Montana I-164 | Payday lending on the ballot

Mary Rice — Wed, 06 Oct 2010 20:41:31 +0000

Montana's lawmakers will not have much say if I-164 passes. Image: jimbowen0306 / Flickr / CC-BY

The debate about payday lending and allowable interest rates has reached Montana. Initiative 164, a citizen’s initiative, will be on the ballots that start going out today. If the ballot measure passes, many short-term lenders say it will put them out of business.

How lending in Montana is currently regulated

The way payday lending and short-term credit currently works in Montana, there are limits. A lender can charge only a one-time fee for a short-term loan. If the check or payment bounces, the lender will be allowed to charge one bounced-check fee. Ongoing interest on an unpaid balance cannot be charged. Montana also currently forbids a customer from having multiple payday loans at the same time. Montana’s current regulation is some of the strictest in the nation.

What I-164 in Montana would change

Montana’s I-164 is a citizen’s initiative that would cap annual percentage rates at 36 percent. Similar to Arizona’s “Operation Sunset” and regulations in other states, this would be based on annual percentage rate calculations. Owners of short term credit businesses in Montana say that this new regulation would simply put them out of business.

How I-164 would affect title lending

Auto title lending, where the short-term loan is guaranteed with a vehicle, would also be affected by Montana’s I-164. Under current law, title lenders are allowed to charge up to 25 percent of the loan amount as a fee on a title loan. Auto title lending would also be strongly regulated by I-164, limiting the ability of lenders to repossess vehicles.

Arguments behind I-164

There are mixed reports as to if I-164 will actually be passed by Montana voters. In reality, though, the arguments for and against the regulation are very similar to the arguments for national regulation. The problem, though, is that annual percentage rate is not a legitimate way to measure the interest rate of these short-term loans. Many of the other payday lending statistics used to support these new regulations are simply not supported by the facts.

Montana Soda Butte campground site of bear attack

Mary Rice — Thu, 29 Jul 2010 22:21:17 +0000

A bear attacked multiple people at a Montana campground. CC by Eathan/Picasa

When a female bear rampaged through Soda Butte Campground in Montana on Wednesday, a woman and a teen were injured, and one man was killed. The National Park Service has already launched an investigation into the attack. Camping in National Parks is usually very safe, but this attack proves that wild animals can be, at times, dangerous.

Soda Butte Campground bear attack

The Soda Butte Montana bear attack started at about 2 a.m. on Wednesday. One camper was killed, and two people were badly injured. Three separate campsites were attacked and rangers evacuated the campground relatively quickly after they found out about the attacks.

Unprovoked bear attack

Campers who are in bear country are usually warned to do everything they can to avoid bears. Unfortunately, it appears that the Montana bear attack was not specifically provoked. The National Park Service is still investigating. Rangers said they did not find any food or attractants outside bear boxes in the campsites where the attacks occur. The very busy campground may have made the bear feel she or her cubs were in danger.

Soda Butte Campground has had previous attacks

In the past, Soda Butte Campground has seen other bear attacks. The campground is about 10 acres large and lives about 10 miles outside Yellowstone National Park. One man was killed in 2008 during a grizzly bear attack. The bear that was involved in that attack was captured.

Keeping yourself safe from bears

There are a few, very simple things you can do to protect yourself from bears. First of all, make sure your food is kept in a bear-proof container, your car trunk, or hung up and out of reach. Keep any and all trash in wildlife resistant containers. Finally, you should sleep at least 300 feet away from your cooking areas.

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