Montana Statutes
§ 31-1-108 — Penalty For Usury -- Action To Recover Excessive Interest
Montana·Title 31 CREDIT TRANSACTIONS AND RELATIONSHIPS·Ch. 1 CREDIT TRANSACTIONS·Part 1 Loans of Money -- Interest Rates
31-1-108 . Penalty for usury -- action to recover excessive interest.
(1)The taking, receiving, reserving, or charging a rate of interest greater than is allowed by 31-1-107 must be considered a forfeiture of a sum double the amount of interest that the note, bill, or other evidence of debt carries or that has been agreed to be paid on the note, bill, or other evidence of debt.
(2)When a greater rate of interest has been paid, the person by whom it has been paid or the person's heirs, assigns, executors, or administrators may recover from the person, firm, or corporation taking, receiving, reserving, or charging interest a sum double the amount of interest paid, provided that the action must be brought within 2 years after the payment of the interest, and provided that, before any suit m
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Legislative History
En. Sec. 2, Ch. 36, L. 1913; re-en. Sec. 7727, R.C.M. 1921; re-en. Sec. 7727, R.C.M. 1935; R.C.M. 1947, 47-126; amd. Sec. 969, Ch. 56, L. 2009.
Nearby Sections
15
§ 31-1-101
Loan Of Money -- What Constitutes§ 31-1-102
Loan To Be Repaid In Current Money§ 31-1-103
Loan Presumed To Be On Interest§ 31-1-104
Interest Defined§ 31-1-105
Annual Rate§ 31-1-106
Legal Interest§ 31-1-107
Interest Rate Allowed By Agreement§ 31-1-109
When Interest Becomes Part Of Principal§ 31-1-110
Renumbered 25-9-205§ 31-1-111
Definition Of Regulated Lender§ 31-1-113
Limitation Of Rule Of 78ths§ 31-1-114
Reserved