Let me make it clear about SD lawmaker would like to tighten pay day loan guidelines

Let me make it clear about SD lawmaker would like to tighten pay day loan guidelines

By Chet Brokaw

PIERRE – After negotiating with representatives for the lending that is payday, Rep. Steve Hickey has arrived up by having a proposition he hopes the Southern Dakota Legislature will pass to place limitations on the short-term loans he claims can trap the indegent in crippling rounds of financial obligation.

The Sioux Falls Republican stated industry representatives had been alarmed year that is last their effort that will have put a proposed law regarding the statewide ballot to cap rates of interest for such loans.