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.
Structure Montana Code Annotated
Title 31. Credit Transactions and Relationships
Chapter 1. Credit Transactions
Part 2. Retail Installment Sales
31-1-202. Definitions -- scope
31-1-203. Notice and opportunity for hearing -- service -- penalties -- exception
31-1-205. through 31-1-210 reserved
31-1-211. Powers of department
31-1-212. Investigations and complaints
31-1-213. through 31-1-220 reserved
31-1-221. Licensing of sales finance companies required
31-1-224. through 31-1-230 reserved
31-1-231. Requirements of retail installment contracts
31-1-232. Buyer's right of rescission
31-1-234. Transfer of equity -- fee
31-1-236. Notice and receipt of payment
31-1-237. through 31-1-240 reserved
31-1-241. Finance charge limitation