reglab/statecodes huggingface dataset:
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 2. Retail Installment Sales › 31-1-241. Finance charge limitation

31-1-241. Finance charge limitation.
(1) The finance charge included in a retail installment contract must be at a rate agreed upon by the retail seller and the buyer, but the finance charge may not exceed 36% per annum.
(2) The finance charge included in a retail charge account agreement must be at a rate agreed upon by the retail seller and the buyer, but the finance charge may not exceed 36% per annum.
(3) The finance charge must be computed from month to month (which need not be a calendar month) or over another regular billing cycle period by using either:
(a) the average daily balance in the account in the billing cycle period; or
(b) the ending balance of the account as of the last day of the billing cycle period less the amount of total purchases charged to the account during that billing cycle.
(4) A seller may change the terms of a revolving charge account whether or not the change is authorized by prior agreement. The seller shall give the buyer written notice of any change at least 45 days before the effective date of the change.
(5) If the retail seller increases the finance charge on a retail charge account agreement, then the increased rate may only be applied to the balance consisting of purchases on other charges incurred on or after the effective date of the increase.
(6) For purposes of determining the balance to which the increased rate applies, all payments may be considered to be applied to the balance existing prior to the change in rate until that balance is paid in full.
(7) If the finance charge determined pursuant to subsection (3) for a monthly period is less than 50 cents, a maximum finance charge not in excess of 50 cents may be charged and collected for the period.
History: En. Sec. 8, Ch. 282, L. 1959; amd. Sec. 11-152, Ch. 264, L. 1963; amd. Sec. 2, Ch. 416, L. 1971; amd. Sec. 1, Ch. 252, L. 1975; amd. Sec. 1, Ch. 284, L. 1977; R.C.M. 1947, 74-608; amd. Sec. 2, Ch. 160, L. 1979; amd. Secs. 1, 2, Ch. 276, L. 1981; amd. Secs. 1, 3, Ch. 22, L. 1983; amd. Sec. 2, Ch. 297, L. 1987; amd. Sec. 1, Ch. 267, L. 1997; amd. Sec. 4, I.M. No. 164, approved Nov. 2, 2010; amd. Sec. 10, Ch. 63, L. 2013.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 2. Retail Installment Sales › 31-1-242. Refunds on prepayment

31-1-242. Refunds on prepayment.
Notwithstanding any other provision of law or terms of any retail installment contract to the contrary, any buyer may prepay in full, at any time before maturity, the debt of any retail installment contract and upon paying the debt must receive a refund credit for the anticipation of payments on a precomputed contract or for any other unearned fees calculated by use of the actuarial method. The refund amount is the portion of the original finance charge that is applicable to all fully unexpired months in the contract as originally scheduled or, if deferred, as deferred, following the date of prepayment.
History: En. Sec. 9, Ch. 282, L. 1959; R.C.M. 1947, 74-609; amd. Sec. 1, Ch. 135, L. 1983; amd. Sec. 11, Ch. 63, L. 2013.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 2. Retail Installment Sales › 31-1-243. Refinancing retail installment contract

31-1-243. Refinancing retail installment contract.
The holder of a contract, upon request by the buyer, may extend the scheduled due date of all or any part of any installment or installments or defer payment or payments or renew or restate the unpaid time balance of the contract, the amount of the installments, and the time schedule for the installments and may collect for the extension, deferment, renewal, or restatement a refinance charge. The holder may compute the refinance charge on the unpaid time balance to be extended, deferred, renewed, or restated by adding to the unpaid time balance the cost for any insurance and other benefits incidental to the refinancing plus any accrued delinquency and collection charges, after deducting any refund that may be due the buyer as for a prepayment pursuant to 31-1-242 at the rate of the finance charge specified in 31-1-241. If all unpaid installments are deferred for not more than 2 months, the holder may charge and collect for the deferment an amount equal to the difference between the refund required for prepayment in full under 31-1-242 as of the scheduled due date of the first deferred installment and the refund required for prepayment in full as of 1 month prior to the date, times the number of months in which a scheduled payment is not made.
History: En. Sec. 10, Ch. 282, L. 1959; amd. Sec. 2, Ch. 284, L. 1977; R.C.M. 1947, 74-610; amd. Sec. 2, Ch. 88, L. 1979; amd. Sec. 3, Ch. 276, L. 1981; amd. Sec. 1, Ch. 22, L. 1983; amd. Sec. 976, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-301. Wage brokers to procure license and give bond

31-1-301. Wage brokers to procure license and give bond.
No person, company, corporation, or association may establish or conduct the business of wage broker within the state unless such person, company, corporation, or association procures a license from the proper authorities and executes a bond in such sum as the authorities may require for the faithful carrying out of the provisions of this part and of the ordinances of any town or city in which the business may be carried on.
History: En. Sec. 1, Ch. 56, L. 1911; re-en. Sec. 4173, R.C.M. 1921; re-en. Sec. 4173, R.C.M. 1935; R.C.M. 1947, 41-1501; amd. Sec. 3, Ch. 88, L. 1979.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-302. Issuance of license -- terms and amount thereof

31-1-302. Issuance of license -- terms and amount thereof.
The board of county commissioners of any county in this state or, in case said business be carried on in any incorporated city or town, the city council or board of trustees of said city or town may in its discretion, from time to time, grant licenses to any person or persons, company, corporation, or association to conduct or carry on the business of wage broker upon payment of such sum therefor and upon such terms and conditions as the said board of county commissioners or city council or board of trustees shall by resolution or ordinance require.
History: En. Sec. 2, Ch. 56, L. 1911; re-en. Sec. 4174, R.C.M. 1921; re-en. Sec. 4174, R.C.M. 1935; R.C.M. 1947, 41-1502.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-303. Wage broker defined

31-1-303. Wage broker defined.
Any person, company, corporation, or association parting with, giving, or loaning money, either directly or indirectly, to any employee or wage earner, upon the security of or in consideration of any assignment or transfer of wages or salary of such employee or wage earner, shall be deemed to be a wage broker within the meaning of this part.
History: En. Sec. 3, Ch. 56, L. 1911; re-en. Sec. 4175, R.C.M. 1921; re-en. Sec. 4175, R.C.M. 1935; R.C.M. 1947, 41-1503.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-304. Restrictions upon assignment of wages or salary

31-1-304. Restrictions upon assignment of wages or salary.
An assignment of wages or salary by any employee or wage earner to any wage broker for the employee's or wage earner's benefit is not valid or enforceable, and an employer or debtor may not recognize or honor the assignment for any purpose whatever unless the assignment is for a fixed and definite part or all of the wages or salary earned.
History: En. Sec. 4, Ch. 56, L. 1911; re-en. Sec. 4176, R.C.M. 1921; re-en. Sec. 4176, R.C.M. 1935; R.C.M. 1947, 41-1504; amd. Sec. 977, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-305. Interest on loans -- amount and computation

31-1-305. Interest on loans -- amount and computation.
A wage broker may not ask, demand, or receive, either as compensation or interest or in any other manner, directly or indirectly, any compensation or interest for the use of money advanced or loaned by the wage broker to any employee or wage earner in excess of 12% a year. The compensation or rate of interest must be computed upon the amount actually advanced to and received by the employee or wage earner and must include all commissions or compensation whatsoever to the wage broker or any other person for making or procuring the loan.
History: En. Sec. 5, Ch. 56, L. 1911; re-en. Sec. 4177, R.C.M. 1921; re-en. Sec. 4177, R.C.M. 1935; R.C.M. 1947, 41-1505; amd. Sec. 978, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-306. Spouse must join in assignment of wages -- acknowledgment

31-1-306. Spouse must join in assignment of wages -- acknowledgment.
No assignment of wages or salary to a wage broker by a married person who shall have a spouse residing in this state shall be valid or enforceable without the consent of such spouse, evidenced by the spouse's signature to said assignment, executed and acknowledged before a notary public or other officer empowered to take acknowledgments. No wage broker or person connected with a wage broker, directly or indirectly, shall be authorized to take any such acknowledgments.
History: En. Sec. 6, Ch. 56, L. 1911; re-en. Sec. 4178, R.C.M. 1921; re-en. Sec. 4178, R.C.M. 1935; amd. Sec. 23, Ch. 535, L. 1975; R.C.M. 1947, 41-1506.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-307. Assignments invalid without notice to employer -- filing assignments

31-1-307. Assignments invalid without notice to employer -- filing assignments.
No assignment of wages or salary to a wage broker shall be valid or enforceable unless notice in writing of the same, accompanied by a copy of the assignment, shall be given to the employer within 1 day from the date of its execution. All assignments shall be filed in the office of the county clerk of the county where the assignor resides, and no assignment shall be valid unless so filed.
History: En. Sec. 7, Ch. 56, L. 1911; re-en. Sec. 4179, R.C.M. 1921; re-en. Sec. 4179, R.C.M. 1935; R.C.M. 1947, 41-1507.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-308. Assignment to be considered a loan

31-1-308. Assignment to be considered a loan.
Every purchase by a wage broker of an assignment of the wages or salary of any employee or wage earner shall be held and considered a loan, in the sum of the amount actually paid to and received by such employee or wage earner, and shall be subject to all the provisions of this part.
History: En. Sec. 8, Ch. 56, L. 1911; re-en. Sec. 4180, R.C.M. 1921; re-en. Sec. 4180, R.C.M. 1935; R.C.M. 1947, 41-1508.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-309. Violation -- penalties

31-1-309. Violation -- penalties.
Any person, company, corporation, or association and any officer, member, agent, or employee thereof violating any or either of the provisions of 31-1-301 to 31-1-308, both inclusive, shall be deemed guilty of a misdemeanor and upon conviction shall be liable to a fine in the sum of not less than $100 or more than $500 for each offense or to imprisonment in the county jail for a period not to exceed 90 days, or both, and in addition thereto the debt and accrued interest thereon shall be discharged and the security shall be void.
History: En. Sec. 9, Ch. 56, L. 1911; re-en. Sec. 4181, R.C.M. 1921; amd. Sec. 1, Ch. 112, L. 1929; re-en. Sec. 4181, R.C.M. 1935; R.C.M. 1947, 41-1509.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 3. Wage Brokers › 31-1-310. When note, instrument, or assignment void

31-1-310. When note, instrument, or assignment void.
Any note, bill, or other evidence of indebtedness and any assignment of wages or salary given to or received by any wage broker in violation of any of the provisions of this part shall be void as against the creditors of the assignor or transferor.
History: En. Sec. 10, Ch. 56, L. 1911; re-en. Sec. 4182, R.C.M. 1921; re-en. Sec. 4182, R.C.M. 1935; R.C.M. 1947, 41-1510.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-401. Interest pawnbrokers may receive -- civil enforcement -- prohibited activities

31-1-401. Interest pawnbrokers may receive -- civil enforcement -- prohibited activities.
(1) A person may not carry on the business of pawnbroker or junk dealer by receiving goods pawned or in pledge for loans at any rate of interest above 10% a year without first obtaining a license. A pawnbroker or junk dealer or the pawnbroker's or junk dealer's employees or agents may not charge a fee of more than 25% of the amount of the loan for a 30-day period. The fee for extending a pawn agreement for 30 days may not exceed 25% of the amount of the loan. For purposes of this section, a fee includes all costs or fees charged, including but not limited to interest, commission, discount, storage, care of property, and purchase option.
(2) The taking, receiving, reserving, or charging of a fee greater than that allowed under subsection (1) is considered a forfeiture of a sum double the amount of the fee for storage or caring that was agreed to be paid.
(3) (a) When a rate or charge greater than that provided for in subsection (1) has been paid, the person by whom it has been paid may recover from the pawnbroker or junk dealer reasonable attorney fees and an amount double the amount of the fee paid.
(b) An action under this subsection (3) must be brought within 2 years after the payment of the fee. Before a suit may be brought, the party bringing suit shall make written demand for return of the fee paid.
(4) Unless licensed as a consumer loan licensee or a deferred deposit loan licensee, a pawnbroker or junk dealer may not:
(a) cash or advance money for a postdated or deferred presentment check in exchange for a fee or finance charge;
(b) use a check, authorization for electronic access, or other method of access to a deposit account, savings account, or other financial or asset account as a condition of or security for an extension of credit;
(c) receive the title to a motor vehicle for the purpose of a pawn transaction or in pledge for a loan; or
(d) engage in any device or subterfuge intended to evade the requirements of this chapter, including assisting a borrower to obtain a loan at a rate of interest prohibited by Montana law, making loans disguised as personal property sales and leaseback transactions, or disguising loan proceeds as cash rebates for the pretextual installment sale of goods or services.
(5) In addition to other penalties provided by law, a violation of subsection (4) is a violation of Title 30, chapter 14, part 1.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3310, Pol. C. 1895; Sec. 2105, Rev. C. 1907; re-en. Sec. 4186, R.C.M. 1921; re-en. Sec. 4186, R.C.M. 1935; amd. Sec. 12, Ch. 185, L. 1977; R.C.M. 1947, 66-1601; amd. Sec. 1, Ch. 258, L. 1993; amd. Sec. 5, I.M. No. 164, approved Nov. 2, 2010; amd. Sec. 4, Ch. 278, L. 2013.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-402. Pawnbroker to keep register

31-1-402. Pawnbroker to keep register.
(1) Every pawnbroker or junk dealer shall keep a register, in which must be entered a description of every article pawned to or purchased by the pawnbroker or junk dealer, with:
(a) the date of the pawning or purchasing;
(b) the date when the article must be redeemed;
(c) the name of the person who pawned or sold the article; and
(d) the amount loaned on or paid for the article.
(2) The register must be made available for inspection and examination by any peace officer.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3315, Pol. C. 1895; re-en. Sec. 2110, Rev. C. 1907; re-en. Sec. 4191, R.C.M. 1921; re-en. Sec. 4191, R.C.M. 1935; R.C.M. 1947, 66-1606; amd. Sec. 979, Ch. 56, L. 2009; amd. Sec. 1, Ch. 222, L. 2015.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-403. Repealed

31-1-403. Repealed.
Sec. 2, Ch. 344, L. 1993.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3311, Pol. C. 1895; re-en. Sec. 2106, Rev. C. 1907; re-en. Sec. 4187, R.C.M. 1921; re-en. Sec. 4187, R.C.M. 1935; amd. Sec. 54, Ch. 359, L. 1977; R.C.M. 1947, 66-1602.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-404. Repealed

31-1-404. Repealed.
Sec. 2, Ch. 344, L. 1993.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3312, Pol. C. 1895; re-en. Sec. 2107, Rev. C. 1907; re-en. Sec. 4188, R.C.M. 1921; re-en. Sec. 4188, R.C.M. 1935; R.C.M. 1947, 66-1603.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-405. Repealed

31-1-405. Repealed.
Sec. 2, Ch. 344, L. 1993.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3313, Pol. C. 1895; re-en. Sec. 2108, Rev. C. 1907; re-en. Sec. 4189, R.C.M. 1921; re-en. Sec. 4189, R.C.M. 1935; R.C.M. 1947, 66-1604.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-406. Repealed

31-1-406. Repealed.
Sec. 2, Ch. 344, L. 1993.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3314, Pol. C. 1895; re-en. Sec. 2109, Rev. C. 1907; re-en. Sec. 4190, R.C.M. 1921; re-en. Sec. 4190, R.C.M. 1935; R.C.M. 1947, 66-1605.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 4. Pawnbrokers › 31-1-407. Violation a misdemeanor

31-1-407. Violation a misdemeanor.
A violation of any of the provisions of this part is a misdemeanor.
History: En. Secs. 1 to 8, pp. 206-207, L. 1889; amd. Sec. 3316, Pol. C. 1895; re-en. Sec. 2111, Rev. C. 1907; re-en. Sec. 4192, R.C.M. 1921; re-en. Sec. 4192, R.C.M. 1935; amd. Sec. 21, Ch. 513, L. 1973; amd. Sec. 13, Ch. 185, L. 1977; R.C.M. 1947, 66-1607.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 5. Retail Sales -- Late Payment Charges › 31-1-501. Late payment charges -- accounts receivable for merchandise sold at retail

31-1-501. Late payment charges -- accounts receivable for merchandise sold at retail.
(1) Notwithstanding 31-1-106 or 31-1-107, a person who sells goods, as defined in 31-1-202, at retail to a retail buyer who promises to pay for such goods upon presentation of the bill therefor, may charge and collect a late payment charge not greater than 1 1/2% per month on all money due on all accounts from 30 days after the date on which the obligation of the buyer to pay is incurred.
(2) The late payment charge provided in this section may be charged only if at the time the obligation was incurred the seller did not intend to extend any credit beyond 30 days and any late payment of the obligation was unintended.
(3) The provisions of this section do not apply to money due for intangible services, for services regulated by the public service commission, for real property, for health care services, or for retail installment sales contracts or retail charge account agreements regulated under Title 31, chapter 1, part 2.
History: En. Sec. 1, Ch. 222, L. 1981.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 5. Retail Sales -- Late Payment Charges › 31-1-502. Periodic statement to be furnished to debtor

31-1-502. Periodic statement to be furnished to debtor.
(1) A seller may charge the late payment charge provided for in 31-1-501 only if the seller promptly supplies the buyer with a statement as of the end of each monthly period or other regular period agreed upon by the seller and the buyer in which there is any unpaid balance. The statement must recite the following:
(a) the percentage amount of the late payment charge that will be charged beginning 30 days after the obligation is incurred;
(b) the unpaid balance at the beginning or end of the period;
(c) an identification of any amounts debited to the buyer's account during the period;
(d) the payments made by the buyer to the seller during the period;
(e) the amount of the late payment charge and also the percentage annual simple interest equivalent of the amount; and
(f) a legend to the effect that the buyer may at any time pay the total unpaid balance.
(2) The items need not be stated in the sequence or order set forth in subsection (1). Additional items may be included to explain the computations made in determining the amount to be paid by the buyer.
History: En. Sec. 2, Ch. 222, L. 1981; amd. Sec. 980, Ch. 56, L. 2009.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 6. State-Sponsored Credit Card (Repealed) › 31-1-601. Repealed

31-1-601. Repealed.
Sec. 2, Ch. 252, L. 1995.
History: En. Sec. 1(4), Ch. 637, L. 1989.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 6. State-Sponsored Credit Card (Repealed) › 31-1-602. Repealed

31-1-602. Repealed.
Sec. 2, Ch. 252, L. 1995.
History: En. Sec. 1(1), (2), Ch. 637, L. 1989; amd. Sec. 9, Ch. 593, L. 1993.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 6. State-Sponsored Credit Card (Repealed) › 31-1-603. Repealed

31-1-603. Repealed.
Sec. 2, Ch. 252, L. 1995.
History: En. Sec. 1(3), Ch. 637, L. 1989.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-701. Short title

31-1-701. Short title.
This part may be cited as the "Montana Deferred Deposit Loan Act".
History: En. Sec. 1, Ch. 404, L. 1999.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-702. Purpose -- rules -- fees

31-1-702. Purpose -- rules -- fees.
(1) The purpose of this part is to protect consumers who enter into short-term, high-rate loans with lenders from abuses that occur in the credit marketplace when the lenders are unregulated.
(2) The department may adopt rules to implement the provisions of this part. The rules may include but are not limited to rules establishing forms and procedures for licensing, rules pertaining to acceptable practices at a business location, rules establishing disclosure requirements, and rules establishing complaint and hearing procedures.
(3) All fees collected pursuant to the provisions of this part must be deposited in the department's special revenue account to be used by the department in carrying out its supervisory functions under this part.
History: En. Sec. 2, Ch. 404, L. 1999; amd. Sec. 2, Ch. 451, L. 2007.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-703. Definitions

31-1-703. Definitions.
For the purposes of this part, the following definitions apply:
(1) "Account" means any banking, checking, credit union, commercial, savings, savings and loan, brokerage, investment, or other kind of depository account held by a consumer.
(2) "Check" means a negotiable instrument, as defined in 30-3-104, that is drawn on a state or federal bank, credit union, or savings and loan association and is payable on demand at the maturity of a deferred deposit loan.
(3) "Consumer" means a natural person who, singly or jointly with another natural person, enters into a deferred deposit loan.
(4) "Deferred deposit lender" or "licensee" means a person engaged in the business of making deferred deposit loans.
(5) "Deferred deposit loan" means an arrangement, including all representations made by the deferred deposit lender whether express or implied, in which:
(a) a person accepts a check dated on the date on which the check is written and agrees to hold the check for a period of days prior to deposit or presentment;
(b) a person accepts a check dated subsequent to the date on which the check is written and agrees to hold the check for deposit or presentment until the date written on the check; or
(c) a person accepts written authorization from a consumer to electronically deduct from the consumer's account on a specific date the amount of the loan and fees that are authorized under this part.
(6) "Department" means the department of administration.
(7) "Person" means a natural person, sole proprietorship, firm, partnership, corporation, or other entity.
History: En. Sec. 3, Ch. 404, L. 1999; amd. Sec. 1, Ch. 81, L. 2001; amd. Sec. 71, Ch. 483, L. 2001; amd. Sec. 3, Ch. 451, L. 2007.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-704. Scope

31-1-704. Scope.
(1) This part applies to deferred deposit lenders and to persons who facilitate, enable, or act as a conduit for persons making deferred deposit loans.
(2) This part does not apply to retail sellers who cash checks incidental to or independent of a sale and who do not charge more than $2 a check for the service.
History: En. Sec. 4, Ch. 404, L. 1999; amd. Sec. 2, Ch. 81, L. 2001; amd. Sec. 70, Ch. 114, L. 2003; amd. Sec. 1, Ch. 221, L. 2003; amd. Sec. 8, Ch. 163, L. 2005; amd. Sec. 3, Ch. 81, L. 2009.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-705. License -- application requirements -- business locations

31-1-705. License -- application requirements -- business locations.
(1) A person may not engage in or offer to engage in the business of making deferred deposit loans unless licensed by the department. A license may be granted to a person located within the state or to a person located outside of the state who uses the internet, facsimiles, or third persons to conduct transactions with consumers in this state.
(2) An applicant for a license to engage in the business of making deferred deposit loans shall pay to the department a license application fee of $500. The department may direct that applicants remit fees to the department through a nationwide licensing system.
(3) The application for licensure must be in the form and submitted in the manner that the department directs.
(4) The license year is the calendar year, and all licenses expire on December 31 of each year.
(5) Each licensee shall post a bond in the amount of $10,000 for each location at or from which deferred deposit loan transactions are conducted with consumers in this state. The bond must continue in effect for 2 years after the licensee ceases operation in the state. The bond must be available to pay damages authorized under this part to consumers harmed by any violation of this part and to pay civil penalties, restitution, and costs ordered by the department pursuant to 31-1-712 for any violation of this part.
(6) More than one place of business may not be maintained under the same license. A person shall obtain a license for the person's principal place of business and a separate branch license for each additional place of business or location at or from which deferred deposit loan transactions are conducted with consumers in this state.
History: En. Sec. 5, Ch. 404, L. 1999; amd. Sec. 3, Ch. 81, L. 2001; amd. Sec. 1, Ch. 119, L. 2005; amd. Sec. 4, Ch. 451, L. 2007; amd. Sec. 4, Ch. 81, L. 2009; amd. Sec. 2, Ch. 96, L. 2013; amd. Sec. 1, Ch. 277, L. 2013.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-706. License renewal fee

31-1-706. License renewal fee.
(1) A person licensed under 31-1-705 shall pay an annual license renewal fee of $500 for each license that the person holds under this part.
(2) The department may direct that fees due the department under subsection (1) be remitted to the department through a nationwide licensing system.
History: En. Sec. 4, Ch. 81, L. 2001; amd. Sec. 5, Ch. 451, L. 2007; amd. Sec. 2, Ch. 277, L. 2013.
2023 Montana Code Annotated › Title 31. Credit Transactions and Relationships › Chapter 1. Credit Transactions › Part 7. Montana Deferred Deposit Loan Act › 31-1-707. Denial of license and license renewal

31-1-707. Denial of license and license renewal.
(1) (a) Except as provided in subsection (1)(b), the department shall deny any new license or refuse to renew any license if:
(i) the applicant does not meet the qualifications stated in this part or in rules adopted pursuant to this part;
(ii) the department finds that the criminal history of any employee of the applicant at the time of application or renewal demonstrates any conviction involving fraud or financial dishonesty or if the department's findings show civil judgments involving fraudulent or dishonest financial dealings;
(iii) the financial responsibility, experience, character, and general fitness of the applicant do not warrant the belief that the business will be operated lawfully and fairly and within the provisions of this part;
(iv) the applicant does not have unencumbered assets of at least $25,000 for each location to be operated by the applicant;
(v) other information that the department considers necessary has not been provided; or
(vi) the applicant makes any material misstatement of fact or any material omission of fact in the application.
(b) A denial is not required pursuant to subsection (1)(a)(ii) if the department finds that the applicant dismissed the employee promptly upon learning of the employee's conviction involving fraud or financial dishonesty or of civil judgments involving fraudulent or dishonest financial dealings by the employee.
(2) The department shall provide written notice to the applicant of the denial or refusal, setting forth in the notice the grounds upon which the denial or refusal is based.
(3) The applicant has the right to a hearing under the Montana Administrative Procedure Act on any denial or refusal to issue a license. The request for a hearing must be made within 14 days of the date of receipt of the written notice of denial or refusal.
(4) An applicant whose application for licensure or renewal has been denied or refused may not reapply for 1 year following the denial or refusal.
History: En. Sec. 1, Ch. 81, L. 2009; amd. Sec. 3, Ch. 96, L. 2013; amd. Sec. 3, Ch. 277, L. 2013.