South Dakota High Court Mulls Lending Ballot Measure Explanation Case

PIERRE, S.D. (AP) — The state Supreme Court is considering whether the attorney general's office should have to rewrite an explanation of a ballot measure that would cap some lenders' interest rates in South Dakota.

The high court heard arguments Tuesday.

The initiative would cap interest rates for short-term loans such as payday loans at 36 percent.

A circuit judge last year upheld Attorney General Marty Jackley's written explanation for the initiative.

But opponents argue that the explanation doesn't correctly state the effect and purpose of the measure.

They say the explanation should include language disclosing that the proposal would eliminate short-term lending in South Dakota.

Jackley has said he has provided the public with a fair and accurate explanation of the proposal.

It's not clear when the Supreme Court will issue an opinion.

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