Post by Logan on Jun 22, 2016 2:56:28 GMT -6
A committee opposing an interest rate cap for payday lenders is hoping the court will block a 36 percent annual rate cap for the industry from appearing on the ballot.
Give Us Credit South Dakota, a committee formed to oppose the 36 percent rate cap, filed a request last week with the Sixth Judicial Circuit court in Pierre to require Secretary of State Shantel Krebs to certify that signatures for the measure weren't valid and remove the measure from November ballots.
The call for court action follows news earlier this year that the measure had the 13,871 signatures needed to appear on the ballot. A challenge to the number of valid signatures failed, according to Krebs' office. The group previously challenged the attorney general's description of the measure and failed to convince the South Dakota Supreme Court that it should be changed.
But that hasn't terminated efforts to chip away at the number of approved signatures. And the measure's supporters said Tuesday that the request was the latest in a series of efforts from the payday lending industry to block the rate cap.
Read more: www.argusleader.com/story/news/politics/2016/06/21/payday-lending-backers-ask-court-kill-proposed-rate-cap/86183624/
Give Us Credit South Dakota, a committee formed to oppose the 36 percent rate cap, filed a request last week with the Sixth Judicial Circuit court in Pierre to require Secretary of State Shantel Krebs to certify that signatures for the measure weren't valid and remove the measure from November ballots.
The call for court action follows news earlier this year that the measure had the 13,871 signatures needed to appear on the ballot. A challenge to the number of valid signatures failed, according to Krebs' office. The group previously challenged the attorney general's description of the measure and failed to convince the South Dakota Supreme Court that it should be changed.
But that hasn't terminated efforts to chip away at the number of approved signatures. And the measure's supporters said Tuesday that the request was the latest in a series of efforts from the payday lending industry to block the rate cap.
Read more: www.argusleader.com/story/news/politics/2016/06/21/payday-lending-backers-ask-court-kill-proposed-rate-cap/86183624/