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Payday Loan Industry Challenges Ballot Measure Description

Associated Press0

PIERRE, S.D. (AP) — A title loan company official is arguing in a court filing that Attorney General Marty Jackley’s explanation of a ballot measure to cap money lenders’ interest rates doesn’t adequately inform voters of the proposal’s consequences.

Jackley tells the Argus Leader ( ) that he worked to create a fair description for the measure.

Opponents of short-term lending are pushing the ballot proposal to cap interest rates from money lenders licensed in South Dakota at 36 percent.

Erin Ageton is a vice president at Select Management Resources. She argues that Jackley’s description of the ballot proposal doesn’t tell voters that short-term lenders wouldn’t be able to stay in business in the state if it passes.

A circuit court judge has 15 days to issue an order.

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Information from: Argus Leader,

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