Montana payday loan laws

Legal Status: Prohibited (Usury Cap)

Mont. Code Ann. 31-1-701 (Payday Loan Law enacted prior to Ballot Initiative 164 that capped rates at 36% APR remains on the books.)

Loan Terms:
Maximum Loan Amount: $300, up to 25% of the monthly net income of the borrower
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 36% APR
Finance Charge for 14-day $100 loan: $1.39

Debt Limits:
Maximum Number of Outstanding Loans at One Time:
Rollovers Permitted: No.
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF fee
Criminal Action: Prohibited

Where to Complain, Get Information:
  Division of Banking and Financial Institutions
 301 South Park, Suite 316, Helena, MT 59601
Phone: (406) 841-2920
Fax: (406) 841-2930

Sourced from

Leave a Reply

Your email address will not be published. Required fields are marked *

5 × 5 =