Interest rate cap foes take to court to block ballot measure

Courtesy MGN

PIERRE, S.D. (AP) - A political group working against a ballot measure that would cap short-term lenders' interest rates in South Dakota is pushing in court to stop it from going before voters.

Give Us Credit South Dakota is requesting that the court order Secretary of State Shantel Krebs to remove it from the ballot.

The legal proceedings began Wednesday over Initiated Measure 21, which would cap interest rates for products such as payday loans at 36 percent.

An attorney for Give Us Credit South Dakota, which is funded by a Georgia car title lender, says in court filings that the proposal doesn't have enough valid signatures to meet the threshold to be on the ballot.

Measure supporters have said the payday lending industry will spend serious money trying to keep it from voters.

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