Lending Law on Ballots in Montana

Posted On: September 11, 2010 at 9:11 a.m.

Filed Under: interest rates montan payday loan

Montana lawmakers and those in the personal loan industry are currently debating the hot topic of payday loan interest rates. Voters will soon have the chance voice their opinions when, in November, the law goes on the ballots. “Montana law currently allows for some of the highest rates in the country. While 400 percent is average, lenders can legally charge up to 650 percent interest on payday loans and 300 percent for car title loans. [[ads]] Many in Montana say that’s too high and today they discussed ballot language that they hope will be the key to capping those rates. Initiative number 164 seeks to cap interest rates at 36 percent, which is the same rate currently in place for military personnel and their families. That rate would apply to payday lenders, title lenders, retail installment lenders and consumer loan licensees – drastically reducing the interest, fees and charges they can place on borrowers. The initiative is supported by local democrat Anders Blewett, as well as republican Jesse O’Hara, with the nearly decade long fight bringing various interest groups as well as both parties together.” (http://www.kfbb.com/news/local/Initiative-Seeks-to-Cap-Soaring-Interest-Rates-in-Montana-102021458.html). Montana isn’t the only state debating this topic. Who is right?

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