Montana § 31-1-242 - Refunds On Prepayment
Full text of Montana Montana Code Annotated § 31-1-242 — Refunds On Prepayment, with citation guidance and answers to common questions.
§ 31-1-242. Refunds On Prepayment
Refunds on prepayment. Notwithstanding any other provision of law or terms of any retail installment contract to the contrary, any buyer may prepay in full, at any time before maturity, the debt of any retail installment contract and upon paying the debt must receive a refund credit for the anticipation of payments on a precomputed contract or for any other unearned fees calculated by use of the actuarial method. The refund amount is the portion of the original finance charge that is applicable to all fully unexpired months in the contract as originally scheduled or, if deferred, as deferred, following the date of prepayment.
Source: official Montana text · Last verified 2026-08-27
Frequently Asked Questions About Montana § 31-1-242
What does Montana Code Annotated § 31-1-242 cover?
Section 31-1-242 ("Refunds On Prepayment") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 31-1-242?
A common citation format is "Montana Code Annotated § 31-1-242" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 31-1-242 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.