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.
Structure Montana Code Annotated
Title 31. Credit Transactions and Relationships
Chapter 1. Credit Transactions
31-1-301. Wage brokers to procure license and give bond
31-1-302. Issuance of license -- terms and amount thereof
31-1-304. Restrictions upon assignment of wages or salary
31-1-305. Interest on loans -- amount and computation
31-1-306. Spouse must join in assignment of wages -- acknowledgment
31-1-307. Assignments invalid without notice to employer -- filing assignments
31-1-308. Assignment to be considered a loan