Rule 2.59.319 - REQUIRED PROCEDURE FOR CLOSING A CONSUMER LOAN BUSINESS(1) At least 60 days before the intended closure date of a consumer loan business, the licensee shall provide the following to the department: (a) a copy of a notification to all consumers with outstanding loans containing: (i) a current outstanding loan balance including an itemization of unpaid principal, accrued interest, and allowable fees;(ii) notice of intended closure date of the business which date shall not be sooner than 60 days from the date of mailing the notice;(iii) the licensee's succession plan, e.g., sale or assignment of the loan, and the successor's contact information and assumption letter;(iv) any alternatives to the licensee's succession plan that are available to the consumer;(v) contact information for borrower use in obtaining collateral/lien releases; and(vi) the department's name, address, phone number, and e-mail address where any complaints arising from the intended closure may be filed;(b) the name, physical address, mailing address, e-mail address, and phone numbers of the licensee's post-closure, designated custodian of the licensee's inactive loan files, and the physical address where the records will be maintained for the period required under 32-5-307, MCA; and(c) a report of active loans containing the following information for each loan: (i) name, address, and loan number of all active borrowers;(ii) loan origination date;(iii) original principal amount of loan;(iv) current interest rate;(v) current principal balance;(vii) summary of special provisions related to taxes and insurance reserves, funded maintenance reserves, etc.(2) The department may conduct a final examination of the consumer loan business at the licensee's expense as provided in 32-5-403, MCA, and ARM 2.59.308 before accepting the surrender of license. The department may, in lieu of an examination, accept an audit report prepared in accordance with generally accepted accounting principles (GAAP) and/or United States generally accepted audit standards (GAAS) by an independent auditor retained by the licensee for the disclosed purpose of closing or selling the business, as applicable.NEW, 2015 MAR p. 2246, Eff. 12/25/2015.AUTH: 32-5-401, MCA; IMP: 32-5-103, MCA