HOME    SEARCH    ABOUT US    CONTACT US    HELP   
           
This is an obsolete version of the rule. Please click on the rule number to view the current version.

2.59.1406    EXAMINATION OF TITLE LENDERS

(1) The department may conduct an examination of each title loan licensee's lending operations to ensure compliance with both statutes and administrative rules.

(2) The department may examine the records or any location where records may be found of any licensee or a person who may be in violation of Title 31, chapter 1, part 8 or these rules.

(3) The examination shall consist of a comprehensive review of the records, operations, and affairs of the licensee. The review shall include, but is not limited to, inquiry into:

(a) accounting and financial records;

(b) records of the borrower's files including:

(i) evidence of required disclosures;

(ii) use of the loan agreement on file with the department; and

(iii) assurance of continued bonding.

(4) The department shall provide the licensee with an oral and written report which details the areas examined and any deficiencies found.

History: 31-1-802, MCA; IMP, 31-1-803, 31-1-810, 31-1-815, 31-1-816, 31-1-817, 31-1-818, 31-1-819, 31-1-820, 31-1-821, 31-1-822, 31-1-825, MCA; NEW, 2006 MAR p. 883, Eff. 4/7/06; AMD, 2008 MAR p. 1571, Eff. 8/1/08.

Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security