There are currently no licensed payday lenders in the State of Montana.
A deferred deposit loan license is needed to engage in business as defined in the Montana Deferred Deposit Loan Act (Section 31-1-701, MCA). The Montana Deferred Deposit Loan Act was passed by the Montana State Legislature through House Bill 526 during the 1999 Regular Session. House Bill 526 provided for the licensure, examination and regulation of deferred deposit loan businesses operating in Montana. According to Montana statute, a deferred deposit lender may not charge an annual interest rate that exceeds 36%.
NEW FINANCIAL SERVICE RELATED LICENSES:
Montana will begin managing Consumer Loan Licenses, Deferred Deposit Lender Licenses, Escrow Business Licenses and Sales Finance Company Licenses on the NMLS on July 1, 2014. Companies who hold these licenses should review the Transition Plan for complete information:
A free webinar related to the transition of these license types to the NMLS will be held on Thursday, July 10, 2014 from 2-4 p.m. (EST). Link to registration.