Montana Pawnbrokers

Montana Code Annotated
Title 31. Credit Transactions and Relationships
Chapter 1. Credit Transactions
Part 4. Pawnbrokers
31-1-401. Interest pawnbrokers may receive--civil enforcement--prohibited activities
31-1-402. Pawnbroker to keep register
31-1-407. Violation a misdemeanor

31-1-401. Interest pawnbrokers may receive--civil enforcement--prohibited activities

(1) A person may not carry on the business of pawnbroker or junk dealer by receiving goods pawned or in pledge for loans at any rate of interest above 10% a year without first obtaining a license. A pawnbroker or junk dealer or the pawnbroker's or junk dealer's employees or agents may not charge a fee of more than 25% of the amount of the loan for a 30-day period. The fee for extending a pawn agreement for 30 days may not exceed 25% of the amount of the loan. For purposes of this section, a fee includes all costs or fees charged, including but not limited to interest, commission, discount, storage, care of property, and purchase option.
(2) The taking, receiving, reserving, or charging of a fee greater than that allowed under subsection (1) is considered a forfeiture of a sum double the amount of the fee for storage or caring that was agreed to be paid.
(3)(a) When a rate or charge greater than that provided for in subsection (1) has been paid, the person by whom it has been paid may recover from the pawnbroker or junk dealer reasonable attorney fees and an amount double the amount of the fee paid.
(b) An action under this subsection (3) must be brought within 2 years after the payment of the fee. Before a suit may be brought, the party bringing suit shall make written demand for return of the fee paid.
(4) Unless licensed as a consumer loan licensee, deferred deposit loan licensee, or title loan licensee, a pawnbroker or junk dealer may not:
(a) cash or advance money for a postdated or deferred presentment check in exchange for a fee or finance charge;
(b) use a check, authorization for electronic access, or other method of access to a deposit account, savings account, or other financial or asset account as a condition of or security for an extension of credit;
(c) receive the title to a motor vehicle for the purpose of a pawn transaction or in pledge for a loan; or 
(d) engage in any device or subterfuge intended to evade the requirements of this chapter, including assisting a borrower to obtain a loan at a rate of interest prohibited by Montana law, making loans disguised as personal property sales and leaseback transactions, or disguising loan proceeds as cash rebates for the pretextual installment sale of goods or services.
(5) In addition to other penalties provided by law, a violation of subsection (4) is a violation of Title 30, chapter 14, part 1.

Mont. Code Ann. § 31-1-401

31-1-402. Pawnbroker to keep register

(1) Every pawnbroker or junk dealer shall keep a register, in which must be entered a description of every article pawned to or purchased by the pawnbroker or junk dealer, with:
(a) the date of the pawning or purchasing;
(b) the date when the article must be redeemed;
(c) the name of the person who pawned or sold the article; and
(d) the amount loaned on or paid for the article.
(2) The register must be made available for inspection and examination by any peace officer.

Mont. Code Ann. § 31-1-402

31-1-407. Violation a misdemeanor

A violation of any of the provisions of this part is a misdemeanor.

Mont. Code Ann. §§ 31-1-401 - 31-1-407 (repealed sections omitted)