Montana Cash Advance Laws & Regulations
As of January 2011, Montana residents should be aware of new payday lending laws that have taken effect. The reform, passed in November, called for a 36% interest rate cap on all loans. Below you will find the basic regulations guiding the loans, but be advised that this cap has all but forced every Montana payday loan store and the entire industry into closure.
Here are some specific Montana regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
31 days - Maximum Finance Charges and Fees
36% APR - Maximum Loan Amount
$300 - Number of Rollovers
None - Outstanding Loans Allowed at Once
Two - Cool-Off Period
Two days
- Payment Plan
N/A - Collection Fees
$30 NSF fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
Resources:
Montana Department of Administration
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
Web: http://banking.mt.gov
Montana Initiative No. 164 (I-164)
More Information about Montana
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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