What’s going on in Montana?
February 9, 2009 | Montana, media coverage, regulation | Comments (0)From a story out of Missoula:
House Bill 396 is aimed at both payday and title loans. Rep. Bill Wilson of Great Falls said Monday he wants to cap interest rates at an annual percentage rate of 36%.
Wilson says the industry charges effective rates of over 700% on the short-term loans. The Democrat says the industry thrives by victimizing repeat customers.
The industry says it doesn’t charge interest rates, but instead charges a fee for the service. The business owners say they would not be able to survive under the proposal.
The story says nothing about the prospects for the bill or when it’s being considered. When we here something, we will let you know.
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