This month, the Montana Supreme Court has ruled that a proposal to cap interest rates charged on payday loans and title loans will remain on the scheduled November ballot.
Recently, the Supreme Court turned down a request from the Montana Consumer Finance Association and the treasure of the group who are opposing to strike Initiative 164 from the state ballot. If the ballot is approved by voters throughout Montana, Initiative 164 would cap interest rates charged by lenders at 36%.
With a 4 - 2 vote, the court decided it was appropriate to allow the initiative to appear on the ballot, but made slight revisions to the for-and-against statements and the statement of purpose on the ballot.
Justice Brian Morris wrote, "The attorney general acted within his considerable discretion in drafting the ballot statements and fiscal statements for I-164."
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