After three years of litigation, at least 406 Montana consumers who took out Internet payday loans at exorbitant interest rates from LoanPoint USA will have their loans forgiven and many will share a $233,000 settlement.
The Montana political practices commissioner found sufficient evidence that some groups backing a 2010 initiative to cap interest rates on payday loan violated state campaign finance laws.
HELENA — The state political practices commissioner Tuesday found sufficient evidence that some groups violated state law with their efforts to pass a 2010 ballot initiative that capped the interest rates on payday loans in Montana.
HELENA — Montana's political practices commissioner says the campaign behind a 2010 initiative that restricted payday loans had several problems.
A young man braving biting wind and snow walked up to a small kiosk outside Laser 1040 Tax Service recently, asking, “Will you cash this check?”
HELENA -- Payday loans, some believe, began way back among the Roman soldiers in the time of Caesar.
HELENA - The Montana Budget and Policy Center in Helena has received a $200,000 grant to help pay for continued research and analysis of state economic, budget and tax policies, officials said.
Billings businessman and City Councilman Mark Astle had his check for $149.66 to pay for Internet and cable services cashed twice over two consecutive days in June.
Billings attorney John Heenan sits with his client, Tiffany Kelker, who is suing an out-of-state Internet lender. Heenan said Kelker is paying interest rates topping 1,000 percent annually on a $500 loan when Montana law only allows 36 percent interest.
Those who voted to put payday loan companies out of business did not know just how great a thing that really was. I have just found out the hard way that there is no one in one of these companies that has showed me even a remote sense of caring for another human. In dealing with them this pa…
Bernie Harrington of EZ Check Cashing says passage of I-164 was a “hollow victory” for its backers.
HELENA - Montana voters on Tuesday passed ballot measures capping the interest rate on payday loans at 36 percent and amending the state constitution to block the government from ever imposing a certain type of real estate tax.
Seeking to protect their triple-digit interest rates here in Montana, payday lenders have a new argument for why voters should continue to allow them to charge exorbitant rates: “It’s only $75 per $300.” Certainly, this would be true, if a borrower were to take just one $300 loan, pay back $…
The I-164 debate is missing the key point, which is this: if you think that by voting for this law you are helping people who can’t get a bank loan to get cheaper loans elsewhere, you are wrong. If you vote yes on I-164, you will hurt the people you are trying to help. How much payday and no…
Before Montanans vote on Initiative 164, which would cap rates on payday loans, they really ought to know how Montana law already regulates these small, short-term loans.
Back in 2006, the U.S. military did the right thing. It took action to protect military families by capping the interest rates on predatory payday and car title loans. Now Montana voters are poised to do the same.
In a recent article in The Gazette, it reported that payday lenders had written $45 million in loans. Considering that the largest loan is $300, what does that tell you? It tells me the obvious, and that is that this is a much needed service in the state of Montana. Payday borrowers are not …
I am writing in regard to Initiative 164 and am urging everyone to support this. I have on occasion come to a point where I turned to these institutions to get a short term loan and just wanted to clear something up that I keep hearing.
HELENA — The voter-initiative to cap interest charged by payday and title lenders in Montana will remain on the Nov. 2 ballot, a state district judge ruled Thursday, as he soundly rejected payday lenders’ claims that Initiative 164 signature gatherers violated the law.
HELENA — For a few bucks, Montanans can take out a “payday” loan for two weeks, to cover an unexpected expense - but the scores of businesses that make these and other short-term loans are being targeted by Initiative 164 as “predatory lenders.”