Secretary of State Certifies Lending Interest Rate Measure

PIERRE, S.D. (AP) — A measure that would cap money lenders' interest rates in South Dakota is on its way to the ballot for the 2016 election.

Secretary of State Shantel Krebs said Monday that her office validated the measure. Krebs' certification can be challenged through Jan. 27.

The office looks at signatures and petition completeness as part of its review before the measures can appear on the ballot.

The proposal would limit interest rates from money lenders licensed in South Dakota to 36 percent annually. Supporters say the proposal is aimed at protecting consumers from predatory lending.

Opponents have said that short-term lenders would be forced out of business in the state if the measure passes.

The ballot measure would have to receive a majority of votes cast to be approved.

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