reglab/housing_qa huggingface dataset:
MT Code § 31-1-108 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-108. Penalty for usury -- action to recover excessive interest

  31-1-108. Penalty for usury -- action to recover excessive interest. (1) The taking, receiving, reserving, or charging a rate of interest greater than is allowed by 31-1-107 must be considered a forfeiture of a sum double the amount of interest that the note, bill, or other evidence of debt carries or that has been agreed to be paid on the note, bill, or other evidence of debt.   (2) When a greater rate of interest has been paid, the person by whom it has been paid or the person's heirs, assigns, executors, or administrators may recover from the person, firm, or corporation taking, receiving, reserving, or charging interest a sum double the amount of interest paid, provided that the action must be brought within 2 years after the payment of the interest, and provided that, before any suit may be brought to recover the usurious interest, the party bringing suit makes written demand for return of the interest paid.   History: En. Sec. 2, Ch. 36, L. 1913; re-en. Sec. 7727, R.C.M. 1921; re-en. Sec. 7727, R.C.M. 1935; R.C.M. 1947, 47-126; amd. Sec. 969, Ch. 56, L. 2009.
MT Code § 31-1-109 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-109. When interest becomes part of principal

  31-1-109. When interest becomes part of principal. The parties may, in any contract in writing whereby any debt is secured to be paid, agree that, if the interest on such debt is not punctually paid, it shall become a part of the principal and thereafter bear the same rate of interest as the principal debt.   History: En. Sec. 2587, Civ. C. 1895; re-en. Sec. 5213, Rev. C. 1907; re-en. Sec. 7728, R.C.M. 1921; Cal. Civ. C. Sec. 1919; re-en. Sec. 7728, R.C.M. 1935; R.C.M. 1947, 47-127.
MT Code § 31-1-110 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-110. Renumbered 25-9-205

  31-1-110. Renumbered 25-9-205. Code Commissioner, 1979.
MT Code § 31-1-111 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-111. Definition of regulated lender

  31-1-111. Definition of regulated lender. The term "regulated lender", as used in 31-1-112 and 31-1-116, means:   (1) a bank, building and loan association, savings and loan association, trust company, credit union, credit association, consumer loan licensee, deferred deposit loan licensee, residential mortgage lender licensee, development corporation, bank holding company, or mutual or stock insurance company organized pursuant to state or federal statutory authority and subject to supervision, control, or regulation by:   (a) an agency of the state of Montana; or   (b) an agency of the federal government;   (2) a subsidiary of an entity described in subsection (1);   (3) a Montana state agency or a federal agency that is authorized to lend money;   (4) a corporation or other entity established by congress or the state of Montana that is owned, in whole or in part, by the United States or the state of Montana and that is authorized to lend money.   History: En. Sec. 1, Ch. 275, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 1, Ch. 406, L. 1985; amd. Sec. 1, Ch. 294, L. 1991; amd. Sec. 2, Ch. 140, L. 2001; amd. Sec. 33, Ch. 369, L. 2007; amd. Sec. 1, Ch. 451, L. 2007; amd. Sec. 1, Ch. 497, L. 2007; amd. Sec. 2, Ch. 278, L. 2013.
MT Code § 31-1-112 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-112. Interest rate limitation exemption -- regulated lenders -- merchant finance

  31-1-112. Interest rate limitation exemption -- regulated lenders -- merchant finance. (1) A regulated lender, except for a deferred deposit loan licensee or consumer loan licensee, is exempt from all limitations on the rate of interest that it may charge and is exempt from the operation and effect of all usury statutes.   (2) A finance operation that finances transactions between merchants, as defined in 30-2-104, is also exempt from usury limits.   History: (1)En. Sec. 2, Ch. 275, L. 1981; (2)En. Sec. 4, Ch. 276, L. 1981; amd. Sec. 1, Ch. 9, L. 1983; amd. Sec. 1, Ch. 22, L. 1983; amd. Sec. 2, I.M. No. 164, approved Nov. 2, 2010; amd. Sec. 3, Ch. 278, L. 2013.
MT Code § 31-1-113 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-113. Limitation of rule of 78ths

  31-1-113. Limitation of rule of 78ths. The sum of the monthly time balances method of computing interest or refunds on prepayment, which is also known as the rule of 78ths, may not be used in any loan agreement or retail installment contract unless the term of the loan or contract does not exceed 61 months.   History: En. Sec. 3, Ch. 135, L. 1983.
MT Code § 31-1-114 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-114. reserved

  31-1-114 reserved.
MT Code § 31-1-115 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-115. Issuing credit cards to minors -- collection of debt

  31-1-115. Issuing credit cards to minors -- collection of debt. (1) An issuer of a credit card or similar loan advance access device may not issue a credit card or similar loan advance access device to a minor, as defined in 41-1-101, residing in this state without first obtaining consent to the issuance from the minor's parent or legal guardian.   (2) An issuer of a credit card or similar loan advance access device that does not receive a parent's or legal guardian's consent, as required in subsection (1), before issuing the credit card or similar loan advance access device to a minor may not collect in this state from the minor or the minor's parent or guardian any debt incurred by the minor through the use of the credit card or similar loan advance access device.   History: En. Sec. 1, Ch. 21, L. 1997.
MT Code § 31-1-116 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 1. Loans of Money -- Interest Rates|31-1-116. Commercial loans -- when written agreement required

  31-1-116. Commercial loans -- when written agreement required. (1) With respect to a commercial loan, a contract action or a breach of contract action may not be brought against a regulated lender on a promise or commitment that is not in writing where the promise or commitment is to:   (a) lend money or to extend credit;   (b) alter, amend, renew, extend, or otherwise modify an existing promise, commitment, or agreement to lend money or extend credit; or   (c) make a financial accommodation.   (2) For the purposes of this section, "commercial loan" means money loaned or credit extended primarily for commercial or business purposes, in excess of $100,000, and does not include money lent or credit extended for personal, family, or household purposes and also does not include charge or credit card accounts, personal lines of credit, personal overdraft accounts, or other consumer accounts.   History: En. Sec. 1, Ch. 140, L. 2001.
MT Code § 31-1-201 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-201. Short title

  31-1-201. Short title. This part may be cited as the "Montana Retail Installment Sales Act".   History: En. Sec. 1, Ch. 282, L. 1959; R.C.M. 1947, 74-601.
MT Code § 31-1-204 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-204. Waiver

  31-1-204. Waiver. Any waiver of the provisions of this part shall be unenforceable and void.   History: En. Sec. 12, Ch. 282, L. 1959; R.C.M. 1947, 74-612.
MT Code § 31-1-205 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-205. through 31-1-210 reserved

  31-1-205 through 31-1-210 reserved.
MT Code § 31-1-211 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-211. Powers of department

  31-1-211. Powers of department. (1) The department may adopt rules necessary to carry out the intent and purposes of this part.   (2) The department may issue subpoenas to compel the attendance of witnesses and the production of documents, papers, books, records, and other evidence before it in any matter over which it has jurisdiction, control, or supervision pertaining to this part. The department may administer oaths and affirmations to a person whose testimony is required.   (3) If a person refuses to obey a subpoena or to give testimony or produce evidence as required by it, a judge of the district court of the county in which the licensed premises are located may, upon application and proof of the refusal, issue a subpoena or subpoena duces tecum for the witness to appear before the department to give testimony and produce evidence as may be required. The clerk of court shall then issue the subpoena, as directed, under the seal of the court, requiring the person to whom it is directed to appear at the time and place designated in it.   (4) If a person served with a subpoena refuses to obey it or to give testimony or produce evidence as required by the subpoena, the department may apply to the judge of the court issuing the subpoena for an arrest warrant for that person, as for a contempt. The judge, upon satisfactory proof of the refusal, shall issue an arrest warrant, directed to any sheriff, constable, or police officer, for the arrest of that person and, upon that person being brought before the judge, proceed to a hearing of the case. The judge may compel:   (a) obedience to the subpoena;   (b) the answering of any question;   (c) the production of any evidence that may be proper; or   (d) the witness to pay the costs of the proceeding.   (5) Failure to comply with the requirements of subsection (4)(a), (4)(b), or (4)(c) is punishable by a fine not exceeding $100 or by imprisonment in the county jail, or both.   History: En. Sec. 6, Ch. 282, L. 1959; amd. Sec. 140, Ch. 431, L. 1975; amd. Sec. 15, Ch. 185, L. 1977; R.C.M. 1947, 74-606; amd. Sec. 1, Ch. 265, L. 1995; amd. Sec. 3, Ch. 63, L. 2013.
MT Code § 31-1-212 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-212. Investigations and complaints

  31-1-212. Investigations and complaints. (1) The department may make those investigations it considers necessary, and to the extent necessary for this purpose, it may examine a licensee or any other person and may compel the production of relevant books, records, accounts, and documents.   (2) A retail buyer having reason to believe that this part relating to the buyer's retail installment contract has been violated may file with the department a written complaint setting forth the details of the alleged violation, and the department, upon receipt of the complaint, may inspect the pertinent books, records, letters, and contracts of the licensee and retail seller involved.   History: En. Sec. 5, Ch. 282, L. 1959; amd. Sec. 139, Ch. 431, L. 1975; R.C.M. 1947, 74-605; amd. Sec. 970, Ch. 56, L. 2009.
MT Code § 31-1-213 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-213. through 31-1-220 reserved

  31-1-213 through 31-1-220 reserved.
MT Code § 31-1-221 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-221. Licensing of sales finance companies required

  31-1-221. Licensing of sales finance companies required. (1) A person may not engage in the business of a sales finance company, including the purchase of retail installment contracts that are entered into in this state, without a license as provided in this part, except that a bank, trust company, savings and loan association, or credit union authorized to do business in this state is not required to obtain a license under this part but shall comply with all of the other provisions of this part.   (2) The application for a license must be in writing in the form and submitted in the manner that the department may direct.   (3) The license fee for each calendar year or part of a year is $100 for the applicant's principal place of business and for each additional branch location at which the applicant engages in sales finance company activities concerning retail installment contracts between retail sellers and buyers in this state. A licensee need not maintain a physical place of business within this state.   (4) Except as provided in 31-1-222, upon the submission of a complete license application and the payment of required fees, the department shall issue a license to the applicant to engage in the business of a sales finance company in accordance with the provisions of this part for a period that expires December 31 following the date of the license's issuance. The license is not transferable or assignable. A licensee may not transact any business provided for by this part under any other name.   (5) The department may direct that fees chargeable under subsection (3) be remitted to the department through a nationwide licensing system. The department's portion of fees charged and collected under this chapter must be deposited in the state special revenue fund for the use of the department in its supervision function.   History: En. Sec. 3, Ch. 282, L. 1959; amd. Sec. 170, Ch. 431, L. 1975; R.C.M. 1947, 74-603; amd. Sec. 8, Ch. 600, L. 1985; amd. Sec. 1, Ch. 9, L. 2003; amd. Sec. 4, Ch. 63, L. 2013.
MT Code § 31-1-222 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-222. Denial of licenses

  31-1-222. Denial of licenses. Subject to the notice and opportunity for hearing provisions of 31-1-203, initial licensure or license renewal may be denied by the department on the following grounds:   (1) material misstatement of fact or material omission of fact in the application for license or renewal;   (2) a civil judgment against the applicant for defrauding a retail buyer in relation to financing terms of a retail installment contract; or   (3) having had a sales finance company license or other financial services license revoked by a regulatory agency in any jurisdiction.   History: En. Sec. 4, Ch. 282, L. 1959; amd. Sec. 138, Ch. 431, L. 1975; amd. Sec. 14, Ch. 185, L. 1977; R.C.M. 1947, 74-604; amd. Sec. 971, Ch. 56, L. 2009; amd. Sec. 5, Ch. 63, L. 2013.
MT Code § 31-1-223 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-223. Department authorized to participate in nationwide licensing system for purposes of licensing sales finance companies -- rulemaking

  31-1-223. Department authorized to participate in nationwide licensing system for purposes of licensing sales finance companies -- rulemaking. (1) The department is authorized to participate in a nationwide licensing system for licensing purposes under this part and may require sales finance companies to apply for licensure in the manner and form that the department may direct.   (2) The department may establish requirements through rulemaking as necessary to comply with the protocols and procedures of a nationwide licensing system pertaining to fees, renewal dates, amending or surrendering a license, and any other activity necessary for participation in the nationwide licensing system.   (3) The department's portion of the licensing fees collected under this part must be deposited into the department's account in the state special revenue fund to be used for administering this part.   History: En. Sec. 12, Ch. 63, L. 2013.
MT Code § 31-1-224 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-224. through 31-1-230 reserved

  31-1-224 through 31-1-230 reserved.
MT Code § 31-1-232 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-232. Buyer's right of rescission

  31-1-232. Buyer's right of rescission. The seller shall deliver to the buyer in person or mail to the buyer at the address shown in the contract a copy of the contract, signed by the seller. If the contract is mailed, the seller shall retain proof of delivery. Until the seller delivers or mails the contract, a buyer who has not received delivery of the goods or been furnished the services has the right to rescind the agreement and to receive a refund of all payments made and return of all goods traded in to the seller on account of or in contemplation of the contract or, if the goods cannot be returned, the value of the goods. Any acknowledgment by the buyer of personal delivery of a copy of the contract signed by the seller must be conspicuous and, if contained in the contract, must appear directly above the buyer's signature.   History: En. Sec. 7, Ch. 282, L. 1959; R.C.M. 1947, 74-607(part); amd. Sec. 973, Ch. 56, L. 2009; amd. Sec. 7, Ch. 63, L. 2013.
MT Code § 31-1-233 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-233. Insurance

  31-1-233. Insurance. (1) The amount, if any, included for insurance that may be purchased by the holder of the contract may not exceed the applicable premiums chargeable in accordance with the rates filed with the insurance department of this state when the rates are required by law to be approved by the insurance department.   (2) All insurance purchased by the holder of the contract must be written by an insurance company authorized to do business in this state.   (3) A buyer may be required to provide insurance on the goods at the buyer's own cost for the protection of the seller or holder as well as the buyer, but the insurance is limited to insurance against substantial risk of loss, damage, or destruction of the goods.   (4) Any other insurance may be included in a retail installment transaction at the buyer's expense only if contracted for voluntarily by the buyer.   (5) If insurance for which an identified charge is made insures the life, safety, or health of the buyer or the buyer's interest in goods and is purchased by the holder, the holder shall within 30 days after the execution of the retail installment contract send or cause to be sent to the buyer a policy or policies or certificate or certificates of insurance, written by an insurance company authorized to do business in this state, clearly setting forth:   (a) the amount of the premium;   (b) the kind or kinds of insurance;   (c) the coverages; and   (d) if a policy, all the terms, exceptions, limitations, restrictions, and conditions of the contract or contracts of insurance or, if a certificate, a summary of the terms, exceptions, limitations, restrictions, and conditions.   (6) The holder may not decline existing insurance written by an insurance company authorized to do business in this state, and the buyer has the privilege of purchasing insurance from an insurance producer or broker of the buyer's own selection and of selecting the buyer's insurance company if:   (a) the insurance company is acceptable to the holder, which acceptance may not be unreasonably or arbitrarily withheld; and   (b) the inclusion of the cost of the insurance premium in the retail installment contract when the buyer selects the buyer's insurance producer, broker, or company is optional with the holder.   (7) If any insurance is canceled or the premium adjusted, any refund of the insurance premium received by the holder must be credited to the final maturing installment of the contract except to the extent applied toward payment for a similar insurance protecting the interests of the buyer and the holder or either of them.   History: En. Sec. 7, Ch. 282, L. 1959; R.C.M. 1947, 74-607(part); amd. Sec. 34, Ch. 16, L. 1991; amd. Sec. 9, Ch. 472, L. 1999.
MT Code § 31-1-234 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-234. Transfer of equity -- fee

  31-1-234. Transfer of equity -- fee. A buyer may transfer the buyer's equity in the goods at any time to another person upon agreement by the holder, but the holder of the contract is entitled to a transfer of equity fee that may not exceed $50.   History: En. Sec. 7, Ch. 282, L. 1959; R.C.M. 1947, 74-607(part); amd. Sec. 1, Ch. 434, L. 1983; amd. Sec. 974, Ch. 56, L. 2009.
MT Code § 31-1-235 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-235. Delinquency fee

  31-1-235. Delinquency fee. (1) The holder of a retail installment contract or a retail charge account agreement may collect a delinquency charge on each installment in default for a period not less than 10 days in an amount not to exceed $10 or, alternatively, the holder may calculate a fixed delinquency fee that is expressed as an interest rate not exceeding 15% of each installment in default. The delinquency charge expressed in this subsection as a simple interest rate represents a method of calculating a fixed delinquency charge and is not interest.   (2) This section does not preclude a holder of a retail installment contract or retail charge account agreement from collecting, in addition to the delinquency charge, regularly accruing interest at the current contract rate applicable under the terms of the buyer's and seller's contract, provided the contract was made on simple interest and is not a precomputed contract.   (3) A retail installment contract may provide for the payment of both a delinquency charge as permitted in subsection (1) and attorney fees not exceeding 15% of the amount due and payable under the contract when the contract is referred for collection to an attorney not a salaried employee of the holder of the contract and for court costs and actual and reasonable out-of-pocket expenses incurred in connection with the delinquency.   History: En. Sec. 7, Ch. 282, L. 1959; R.C.M. 1947, 74-607(part); amd. Sec. 2, Ch. 198, L. 1993; amd. Sec. 1, Ch. 266, L. 1997; amd. Sec. 8, Ch. 63, L. 2013.
MT Code § 31-1-236 (2021)
2021 Montana Code Annotated|Title 31. Credit Transactions and Relationships|Chapter 1. Credit Transactions|Part 2. Retail Installment Sales|31-1-236. Notice and receipt of payment

  31-1-236. Notice and receipt of payment. (1) Upon written request from the buyer, the holder of a retail installment contract shall give or forward to the buyer a written statement of the dates and amounts of payments and the total amount unpaid under the contract. A buyer must be given a written receipt for any payment when made in cash.   (2) After payment of all sums for which the buyer is obligated under a contract, the holder shall deliver or mail to the buyer, at the buyer's last-known address, one or more good and sufficient instruments to acknowledge payment in full and shall release all security in the goods or in any collateral security.   History: En. Sec. 7, Ch. 282, L. 1959; R.C.M. 1947, 74-607(part); amd. Sec. 975, Ch. 56, L. 2009; amd. Sec. 9, Ch. 63, L. 2013.