SD Supreme Court: Plaintiff Argues Ballot Initiative Kills Short-term Loan Industry

In November, South Dakota voters will consider whether the interest charged by short-term lenders should be capped at 36 percent. The South Dakota Supreme Court heard oral arguments Tuesday, Feb. 16, challenging an Attorney General's explanation of that ballot initiative. Opponents say the explanation fails to point out that the initiative kills off payday loans, title loans, and some car loans.