Montana Deferred Deposit Loan Act
Montana · Credit Transactions and Relationships · §§ 31-1-701 to 31-1-729 · 24 sections
Overview
The Deferred Deposit Loan Act regulates short-term consumer lending in which a lender advances funds against a personal check or similar instrument that is held and deposited at a later date. It sets the terms on which those loans may be made — written agreement and consumer notice requirements, authorized charges, a maximum loan amount, rules on renewal and on the form in which proceeds are delivered, and provisions on the endorsement, redemption, and dishonor of the instrument — while requiring lenders to post their charges, maintain records, and file annual reports. Lending is conditioned on holding a license and subject to examination and investigation, and the act further addresses unfair or deceptive practices, unconscionability, criminal culpability, and the use of multiple agreements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 4 court decisions.
Most-cited authority: 246 FAPPX 535 - Montclair v. L.O.I., Inc.
Sections covered
- Mont. Code Ann. § 31-1-701Short title
- Mont. Code Ann. § 31-1-702Purpose -- rules -- fees1 cite
- Mont. Code Ann. § 31-1-703Definitions
- Mont. Code Ann. § 31-1-704Scope1 cite
- Mont. Code Ann. § 31-1-705License -- application requirements -- business locations1 cite
- Mont. Code Ann. § 31-1-706License renewal fee
- Mont. Code Ann. § 31-1-707Denial of license and license renewal
- Mont. Code Ann. § 31-1-708and 31-1-709 reserved
- Mont. Code Ann. § 31-1-710Department authorized to participate in nationwide licensing system for purposes of licensing deferred deposit loan licensees -- rulemaking
- Mont. Code Ann. § 31-1-711Examinations -- fee
- Mont. Code Ann. § 31-1-712Notice of violation -- administrative hearing -- penalties -- liability
- Mont. Code Ann. § 31-1-713Department obligations -- complaints
- Mont. Code Ann. § 31-1-714Information and annual reports
- Mont. Code Ann. § 31-1-715Loan requirements -- right of rescission -- arbitration -- completion of transaction
- Mont. Code Ann. § 31-1-716through 31-1-720 reserved
- Mont. Code Ann. § 31-1-721Required disclosures -- loan agreement
- Mont. Code Ann. § 31-1-722Prohibited and permitted fees -- attorney fees and costs1 cite
- Mont. Code Ann. § 31-1-723Prohibited acts
- Mont. Code Ann. § 31-1-724Civil remedies
- Mont. Code Ann. § 31-1-725Repealed
- Mont. Code Ann. § 31-1-726Investigations by department -- subpoenas -- oaths -- examination of witnesses and evidence
- Mont. Code Ann. § 31-1-727Cease and desist orders
- Mont. Code Ann. § 31-1-728Injunctions -- receivers
- Mont. Code Ann. § 31-1-729Violation of specified federal laws -- rulemaking authority
Enacted in other states
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