan Act".   History: En. Sec. 1, Ch. 283, L. 1959; R.C.M. 1947, 47-201.
MT Code § 32-5-102 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 1. General Provisions|32-5-102. Definitions

  32-5-102. Definitions. For the purposes of this chapter, the following definitions apply:   (1) "Balloon payment" means any repayment option in which the borrower is required to repay the entire amount of any outstanding balance as of a specific date or at the end of a specified term and the aggregate amount of the required minimum periodic payments would not fully amortize the outstanding balance by the specific date or at the end of the loan term.   (2) (a) "Consumer loan" means credit offered or extended to an individual primarily for personal, family, or household purposes, including loans for personal, family, or household purposes that are not primarily secured by a mortgage, deed of trust, trust indenture, or other security interest in real estate.   (b) Consumer loans do not include:   (i) deferred deposit loans provided for in Title 31, chapter 1, part 7; or   (ii) residential mortgage loans as defined in 32-9-103.   (3) "Department" means the department of administration provided for in Title 2, chapter 15, part 10.   (4) "Interest" means the compensation allowed by this chapter for the use, forbearance, or detention of money.   (5) "License" means a license provided for by this chapter.   (6) "Licensee" means the person holding a license.   (7) "Person" means individuals, partnerships, associations, corporations, and all legal entities.   History: En. Sec. 2, Ch. 283, L. 1959; amd. Sec. 1, Ch. 233, L. 1971; amd. Sec. 1, Ch. 172, L. 1975; amd. Sec. 110, Ch. 431, L. 1975; R.C.M. 1947, 47-202; amd. Sec. 1, Ch. 216, L. 1979; amd. Sec. 2, Ch. 274, L. 1981; amd. Sec. 1, Ch. 424, L. 1981; amd. Sec. 1, Ch. 140, L. 1983; amd. Sec. 1, Ch. 374, L. 1997; amd. Sec. 100, Ch. 483, L. 2001; amd. Sec. 7, Ch. 178, L. 2003; amd. Sec. 6, Ch. 221, L. 2003; amd. Sec. 1, Ch. 372, L. 2007; amd. Sec. 2, Ch. 317, L. 2011; amd. Sec. 1, Ch. 173, L. 2013; amd. Sec. 5, Ch. 278, L. 2013.
MT Code § 32-5-103 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 1. General Provisions|32-5-103. Engaging in business of making consumer loans restricted

  32-5-103. Engaging in business of making consumer loans restricted. (1) Except as provided in subsection (5), a person may not engage in the business of making consumer loans in any amount and contract for, charge, or receive directly or indirectly on or in connection with any loan any compensation, whether for interest, fees, other consideration, or expense, except as provided in and authorized by this chapter.   (2) A licensee may sell its business and assets to a bank, building and loan association, savings and loan association, trust company, credit union, credit association, development credit corporation, other licensee, financial holding company, or bank holding company organized pursuant to state or federal statutory authority and subject to supervision, control, or regulation by an agency of the state of Montana or an agency of the federal government. All contracts for loans and all other contracts entered into by the licensee pursuant to the provisions of this chapter that are sold and transferred to an acquiring organization continue to be governed by the provisions of this chapter.   (3) The provisions of subsection (1) apply to any person who seeks to evade its applications by any device, subterfuge, or pretense.   (4) Any loan made or collected in violation of subsection (1) by a person other than a licensee or a person exempt under subsection (5) is void, and the person does not have the right to collect, receive, or retain any principal, interest, fees, or other charges.   (5) The following are not required to comply with the provisions of this chapter:   (a) a bank, building and loan association, savings and loan association, trust company, or credit union; or   (b) a person who:   (i) makes fewer than four consumer loans a year with the person's own funds;   (ii) does not represent that the person is a licensee; and   (iii) complies with the provisions of Title 31, chapter 1, part 1.   History: En. Sec. 4, Ch. 283, L. 1959; amd. Sec. 2, Ch. 233, L. 1971; amd. Sec. 2, Ch. 172, L. 1975; R.C.M. 1947, 47-204; amd. Sec. 2, Ch. 216, L. 1979; amd. Sec. 2, Ch. 424, L. 1981; amd. Sec. 1, Ch. 103, L. 1983; amd. Sec. 2, Ch. 140, L. 1983; amd. Sec. 1, Ch. 168, L. 1985; amd. Sec. 2, Ch. 406, L. 1985; amd. Sec. 1, Ch. 18, L. 1993; amd. Sec. 2, Ch. 374, L. 1997; amd. Sec. 1, Ch. 270, L. 1999; amd. Sec. 16, Ch. 404, L. 1999; amd. Sec. 21, Ch. 455, L. 2001; amd. Sec. 2, Ch. 125, L. 2005; amd. Sec. 2, Ch. 372, L. 2007; amd. Sec. 2, Ch. 173, L. 2013; amd. Sec. 6, Ch. 278, L. 2013; amd. Sec. 1, Ch. 101, L. 2017.
MT Code § 32-5-104 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 1. General Provisions|32-5-104. Repealed

  32-5-104. Repealed. Secs. 22, 24(1), Ch. 372, L. 2007.   History: En. Sec. 9, Ch. 424, L. 1981.
MT Code § 32-5-201 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-201. License and renewal application fees

  32-5-201. License and renewal application fees. (1) (a) Each place of business operated under this chapter must be licensed. Licenses are nontransferable and nonassignable. The same person may obtain an additional license for each business location upon compliance with this chapter.   (b) Applications for a license or renewal must be in the form and submitted in the manner prescribed by the department.   (c) A licensee may move the licensee's place of business from one place to another upon advance notice to the department in the manner the department directs.   (d) The license application fee and license renewal fee are $500 and are nonrefundable. The license year is the calendar year. All consumer loan licenses issued under this chapter expire on December 31.   (2) The department's share of all licensing and examination fees collected pursuant to this chapter must be deposited into the state special revenue fund for the use of the department in its supervision function.   (3) The department may direct that fees charged under subsection (1)(d) be remitted to the department through a nationwide licensing system.   History: Ap. p. Sec. 6, Ch. 283, L. 1959; amd. Sec. 112, Ch. 431, L. 1975; Sec. 47-206, R.C.M. 1947; Ap. p. Sec. 5, Ch. 283, L. 1959; amd. Sec. 3, Ch. 233, L. 1971; amd. Sec. 3, Ch. 172, L. 1975; amd. Sec. 172, Ch. 431, L. 1975; Sec. 47-205, R.C.M. 1947; R.C.M. 1947, 47-205(part), 47-206; amd. Sec. 3, Ch. 216, L. 1979; amd. Sec. 3, Ch. 424, L. 1981; amd. Sec. 3, Ch. 140, L. 1983; amd. Sec. 6, Ch. 600, L. 1985; amd. Sec. 3, Ch. 372, L. 2007; amd. Sec. 3, Ch. 173, L. 2013.
MT Code § 32-5-202 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-202. Issuance or denial of license or license renewal

  32-5-202. Issuance or denial of license or license renewal. (1) Upon submission of a completed application and payment of all required fees, a license or renewal must be issued if the department determines that:   (a) the character and general fitness of the applicant warrant the belief that the business will be operated lawfully and fairly within the provisions of this chapter;   (b) the applicant has not had a financial services license revoked by a regulatory agency in any jurisdiction;   (c) there are no outstanding civil judgments against the applicant for fraud in relation to providing consumer financial services; and   (d) the application does not contain material misstatements of fact or material omissions of fact.   (2) The department may enter an order denying the license or license renewal application subject to issuance and service of notice and opportunity for an administrative hearing as provided in 32-5-207(2).   History: En. Sec. 7, Ch. 283, L. 1959; amd. Sec. 113, Ch. 431, L. 1975; R.C.M. 1947, 47-207; amd. Sec. 4, Ch. 372, L. 2007; amd. Sec. 4, Ch. 173, L. 2013; amd. Sec. 4, Ch. 23, L. 2015.
MT Code § 32-5-203 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-203. Conduct of other business in same office

  32-5-203. Conduct of other business in same office. A licensee may conduct the business of making consumer loans under this chapter within any office, room, or place of business in which any other business for which a license under this chapter is not required is solicited or engaged in or in association or conjunction with the business. "Other business" may include making loans not primarily for personal, family, or household purposes, unless the department finds, after a hearing, that the other business is of a nature that the conduct tends to conceal evasion of this chapter or of the rules made under this chapter. If the department finds concealment or evasion, it shall order the licensee in writing to desist from the conduct.   History: En. Sec. 8, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; R.C.M. 1947, 47-208; amd. Sec. 3, Ch. 374, L. 1997.
MT Code § 32-5-204 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-204. Repealed

  32-5-204. Repealed. Sec. 15, Ch. 173, L. 2013.   History: En. Sec. 9, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; amd. Sec. 35, Ch. 71, L. 1977; R.C.M. 1947, 47-209; amd. Sec. 5, Ch. 372, L. 2007.
MT Code § 32-5-205 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-205. Surrender of license

  32-5-205. Surrender of license. A license may be surrendered on conditions of the department consistent with the protocols of a nationwide licensing system for license surrender. The license surrender does not affect the licensee's civil, administrative, or criminal liability for acts committed prior to the surrender.   History: En. Sec. 21, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; R.C.M. 1947, 47-221; amd. Sec. 5, Ch. 173, L. 2013.
MT Code § 32-5-206 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-206. Termination of license not to affect preexisting contract

  32-5-206. Termination of license not to affect preexisting contract. No revocation, surrender, or expiration of any license shall impair or affect the obligation of any preexisting lawful contract.   History: En. Sec. 22, Ch. 283, L. 1959; R.C.M. 1947, 47-222.
MT Code § 32-5-207 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-207. Notice of violation -- administrative hearing -- penalties -- liability

  32-5-207. Notice of violation -- administrative hearing -- penalties -- liability. (1) If the department has probable cause to believe that a licensed or unlicensed person has violated this chapter, a rule promulgated under this chapter, or an order issued by the department or has made a material misrepresentation to the department by act or omission, the department may issue a notice stating the alleged violation to the person.   (2) (a) The notice referred to in subsection (1) must comply with 2-4-601 and must include a statement that the person has an opportunity to request an administrative hearing under the Montana Administrative Procedure Act within 14 days of the date that the department's notice was mailed to the person.   (b) The department's notice must be sent by certified mail to a licensee's address of record with the department or to an unlicensed person at an address for the person known to the department.   (c) The department has complied with the service of process upon mailing the notice by certified mail as provided in subsection (2)(b).   (3) If a person served with a notice under this section admits to or does not contest having violated or is found after an administrative hearing to have violated a provision of this chapter, a rule promulgated under this chapter, or an order issued by the department or to have made a material misrepresentation to the department by act or omission, the department may impose a civil penalty of not more than $1,000 for each violation and may order restitution to borrowers and reimbursement of the department's costs in bringing an administrative action. The department may suspend or revoke the right of a person or licensee, directly or through an officer, agent, employee, or representative, to operate as a licensee or to engage in the business of making consumer loans.   (4) The department's remedies specified in this chapter are cumulative.   (5) A revocation or suspension of a license does not relieve the licensee from civil, administrative, or criminal liability for acts committed prior to the revocation or suspension of the license.   (6) All civil penalties collected pursuant to this section must be deposited in the state general fund.   History: En. Sec. 23, Ch. 283, L. 1959; amd. Sec. 116, Ch. 431, L. 1975; R.C.M. 1947, 47-223; amd. Sec. 6, Ch. 372, L. 2007; amd. Sec. 6, Ch. 173, L. 2013; amd. Sec. 5, Ch. 23, L. 2015.
MT Code § 32-5-208 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-208. Reinstatement

  32-5-208. Reinstatement. The department may reinstate any revoked license if there is not a fact or condition existing at the time of reinstatement that would have justified the department in refusing originally to issue the license. In any case in which the license has been revoked for cause, an application may not be made for issuance of a new license or the reinstatement of a revoked license for a period of 6 months from the date of revocation.   History: En. Sec. 24, Ch. 283, L. 1959; amd. Sec. 172, Ch. 431, L. 1975; R.C.M. 1947, 47-224; amd. Sec. 7, Ch. 372, L. 2007.
MT Code § 32-5-209 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 2. Licensure Requirements|32-5-209. Department authorized to participate in nationwide licensing system for purposes of licensing consumer loan licensees -- rulemaking

  32-5-209. Department authorized to participate in nationwide licensing system for purposes of licensing consumer loan licensees -- rulemaking. (1) The department may participate in a nationwide licensing system for licensing purposes under this chapter and may require consumer loan licensees to apply for licensure on applications approved by the nationwide licensing system.   (2) The department may establish rules that are necessary to comply with the nationwide licensing system protocols and procedures pertaining to applications, fees, renewal dates, amending or surrendering a license, and submission of reports necessary for participation in the nationwide licensing system.   (3) The department's portion of the licensing fees collected through the nationwide licensing system must be deposited into the department's account in the state special revenue fund for use in the administration of this part.   History: En. Sec. 13, Ch. 173, L. 2013.
MT Code § 32-5-302 (2021)
2021 Montana Code Annotated|Title 32. Financial Institutions|Chapter 5. Consumer Loan Businesses|Part 3. Operation of Business -- Restrictions and Requirements|32-5-302. Installment and balloon payments

  32-5-302. Installment and balloon payments. (1) Except as provided in subsection (4), if the loan contract requires installment payments, the contract must provide that principal and interest be payable at approximately equal periodic intervals, except that payment dates may be omitted to accommodate borrowers with seasonal incomes.   (2) An installment contracted for may not be substantially larger than any preceding installment. If a loan contract provides for monthly installment payments, the first installment must be payable at any time within 45 days of the date of the making of the loan.   (3) A licensee may not enter into any loan contract in which a borrower agrees to pay principal or interest in one lump sum unless the payment is due not less than 45 days from the date of the making of the loan and not more than 1 year from the date of the making of the loan.   (4) Loans with a balloon payment are permissible so long as all installment payments cover at least the interest that has accrued since the previous installment payment.   History: En. Sec. 11, Ch. 283, L. 1959; amd. Sec. 4, Ch. 233, L. 1971; amd. Sec. 36, Ch. 71, L. 1977; R.C.M. 1947, 47-211; amd. Sec. 5, Ch. 424, L. 1981; amd. Sec. 1, Ch. 150, L. 1991; amd. Sec. 4, Ch. 198, L. 1993; amd. Sec. 4, Ch. 374, L. 1997; amd. Sec. 9, Ch. 372, L. 2007; amd. Sec. 8, Ch. 173, L. 2013.