Montana: Interest rate cap initiative proposed

Mon, Mar 1 2010 — Source: Queen City News

A coalition of Montana consumer groups is backing a voter initiative to cap interest rates for payday and title loans at 36 percent. Announcing their plans at a press conference Tuesday at the Great Northern Hotel, representatives of senior, low-income, women’s and religious groups said that in these tough economic times, interest rates of 400 percent or more amounted to a “debt trap” for the most vulnerable.