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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
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