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Rule Title: ELECTRONIC DEDUCTIONS
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Department: ADMINISTRATION, DEPARTMENT OF
Chapter: BANKING AND FINANCIAL INSTITUTIONS
Subchapter: Deferred Deposit Lending
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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2.59.1512    ELECTRONIC DEDUCTIONS

(1) An electronic deduction for nonsufficient funds may be authorized by the borrower only on the original loan agreement.

(2) An electronic deduction for nonsufficient funds shall be separate and apart from an electronic deduction for the amount of the loan, interest, or any fees.

(3) An electronic deduction for nonsufficient funds authorized by the borrower under (1) may not be presented to the borrower's financial institution until the licensee has presented the check for payment.

History: 31-1-702, MCA; IMP, 31-1-703, MCA; NEW, 2006 MAR p. 1373, Eff. 6/2/06.


 

 
MAR Notices Effective From Effective To History Notes
6/2/2006 Current History: 31-1-702, MCA; IMP, 31-1-703, MCA; NEW, 2006 MAR p. 1373, Eff. 6/2/06.
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