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SD Lawmakers Consider Limits On Payday Lending

February 19, 2014, 5:01 AM

SD Lawmakers Consider Limits On Payday Lending
PIERRE, SD -

A South Dakota legislative panel is taking a first look at a measure that seeks to put restrictions on short-term loans.

Rep. Steve Hickey of Sioux Falls says he negotiated provisions of the bill with representatives of the payday lending industry who became alarmed after he suggested putting limits on interest rates charged for the short-term loans.

The bill would not limit interest rates, but instead would impose additional state regulations and limit the size of loans based on a borrower's ability to repay the debt.

The House Commerce and Energy Committee planned to hold a hearing on the measure Wednesday.

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