(1) All existing or proposed licensees shall file with the department an application to engage in deferred deposit lending.

(2) An application must be in writing on a form prescribed by the department and verified under oath. Application forms are available from the Division of Banking and Financial Institutions, Department of Administration, 301 South Park, P.O. Box 200546, Helena, MT 59620-0546.

(3) In addition to any other information that may be required by 31-1-705 , MCA, the application shall contain the following information in the application format prescribed by the department:

(a) biographical data concerning the applicant, the applicant's owners, parent company, affiliates, or subsidiaries as specified by the department;

(b) information concerning the applicant's character, experience, qualifications; and

(c) financial information about the applicant.

(4) Except for those entities listed in (5) , all persons or lenders must obtain a license under this rule in order to issue deferred deposit loans. Persons or lenders that are licensed under the Consumer Loan Act, 32-5-101 , MCA, and the Title Loan Act, 31-1-801 , MCA, are not exempt from the licensing requirements of 31-1-701 , MCA.

(5) The following are exempt from the licensing requirements:

(a) federal and state chartered banks;

(b) federal and state chartered savings and loans;

(c) federal and state credit unions;

(d) trust companies; and

(e) investment companies.