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By Tristan 

Montana Supreme Court OKs payday loan vote

 

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The Montana Supreme Court says it won't block a proposed ballot initiative capping the interest rates on payday loans.

Initiative I-164 limits payday loans to an annual percentage rate of 36 percent. Backers gathered enough signatures earlier this year to qualify for the ballot.

But the payday loan industry argues the lower rate would make the short-term loans unprofitable. Industry representatives asked the state Supreme Court to toss out the initiative, arguing the ballot statement drafted by the state was not impartial.

The court, which often sees disputes over proposed initiatives, w...



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