Payday Loan Laws




I-164 capped at 36 percent the annual interest rate, fees and other charges that payday, title, retail installment lenders could charge. The groups obtained enough signatures to qualify I-164 for the November 2010 ballot, and Montana voters approved it, 72 percent to 28 percent. The ballot measure, Initiative 164, was overwhelmingly approved by voters. Its passage has wiped out the payday loan industry in Montana, former industry officials say

Since passage of the 2010 initiative, all of the more than 110 payday lending businesses in Montana have been shut down, eliminating 500 to 600 jobs, Harrington said.

Montana Payday loan laws. Montana Payday loan legislation. Montana has specific payday advance laws. The permitted fee is 25% of the face amount of the payday loan. The permitted time period is a maximum of 31 days.

The maximum amount of the payday loan allowable is $300.00. Rollovers are prohibited.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday Loan Industry.com

See above! The following are the old Montana payday loan regulations.Montana Payday Loan Laws & LegislationState Information

Legal Status: Legal

Citation:
Mont. Code Ann. 31-1-701

Loan Terms:
Maximum Loan Amount: $300
Loan Term: Max: 31 days
Maximum Finance Rate and Fees: 25%
Finance Charge for 14-day $100 loan: $25
APR for 14-day $100 loan: 650%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot renew, repay, or refinance)
Cooling-off Period:
Repayment Plan:

Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees if disclosed
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: 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
Regulator Website

Licensee Database
Online Resources:
Consumer Information Pamphlet