SUMMARY: Montana Maximum Interest Rate
- Maximum of 15% or the greater of 6% plus the prime rate published by the Federal Reserve
Montana Code
From Montana State Code Title 31 Chapter 1 Part 1: LOANS OF MONEY – INTEREST RATES
31-1-107. Interest rate allowed by agreement.
(1) Parties may agree in writing to the payment of any rate of interest that does not exceed the greater of 15% or an amount that is 6 percentage points per year above the prime rate published by the federal reserve system in its statistical release H.15 Selected Interest Rates for bank prime loans dated 3 business days prior to the execution of the agreement. Interest must be allowed according to the terms of the agreement.
(2) A loan that is not usurious when made is lawful for the duration of the loan, provided the loan agreement is not substantially changed. This subsection does not apply to loan renewals.
(3) The provisions of this section do not apply to regulated lenders as defined in 31-1-111.
Disclaimer
This information may or may not be the full scope of Montana’s interest and usury laws. Many States may, from time to time, adjust their statutes pertaining to allowable interest and usury rates as well as exceptions. Be sure to review the Montana Interest & Usury statute in its entirety and consult with a relevant attorney if you have any specific questions.
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