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Measure Details

Interest Rate Limit

Montana Ballot Measure - Initiative No. 164

Election: Nov. 2, 2010 (General)
Outcome: Passed

Categories:
Business and Consumers
Finance and Banking

Yes
253,475
(71.76%)

No
99,749
(28.24%)

Measure Text

A LAW PROPOSED BY INITIATIVE PETITION

Under Montana law, deferred deposit (payday) lenders may charge fees equaling one-fourth of the loan, which is the same as an annual interest rate of 300 percent for a 31-day loan or 650 percent for a 14-day loan. Title lenders may charge interest equaling one-fourth of the loan, which is the same as an annual interest rate of 300 percent for a 30-day loan. I-164 reduces the interest, fees, and charges that payday, title, and retail installment lenders may charge to an annual interest rate of 36 percent. It prohibits businesses from structuring other transactions to avoid the rate limit.

I-164 reduces the license and examination fee revenue paid to the State because certain lenders may not renew their licenses.

[ ] FOR reducing the annual interest, fees, and charges payday, title, and retail installment lenders may charge on loans to 36 percent.

[ ] AGAINST reducing the annual interest, fees, and charges payday, title, and retail installment lenders may charge on loans to 36 percent.

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