Payday Loans

Kealey Bultena / SDPB

Three in four South Dakota voters say the state should cap payday lending interest rates. Initiated Measure 21 garnered support from 270,278 people.

Steve Hildebrand owns a coffee shop in Downtown Sioux Falls. Customers who visited him Wednesday offered him congratulations with their orders.

Hildebrand has campaigned in favor of limiting the interest rate payday lenders can charge. He says a coalition of churches, groups, and concerned citizens support the move.

Each Wednesday, Dakota Midday welcomes a rotating panel of the most experienced political journalists in the state. This week Denise Ross (editor, Black Hills Knowledge Network, South Dakota Dashboard) and Jonathan Ellis (Argus Leader Media journalist/columnist) join host Lori Walsh to discuss Initiated Measure 21 and Constitutional Amendment U. Both are 2016 ballot questions.

We also discuss failures in transparency for campaign spending and the challenges of early voting.

Kealey Bultena / SDPB

Two out of ten ballot measures up for vote in South Dakota deal with interest rates. Initiated Measure 21 caps interest rates at 36 percent.

Opponents of the measure say that cap would choke the industry.

 

A coalition of South Dakota churches and concerned citizens are backing a proposal to cap interest rates at 36 percent. Supporters say it would rope in payday loan companies that charge upwards of 500 percent on short term loans.

Jenifer Jones

The Statehouse Podcast for February 24th, 2016 includes coverage of legislation on education funding, payday loans, Medicaid expansion, mascots, and more.