What's next for pay day loan interest rates in South Dakota?

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RAPID CITY, S.D (KOTA-TV) With many amendments and measures covered leading up to the election in South Dakota, two important measures were Amendment U and Measure 21.

Plenty of money was spent on Amendment U, which would limit the ability to set statutory interest rates for loans. The pay day loan industry pushed hard for this.

Amendment U and the ballot question failed 63 to 37 percent.

Linked to Amendment U at the opposite end was initiated measure 21.

The pay day loan industry fought this measure, which would set maximum finance charges for some lenders.

The measure prohibits some lenders, such as pay-day loan companies, from charging an annual percentage rate greater than 36 percent. Voters overwhelmingly agree to that limit.