payday and title loans need some change…
by problembear
the current law allows 650% interest*
a hearing scheduled for montana senate bill 397 (revises payday and vehicle title loans to a maximum interest rate of 36% )* is set for 9:00am in room 422 this friday at the capital bldg in Helena before the senate business, labor and economic affairs committee. the bill is sponsored by Senator Kim Gillan,D-Billings. please email or call your support for eliminating predatory loans on low wage earners and the poor in montana.
Carolyn Squires D missoula sqigs@msn.com
please direct your polite and brief phone message of support to committee secretary Linda Keim lkeim@mt.gov 406 444-4772 and be sure to mention that you would like her to pass your comments on to the committee working on the senate bill number 397 in your message. thank you .
rest assured the committee will get an earful from the extremely well heeled lobbyists for this very lucrative loan shark industry. but the committee needs to hear from fair-minded montanans that we will not tolerate our low wage earners and poor used as ATM’s by these vultures.
more info on predatory lending here.
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February 10, 2009 at 8:03 am
The loan shark business is huge and many of the operations have ties to the big money casino operators. Follow the money.
I am not a prude but this is not the economy that I want to see in Montana for my kids. Payday “Loans”, Hock Your Car “Loans”, “Tax Preparers” that will loan you your own money, Casino’s , Liquor Stores and Pawn Shops. They are parasites and they are infesting our community.
February 10, 2009 at 9:17 am
These companies take advantage of the most financially fragile people in our society. You would think that loaning money at rates like this would already be illegal. I feel bad for people who are this desperate. This is really trading tomorrow for today.
February 10, 2009 at 10:41 am
I just want to know who’s opposing this bill?
Special place in hell.
February 10, 2009 at 11:42 am
Well, the opponents, of course, are the payday lending institutions.
Chuck Johnson had a great writeup about the bill today, and got a great quote:
The Mafia only charged 250%. LOL. That puts it into perspective!
February 10, 2009 at 11:49 am
I find it hard to believe there are many jobs created by these guys. Prostitution creates jobs too, but that doesn’t justify the negative impact on society.