Payday Loan Laws - MT
The rules and regulations issuers of payday loans must abide by in the state of Montana.
Legal Status:
Legal
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)
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees if disclosed
Criminal Action: Prohibited
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