What are the Citation (s) to Payday Loan or Small Loan Laws in Montana?
A:
The relevant citation regarding Payday Loans in the Montana State Jurisdiction is
Montana Code Ann. § 7-23-01 et seq.
Montana State Payday Loan FAQs:
Q: Are Payday Loans legal in Montana?
A: Yes Payday Loans are legal in Montana.
Q: What is the Maximum Cash Advance Loan Amount in Montana?
A: The maximum payday loan amount is $300.
Q: What is the Maximum Payday Loan Term in Montana State?
A: The Maximum Payday Loan Term in Montana is 31 days.
Q: What is the Maximum Fee for Cash Advance Loans in Montana?
A: The maximum Finance Rate and Fees for Cash advance loans in Montana is 25 percent.
Q: What is the Finance charge for 14-day $100 payday loan in Montana State?
A: The finance charge for a 14-day $100 loan in Montana is $25.
Q: What is the APR for 14-day $100 payday loan in Montana?
A: The APR for 14-day $100 payday loan in Montana is 650 percent.
Q: Is there a limit on the number of payday loans I can take at one time?
A: Yes, you can take a maximum of two payday loans at one time.
Q: How many times can the lender rollover my payday loan in Montana?
A: None, the lender cannot renew, rollover or refinance a payday loan in Montana.
Q: Can I be charged a collection fee for a payday loan?
A: Yes, the collection fee in Alaska is $30 NSF fee; Court Costs; Reasonable Attorney's Fees if disclosed
Q: If I cannot repay my payday loan can the lender initiate a criminal action?
A: No, the lender cannot initiate a criminal action if the borrower is unable to repay the loan.
Contact the Department Of Financial Institutions
If you have questions about payday loans please contact the Montana Department of Financial Institutions at:
Montana Department of Administration
Address: Division of Banking and Financial Institutions, 301 South Park, Suite 316 P.O. Box 200546 Helena, MT 59620
Phone: (406) 841-2920
Fax: (406) 841-2930
Regulatory Contact: Annie M. Goodwin, Commissioner
Website: http://banking.mt.gov/
