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Important Regulations Related To Montana Installment Loans
Installment loans are essentially short term loans available to meet the short term financial requirements of the consumers. These loans are governed by a set of regulations passed by the respective state governments. Each and every state in U.S.A has its own set of rules and regulations that govern payday loan operations.
Montana installment loans are governed by the laws that were passed in November 2010. Montana division of banking and financial institutions licenses and regulates payday lenders and oversees the functioning of the payday loan industry. Online payday loan lenders in Montana need to get the required license from Montana division of banking and financial institutions. The payday installment loan lenders in Montana have to strictly follow the following guidelines while providing loan to the consumers in Montana.
Laws Governing Montana Installment Loans :
1. The minimum pay day loan amount available for lending is $50 and the maximum amount available is $300
2. The payday loan should not exceed 25% of the net monthly income of the Montana Resident. The net monthly income is the income earned by the Montana resident after tax deductions and employer deductions
3. The payday loan term cannot exceed 31 days
4. The maximum interest rate that can be charged by the lender is capped at 25% of the total amount of the check written by the borrower. The lender should not cash the borrower's check until the next payday
5. A borrower cannot have more than two loans outstanding with the same lender. The combined amount on the two loans should not exceed $300
6. Payday lender cannot provide options related to refinancing, renewal or consolidation to Montana borrowers. The state laws strictly prohibits the payday lenders from giving these options to the borrowers
Information on Licensed Payday Lenders in Montana
As with any other state in U.S, payday lenders in Montana need to have the required license for providing payday lending services. In order to get the list of licensed payday lenders in Montana, Montana consumers can get in to the online portal of Montana Division of Banking and Financial institutions by following the link http://banking.mt.gov/. In the landing page of this site, consumers can look for the consumer information section. Within that section, Montana residents can make use of the list of all licensees link to get information on the licensed payday lenders in the state. This link will direct the consumer to the list of licensees page, where in they can look for the payday lenders or the deferred deposit lenders list.
Information For Montana Installment Loans :
Installment Loans lenders in Montana interested in applying for a license can get in to the online portal WWW.banking.mt.gov and look for the links related to deferred deposit lenders or the payday lenders. The payday lenders sections in this website would contain all the information related to Montana installment loans including
1. Information on Montana Deferred Deposit (Payday Loan) Loan Act
2. Recent Legislation
3. Licensee List
4. Deferred Deposit Loan application form
Installment lenders can use the loan application form link to download the application form required for getting the license.
Advice for Montana Installment Loans Consumers :
Montana division of banking and Financial Institutions have provided a broad guideline to the Montana consumers to protect consumers when performing payday transactions. Among the different items in the guidelines, the section that is of great importance to the Montana consumer is the written agreement between the lender and the consumer. The written agreement should ideally include the following aspects
1. Break up of the fees component to be paid by the consumers
2. A detailed description of the consumer payment obligation including the due date of payment and the interest charged
3. The name, address and phone number of the employee representing the payday lender, who is actually signing the written agreement on behalf of the lender
4. Statement related to the fees charged by the lender. The written agreement should contain the statement from the lender that they are not charging in excess of 25% of the principal lending amount as fixed by the division of banking and Financial Institution of Montana
5. Statement highlighting the prohibited acts of lender, which includes the various activities that a payday lender is prohibited from doing as per the regulations
Before getting in to any payday loan agreement with a lender in Montana, consumers need to be aware of the different rules and regulations governing Montana installment loans.