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Group opposing interest rate cap measure takes to the courts

PIERRE (AP) -- A political group working against a ballot measure that would cap short-term lenders' interest rates in South Dakota has turned to the courts to block it from going before voters in November.

PIERRE (AP) - A political group working against a ballot measure that would cap short-term lenders' interest rates in South Dakota has turned to the courts to block it from going before voters in November.

The Argus Leader reports that Give Us Credit South Dakota has filed a request in state court to make Secretary of State Shantel Krebs certify that some signatures collected for the initiative were invalid.

The proposal would cap interest rates for products such as payday loans at 36 percent.

An attorney for the political committee says in court filings that thousands of signatures previously found to be valid should be removed.

Steve Hildebrand, a sponsor of the initiative, tells the newspaper that the payday lending industry will spend serious money trying to keep the measure off the ballot.

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