Post by Logan on Feb 3, 2016 8:32:23 GMT -6
PIERRE, S.D. (AP) — A Georgia company that provides short-term loans has contributed about $1.7 million to a South Dakota group pursuing a ballot measure that opponents say is an industry-backed attempt to insert a loophole allowing unlimited interest rates into the state constitution.
The company, Select Management Resources LLC, was the sole financier in 2015 of South Dakotans for Fair Lending, a political committee pushing for the amendment to cap interest rates in South Dakota at 18 percent annually but allow higher ones if the borrower agrees to them.
Campaign finance documents released this week show the financial connection between the amendment campaign and the short-term lending industry. The amendment group spent more than $1.5 million circulating petitions to get the measure on the November 2016 ballot.
Select Management Resources, based in Alpharetta, has auto title lending locations in South Dakota under the name North American Title Loans. The company also is in a legal fight over whether Attorney General Marty Jackley should rewrite his explanation of a ballot measure that would cap interest rates at 36 percent annually, without the exception.
Read more: siouxcityjournal.com/ap/state/short-term-lender-gives-m-for-sd-interest-rate-amendment/article_e1ac8d49-6e41-57df-84f6-297dd619b693.html
The company, Select Management Resources LLC, was the sole financier in 2015 of South Dakotans for Fair Lending, a political committee pushing for the amendment to cap interest rates in South Dakota at 18 percent annually but allow higher ones if the borrower agrees to them.
Campaign finance documents released this week show the financial connection between the amendment campaign and the short-term lending industry. The amendment group spent more than $1.5 million circulating petitions to get the measure on the November 2016 ballot.
Select Management Resources, based in Alpharetta, has auto title lending locations in South Dakota under the name North American Title Loans. The company also is in a legal fight over whether Attorney General Marty Jackley should rewrite his explanation of a ballot measure that would cap interest rates at 36 percent annually, without the exception.
Read more: siouxcityjournal.com/ap/state/short-term-lender-gives-m-for-sd-interest-rate-amendment/article_e1ac8d49-6e41-57df-84f6-297dd619b693.html