Ballot Initiative 164 in Montana
July 28, 2010 | Montana, local issues, regulation | Comments (0)Julie Howen with Title Cash Stores in Montana lends a strong argument against the 36% rate cap proposed in ballot initiative 164. She said:
“Banks don’t want to deal with small amounts or short term loans, that’s one of the biggest issues where we really feel there is a market need.”
Knowing that payday lenders can’t operate under a 36% rate cap, Howen added:
“Bankruptcies go up when we’re not in there and quality of life definitely decreases for many of our customers.”
She’s right to think that supporters of the initiative are people who don’t use the service and “just see the interest rates.”
View full article in KFBB.com
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