SD group to lead measure to limit payday lenders
SIOUX FALLS (AP) -- Two South Dakota men say they will lead the effort to put a measure on the 2016 ballot that would place restrictions on payday lenders.
SIOUX FALLS (AP) - Two South Dakota men say they will lead the effort to put a measure on the 2016 ballot that would place restrictions on payday lenders.
KELO-TV reports Republican state Rep. Steve Hickey and Steve Hildebrand, a Democrat who worked on President Barack Obama's first presidential campaign, are pushing for a 36 percent interest cap on payday loans. The pair says the ballot initiative committee has been formed and they're currently working on the ballot language.
Hildebrand says payday lenders "have been preying on poor people" and adds that individuals have been charged "outrageous" sums in interest.
Hickey describes the state's payday lender regulations as the "Wild West." Hickey introduced a proposal during the last legislative session that would have restricted this type of lending. But his measure was unsuccessful.