Montana Payday Loan Laws
 | Max Term of Payday Loan: | 31 days | | Max Fees and Finance Charges: | 25% | | Min/Maximum Loan Amount: | $50-$300 | | Number of Rollovers: | None (cannot renew, repay, or refinance) | | Outstanding loans allowed at one time: | 2 | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | One $30 NSF fee; Reasonable attorney's fee; Court costs (if disclosed) | | Presentment Limit: | Not specified
| | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Yes |
Montana Payday Loan Laws:
The maximum loan cannot exceed $300 plus fees and the minimum amount is $50 plus fees. A loan cannot exceed 25% of the borrower's monthly net income (take-home pay). A borrower cannot have more than 2 loans at any one time with a single payday lender. The total of the two loans cannot exceed the $300 maximum. Payday lenders are prohibited from renewing, refinancing or consolidating payday loans. However a payday lender may extend the term of the loaned beyond the due date for no additional charge. S.B. 165 provides that a borrower has the right to rescind for one day after signing a payday loan agreement; and permits lenders to require arbitration.
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