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Rule Title: METHOD OF PAYMENT OF FEES
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Department: ADMINISTRATION
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Credit Unions
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.411    METHOD OF PAYMENT OF FEES

(1) Except as provided in ARM 2.59.409(1)(c)(ii), a credit union may offer a member the option of paying the fee for a debt cancellation contract or a debt suspension agreement in a single payment, provided the credit union also offers the member a bona fide option of paying the fee for that contract in periodic installment payments.

(2) If a credit union offers the member the option to finance the single payment by adding it to the loan principal, the credit union must also disclose, in accordance with ARM 2.59.410, whether the member may cancel the agreement and receive a refund, and, if so, the time period during which the member may do so.

History: 32-3-201, MCA; IMP, 32-3-609, MCA; NEW, 2011 MAR p. 2816, Eff. 12/23/11.


 

 
MAR Notices Effective From Effective To History Notes
2-59-459 12/23/2011 Current History: 32-3-201, MCA; IMP, 32-3-609, MCA; NEW, 2011 MAR p. 2816, Eff. 12/23/11.
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