Montana Credit Repair Laws
Montana has its own credit repair laws found in MCA 30-14-2101. Debt management companies must be licensed by the Office of Consumer Protection. Debt settlement companies must register with the Office of Consumer Protection, but there is no licensing requirement. Under Montana law, any credit counseling or debt management company that wants to provide debt management plans in Montana must be licensed by the Montana Department of Justice and pay the annual $1,000 licensing fee with the State of Montana plus an investigation fee of $250.
A credit repair company in Montana must also comply with Federal law relating to Credit Repair Organizations Act as well.
Who can I complain to about problems with a Montana Credit Repair company?
Montana Office of Consumer Protection
Office of Consumer Protection
P.O. Box 200151
Helena, MT 59620-0151
Montana Code Annotated 2019
TITLE 30. TRADE AND COMMERCE
CHAPTER 14. UNFAIR TRADE PRACTICES AND CONSUMER PROTECTION
Part 21. Regulation of Debt Settlement Providers
Definitions
30-14-2101. Definitions. As used in this part, the following definitions apply:
(1) (a) ”Debt settlement provider” means any person or entity engaging in or holding itself out as engaging in the business of debt settlement for compensation that does not in the usual and regular course of business hold, receive, or disburse a debtor’s funds in connection with debt settlement services.
(b) The term does not include any of the following:
(i) attorneys, escrow agents, accountants, broker dealers in securities, or investment advisors in securities, when acting in the ordinary practice of their professions;
(ii) any bank, agent of a bank, trust company, savings and loan association, savings bank, credit union, crop credit association, development credit corporation, industrial development corporation, title insurance company, or insurance company operating or organized under the laws of this state, another state, or the United States, or any other person authorized to make loans under Montana law;
(iii) persons who perform credit services for their employer while receiving a regular salary or wage when the employer is not engaged in the business of debt settlement;
(iv) public officers while acting in their official capacities and persons acting under court order;
(v) any person while performing services incidental to the dissolution, winding up, or liquidating of a partnership, corporation, or other business enterprise; or
(vi) any for-profit or nonprofit entity that is subject to the provisions of Title 30, chapter 14, part 20, the Montana Consumer Debt Management Services Act.
(2) ”Debt settlement service” is the negotiation, adjustment, or settlement of a consumer’s debt without holding, receiving, or disbursing the debtor’s funds.
(3) ”Principal amount of the debt” means the total amount of debt of an individual at the time the individual is accepted into a debt settlement program.