  We report a significant decrease in the low-temperature resistance induced by
the application of an electric current on the $ab$-plane in the paramagnetic
insulating (PMI) state of
(La$_{0.4}$Pr$_{0.6}$)$_{1.2}$Sr$_{1.8}$Mn$_{2}$O$_{7}$. A colossal
electroresistance effect attaining -95% is observed at lower temperatures. A
colossal magnetoresistive step appears near 5T at low temperatures below 10K,
accompanied by an ultrasharp width of the insulator-metal transition. Injection
of higher currents to the crystal causes a disappearance of the steplike
transition. These findings have a close relationship with the presence of the
short-range charge-ordered clusters pinned within the PMI matrix of the crystal
studied.
