2.59.1512 : ELECTRONIC DEDUCTIONS - Administrative Rules of the State of Montana

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.