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September 22, 2017 05:06 PM

Dollar Loan Center Suing Director Of SD’s Division Of Banking

The Dollar Loan Center is suing the director of South Dakota's division of banking. 

According to federal court papers, it goes back to Initiated Measure 21, which capped interest rates at 36 percent.  

After voters approved it last fall, the owner of Dollar Loan Center closed several of his South Dakota businesses.  

He recently re-opened some of the businesses with a different type of loan.

Last week, the South Dakota Division of Banking issued a cease and desist order, forcing the new businesses to close.  The new lawsuit claims the decision violated Dollar Loan Center's rights and it asks for a trial.   

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  • Banking/Finance
  • Business


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