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MISSOULA - Opponents to I-164 are calling the ballot initiative a ban on the payday lending industry.

Many lenders say a 36% cap on short-term, deferred deposit loans will put them out of business. Voters won't decide the issue until November 2, but some stores in Missoula have already closed.

Former owner of Golden Title, Eric Steingruber, closed the doors to his payday lending business on the corner of Brooks and Stephens Avenue this summer. He blames the end of his store on I-164. He believes the measure will pass and said there was no way he could continue lend money with a 36% interest rate cap.

Steingruber isn't alone. At least two other payday loan businesses in the same area have closed in the last six months. Many stores are still open, but another lender said some are cutting back on loans.

"Several lenders have stopped making new loans. They aren't even issuing new loans pending the outcome of the vote on November 2nd because we don't know what's going to happen either. It's already affecting people's credit choices and it hasn't even gone into effect yet," said Kathleen Fiorino, Manager of National Quick Cash.

Fiorino also said she's disappointed with Mayor John Engen's support of I-164 because the issue has already cost people their jobs. Engen joined a number of Montana mayors and statewide organizations that are in favor of the payday lending cap.

You can find complete language of I-164 here.