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Payday Lending Measure Backers To Gather Signatures Soon

Associated Press0

SIOUX FALLS, S.D. (AP) — Backers of a measure that would cap money lenders’ interest rates in South Dakota hope to start building support to get on the ballot soon.

Steve Hildebrand is among the group hoping to cap interest rates for lenders at 36 percent. He says the group intends to start gathering signatures in the next several days.

The measure’s supporters must gather 13,871 signatures by Nov. 8 to get on the 2016 ballot.

The measure has already faced resistance.

Critics of the measure recently asked a judge to force the attorney general to rewrite the description of the ballot proposal to show that it would kill the industry in South Dakota.

The judge denied the request, but an attorney for a title loan company official says the judge’s decision will be appealed.

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