Light aircraft Flight Instructor reported an NMAC on arrival to MOT when a faster aircraft overtook them.

Narrative

I was conducting a training flight with a student. We contacted tower about 7 miles to the east of MOT; and were instructed to enter a two mile right base for Runway 31. Less than a minute later; Aircraft Y called and stated that they were 12 miles east at 4500msl. MOT Tower instructed them to enter a right downwind for Runway 31 which they replied to. About 30 seconds later; Aircraft Y flew past us about 20 feet above us and less than 200 feet off of our right wing. Aircraft Y proceeded to cut us off and entered a right base and reported their position to MOT Tower. They admitted on frequency to having flown right past us. MOT Tower told them that they were not in compliance with instructions and told them to break off their approach and follow behind us. Both aircraft landed safely. I spoke with the pilot of Aircraft Y; and he seemed unconcerned that he almost hit us mid air and honestly seemed bothered that I would bring up the situation in person. This type of behavior is dangerous and unacceptable.