For the purposes of the Montana Title Loan Act and this subchapter, the following definitions apply:

(1) "Commissioner" means the Commissioner of Banking and Financial Institutions provided for in 32-1-211 , MCA.

(2) "Department" means the Department of Administration established in 2-15-1001 , MCA, and includes the commissioner of the Division of Banking and Financial Institutions.

(3) "Extension" means an agreement whereby the licensee agrees to extend the due date beyond the term of the original title loan without releasing the security interest on the titled property.

(4) "Original title loan" means the title loan agreement which is the basis for taking possession of the title and perfecting a security interest in the titled property.

(5) "Redemption date" is the maturity date of the original title loan and any subsequent renewals or extensions.

(6) "Renewal" means extension.