Judge Clears Way For Interest Rate Cap Ballot Measure

Agriculture
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A state judge is allowing a ballot measure that would cap short-term lenders’ interest rates in South Dakota.

A political group called Give Us Credit South Dakota that opposed the measure asked the court to order Secretary of State Shantel Krebs to remove it from the ballot. A hearing on the matter was held Wednesday and Thursday.

Attorney General Marty Jackley says Circuit Judge Mark Barnett has ruled that Krebs correctly determined measure proponents gathered enough valid petition signatures to put it on the Nov. 8 general election ballot.

The measure would cap interest rates for products such as payday loans at 36 percent.

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